The Boston suburb of Natick is home to several businesses representing several different industries. Each plays an important role in providing goods and services to the community. If you own a company in this fast-growing town, business insurance can help it stay profitable in times of disaster.
Building a comprehensive business insurance policy package can be complex, but you do not need to do it alone. Independent agents in Natick can help you find affordable policies that are customized to meet your company’s specific coverage needs. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Natick, MA?
Business liability insurance is an essential part of every business insurance policy package. It is designed to cover expenses such as court costs, legal fees, and damages if your company is sued for a covered event.
All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This standard coverage is designed to cover against some of their most common risks faced by businesses. Its coverage includes, but is not limited to:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage if they occur due to accidents on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage if they are caused by defects in products your business produces, sells, or promotes.
CGL is very useful, but it cannot cover against all of the liability risks businesses may face. An independent insurance agent can help you identify any additional liability exposures your company may have, and can recommend the right policies to cover against them.
Here are examples of some of the many commercial liability insurance products that may be a good fit for your Natick business:
- Employment practices liability insurance: This covers lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This covers financial losses and liabilities if cybercriminals hack into your computer systems and steal sensitive customer data such as financial information, credit card numbers, social security numbers, or personal data or if they install a skimmer on your credit card readers.
- Pollution liability insurance: This covers cleanup costs and damage if an accident at your business leads to the pollution of the ground, water, or air by toxic substances your company uses or produces.
- Liquor liability insurance: This covers against your company’s liability risks if you serve, sell, or furnish alcoholic beverages. If an intoxicated patron causes injuries or property damage to another, Massachusetts dram laws enable the injured party to sue the business that provided the alcohol.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Natick Business Insurance Cover All of Your Business Assets?
Property insurance is another important part of every business insurance policy package.
All business insurance policies include commercial property insurance. This is designed to cover your commercially owned assets including such things as furniture, computers, inventory, tools, and machinery in the event that anything is lost or damaged due to a covered event.
In Natick, businesses are most likely to experience property loss or damage caused by such hazards as accidental fires, theft, tropical storms, hurricanes, gusty winds, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
Sometimes, more specialized property insurance policies are also necessary in order for all your property to be sufficiently covered. Your insurance agent may recommend supplementing your commercial property coverage with policies such as:
- Inland marine insurance: This covers portable business property while it is in transit and when it is stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken down business equipment and can compensate your business for losses associated with essential machinery malfunctions.
- Bailee insurance: This covers your customer’s property whenever it is in your business’s custody, care, or control. This may be necessary if your company provides repair or maintenance services on expensive items.
- Commercial flood insurance: This covers against flood damage. It is necessary for businesses that are at risk for flooding since commercial property insurance will not cover flood damage. Businesses near waterways like the Charles River and Course Brook are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere.
Your insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property when necessary.
How Can Business Interruption Insurance Help Natick Businesses?
Tornadoes are rare in Massachusetts, but that doesn’t mean the risk does not exist. For example, in 1953, an F4 twister touched down just 8.5 miles from the Natick city center and caused more than $50 million in damage.
Major disasters like tornadoes, hurricanes, and fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time while repairs are made.
Catastrophic Events in Massachusetts
- Number of federally declared disasters in MA since 1953: 54
- Most common reasons for declared disasters: Severe storms, hurricanes, and heavy snows
- Average number of tornadoes in MA per year: 1.4
An extended closure can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance was designed to provide a solution to this problem.
This insurance offers a continuation of income in the event that a covered hazard leads to a long-term closure of your business. That way, your company will have the funds necessary to continue paying regular monthly expenses until you can resume normal operations.
Business interruption insurance isn’t ideal for every company. Talk to a local independent insurance agent for help determining whether or a not a policy is a good fit for your Natick business.
Do Natick Businesses Need Workers’ Compensation Insurance?
In Massachusetts, all employers are required to cover their employees with workers’ compensation insurance. These policies are designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
Premiums for workers’ compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer significant injuries, the more it will cost to cover them. For example, a roofer would cost far more to insure than a computer programmer.
A local independent agent can match you up with an insurance company that specializes in covering businesses that operate in your industry and can ensure that you are getting your coverage at a competitive price.
What about Insurance Products for Natick Employee Benefits Packages?
According to studies done by human resource professionals, businesses that offer their employees benefits like paid vacation time, sick time, life insurance, and health insurance find it easier to attract and retain highly qualified workers.
- Annual amount spent on healthcare coverage by MA businesses: $1,064,684,000
- Average annual cost of health care in MA: $6,379/person or $17,424/family
There are many different healthcare and life insurance products available for you to choose from. This can make it difficult to decide which policies are the best fit for your employee benefits package.
An independent insurance agent can explain the pros and cons of each of your options so that you are able to make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Natick, MA?
Every company has specific risks and exposures, and these can vary significantly from one business to the next. That is why insurance companies enable business owners to fully customize their insurance policy packages.
When you are shopping for coverage, an independent agent can offer guidance and advice, and can help you find the best and most affordable commercial policies to cover your Natick business.
Contact an independent insurance agent near you to discover how easy it can be to build a comprehensive business insurance policy package.
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