As the sixth-largest city in Massachusetts, New Bedford is a busy waterfront city with endless opportunities for aspiring entrepreneurs. This casual, coastal community is home to America's #1 fishing port and a hot spot for tourists, with its gorgeous beaches and scenic parks just waiting to be explored. If you've always dreamed of owning your own business, New Bedford, MA is the perfect place to pursue your goals.
During previous years, there were 615,775 small businesses in Massachusetts, providing jobs to 1,404,234 people. During the same year, these businesses were paid $6,530,654 for losses. As a New Bedford business owner, you can minimize your risks by investing in commercial insurance. Our Independent Insurance Agents provide one-on-one support to small businesses and help them choose the most comprehensive coverage options to protect against potential threats. Liability is at the forefront of every business owner's mind. As you work with an Independent Agent to build your New Bedford business insurance plan, consider adding these three layers of liability coverage.
- General Liability: General liability insurance offers protection against bodily injury claims, a major risk for every small business. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. Be prepared against lawsuits by having general liability coverage.
- Product Liability: According to a national study, 71 percent of product liability awards and 53 percent of medical malpractice awards by the courts amounted to $1 million or more. Would your small business be able to pay out a million dollars without going under? If not, you need the protection of product liability insurance to protect your company from potential lawsuits.
- Professional Liability: If a customer asks you for advice, you probably offer it freely. After all, that's part of good customer service. But what if the customer later comes back to sue you, alleging that your advice was actually harmful? Even if you win the lawsuit, you'll generate a mountain of legal bills in the process. Professional liability insurance covers the cost of expensive lawsuits and protects you against claims of negligence and libel.
Business Interruption Insurance for Small Business
- Recent Gross domestic product: 2.2%
- Recent Massachusetts gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Imagine for a moment what would happen to your small business if operations had to be suspended for an extended period of time. For example, if a tornado destroyed your building, your business wouldn't be bringing in revenue. Would your business be able to survive? Business interruption insurance protects you from business income loss due to unexpected events. This coverage can be the difference between success and failure for many New Bedford small businesses.
Property Insurance for Small Business
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
In this waterfront community, natural disasters are a real threat to businesses. This area also has a high crime rate and a long history of gang violence. If your property is damaged by a hurricane or looted by robbers, property insurance would cover the cost of repairs. This essential layer of coverage is a smart choice for every New Bedford small business.
Employee Coverages for Small Business
- Total recent spending on premium in Massachusetts: $1,061,981
- Ranked 36th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
- Average national cost of workers' compensation per employee: $612
If you're struggling to find affordable health care for your employees, you're not alone. The rising cost of health care has been a great source of frustration for small-business owners nationwide. Our Independent Insurance Agents can help by providing quotes on multiple policies. They will help you compare insurance coverages for your employees and select a plan that makes sense for your company's budget.
Cyber Crime Insurance for Small Business
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
Only 22 percent of small businesses have a response plan in place to deal with cyber breaches. Far too often, business owners just don't think about identity theft or data breaches until it's too late. Make sure your sensitive financial information is protected and you have a response plan in place by investing in cyber crime coverage for your New Bedford small business. Shopping for New Bedford business insurance can feel confusing, but our friendly Independent Agents make it simple. Our agents will work with you to create a customized commercial policy with the coverage that interests you most at a price you can afford.
Contact an insurance agent today to start building a personalized plan for your New Bedford business insurance.