During previous years, there were 615,775 small businesses, employing 1,404,234 people, based in the state of Massachusetts. More than 1,600 of these businesses were located in the town of Norwell. Businesses that operate in the construction, financial, and the professional, scientific and technical services industries do best in this town, but businesses of all types are thriving. Whether you own a larger company like the Avedis Zildjian Company or you are an independent contractor with no employees, it is important that you protect the investment you have made in your commercial enterprise with a suitable Norwell business insurance policy.
Consider this: in recent years, businesses in Massachusetts collected $6,530,654 in business insurance claims. Creating a strong commercial insurance policy package for your small business can be complicated. Fortunately, when you discuss your company’s coverage needs with an independent insurance agent, the process is much easier. These agents can help you obtain and compare a selection of Norwell commercial insurance quotes for policies that are designed specifically to cover the risks associated with your particular business. Find an agent near you to get started.
Liability lawsuits against your company can be financially damaging, even if the courts rule in your favor. The cost of your legal defense alone could amount to tens of thousands of dollars. That is why it is so important that your Norwell commercial insurance policy includes the right kinds of liability coverage, which can cover legal defense, court costs, and financial damages. Your policy will include general liability insurance coverage, which can protect your business from a number of common liability risks. Your agent can help you identify any other coverage types—such as pollution liability insurance or employment practices liability insurance—that may be right for your Norwell business. Your agent can further explain the benefits of such coverage as:
- Premises liability insurance: This is included in your company’s general liability insurance. It is designed to cover third-party property damage, illness, or injuries caused by an accident on your commercial premises. Medical treatments, in particular, can be quite expensive. According to a recent Travelers Business Risk Summary, 60% of small business owners ranked medical cost inflation as their highest concern and more than 30% say they feel unprepared to handle this concern.
- Product liability insurance: This is also included in your company’s general liability coverage. It is designed to cover third-party property damage, illness, or injuries caused by a product that your Norwell-based business produces, promotes, or sells. According to a national study, 71% of product liability awards by the court amounted to $1 million or more, so this coverage may prove valuable.
- Errors and omissions insurance: Professionals in all fields can benefit from purchasing this professional liability insurance. There are industry-specific policies designed for professionals in all sorts of jobs from consultants to wedding photographers. Medical malpractice insurance is a type of errors and omissions policy, and a national study found that 53% of medical malpractice awards by the court amounted to $1 million or more.
Business Interruption Insurance for Norwell Small Businesses
- Recent Gross Domestic Product (GDP) for the US: 2.2%
- Recent Gross State Product (GSP) for Massachusetts: 1.6%
- The recent GSP was 0.06% less than the recent GDP
If a disaster, such as a hurricane, fire, or explosion, forces you to halt business operations for an extended time while repairs are made, this can negatively affect your business revenues. Make sure that your Norwell commercial insurance policy includes business interruption insurance so that your firm can continue to collect income while it is closed because of a covered event. That way, you can continue to pay employee salaries and monthly expenses until you are once again able to resume your normal business operations. This coverage is typically limited to 12 months but some policies will allow for coverage that lasts longer.
Property Insurance for Small Business in Norwell
- Number of recent natural disasters in the US: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not.
Catastrophes can lead to substantial damage to your expensive business-owned assets. Fortunately, commercial insurance policies include property insurance, which can cover loss or damage to your business-owned assets such as office furniture, computers, tools and machinery, merchandise, display cases, signs, and more. Businesses in different industries frequently have diverse coverage needs. Some may need to supplement their coverage with additional property coverage policies such as inland marine insurance or spoilage insurance. It is therefore beneficial to work with an experienced agent who can make appropriate recommendations when you are building your Norwell business insurance coverage.
Worker’s Compensation for Norwell Businesses
Like nearly all states, Massachusetts has worker’s compensation (or “workman’s comp”) requirements for employers. In this case, all employers must purchase and provide worker’s compensation insurance regardless of the number of employees they have, or the number of hours those employees work per week. The only exception is for those who hire domestic help so long as their employees work fewer than 16 hours per week.
Workman’s comp is designed to provide coverage for the medical treatment of injuries or illnesses suffered by employees in the course of doing their job. It also covers employees’ wages when they take time off to recuperate. Your agent can help you supplement your Norwell business insurance policy with a suitable worker’s compensation policy.
Employee Coverages for Small Businesses in Norwell
- Total recent spending on premiums in Massachusetts: $1,061,981
- Ranked 36th for highest premiums in the US
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
The Affordable Care Act (ACA) requires all U.S. companies with at least fifty full-time employees to provide these workers with subsidized health insurance coverage. Including benefits like health and life insurance as part of your employee benefits package can help you attract and retain a talented workforce, so it may be a good idea even if it is not mandatory. In some cases, it can even qualify your business for a federal tax credit. If you are interested in learning more, your agents can help you review and compare some appropriate coverage options.
Cyber Crime Insurance for Norwell Small Businesses
- Number of identity theft complaints in Massachusetts in recent years: 5,116
- Ranked 25th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber crime insurance has become progressively necessary as reports of electronic data theft are on the rise. If your Norwell-based business electronically collects or stores sensitive personal and financial information about your customers, employees, or other individuals, this relatively new type of liability insurance may be a very good idea. It can protect your business if hackers manage to access this information, and those affected suffer large financial damages for which your company is deemed liable. Your agent can tell you more about how adding cyber crime insurance to your Norwell commercial insurance policy can be of benefit to your business.
Find the Right Norwell Commercial Insurance for Your Business
Every business has particular risks and exposures relative to its industry, size and the services it provides. When you work with an agent, you will have access to a wealth of information about your various coverage options, and you will have an easy way to compare Norwell business insurance quotes for policies that meet your coverage needs. This enables you to find appropriate coverage at a competitive price. Don’t shop for business insurance on your own. There are several agents with offices in Massachusetts, and many are located in and near the town of Norwell.
Find an agent near you to learn more.