During previous years, there were 615,775 small businesses, employing 1,404,234 people, based in the state of Massachusetts. More than 2,500 of these businesses were headquartered in Norwood. Businesses in the professional, scientific, and technical services industry do particularly well in this town, as do those in the construction and retail trade industries, but businesses of all types have the potential to thrive here. It doesn’t matter whether you own a dealership on Norwood’s “Automile,” or you are an independent consultant, as a business owners you will want to protect your business assets with a suitable Norwood business insurance policy.
Consider this: in recent years, businesses in Massachusetts collected $6,530,654 in business insurance claims. Building a comprehensive commercial insurance plan that can fully cover your Norwood-based business can be complicated. Fortunately, when you discuss your company’s coverage needs with an independent insurance agent in our network, the process is made much easier. These agents can work with several insurance companies to help you obtain and compare an assortment of customized Norwood commercial insurance quotes. Find an agent near you to get started.
- According to the 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.
- According to a national study, 71% of product liability awards by the court amounted to $1 million or more, so this coverage may be crucial.
- That same national study found that 53% of medical malpractice awards by the court amounted to $1 million or more.
Even if the courts ultimately rule in your favor, a liability lawsuit against your company can be prohibitively expensive if you do not have the right liability coverage in your Norwood commercial insurance policy. Your policy will include general liability insurance, which can cover legal defense, court costs, and financial damages for a number of common liability risks. Your local agents can help you identify any additional liability coverage options that may be right for your Norwood business. Your agent can talk to you about such things as:
- Premises liability insurance: This is included in your general liability insurance. It is designed to cover your business if an accident on your commercial premises leads to third-party injuries, illnesses, or property damage.
- Product liability insurance: This is also included in your general liability coverage. It is designed to protect your Norwood-based business if it is sued because a product it produces, promotes, or sells causes third party damages, illness or injuries.
- Professional liability insurance: Professionals in all fields can benefit from purchasing this coverage, which is also referred to as errors and omissions insurance. These policies cover individuals in professional positions against liability lawsuits due to professional errors. Errors and omissions policies can protect all kinds of professionals from doctors to wedding photographers.
Business Interruption Insurance for Norwood 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
Businesses in Norwood contribute to Massachusetts’ GSP. However if a disaster, such as a fire, causes major damages that force you to stop your business operations for an extended time while repairs are made, this can negatively affect your business revenues. Make sure that your Norwood commercial insurance policy includes business interruption insurance so that your company can continue to collect income during the necessitated closure. That way, you can continue to pay employee salaries and keep up with your company’s monthly expenses until you are once again able to operate at full capacity.
Property Insurance for Small Business in Norwood
- 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.
Disasters, ranging from hurricanes to structure fires, can lead to substantial financial losses for your Norwood-based business—not only because of lost revenue but because of property damage. Fortunately, your Norwood business insurance policy includes property coverage. This can cover loss or damage to your business-owned assets such as computers, tools and machinery, merchandise, office furniture, and more. Your business may also benefit from including supplemental property coverage types such as inland marine insurance or spoilage insurance. Your agent can advise you about policy options that are suitable for your particular business.
Worker’s Compensation for Norwood Businesses
The requirement to carry worker’s compensation insurance (or, “workman’s comp,” as it is often called) varies according to the state in which your business is located. In Massachusetts, all businesses that have at least one employee must carry workman’s comp insurance. The only exception is for those to hire domestic help so long as the employee works fewer than 16 hours a week.
Workman’s comp insurance is designed to cover medical treatments related to injuries or illnesses sustained by employees in the course of doing their jobs. It also covers employee wages during time off if it is necessary during recuperation. There are worker’s compensation insurance policies that are designed for businesses operating in specific industries. Your agent can help you find an affordable policy that is appropriate for your Norwood-based business.
Employee Coverages for Small Businesses in Norwood
- 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 of 2010 includes an “employer mandate” which requires all companies that have at least fifty full-time employees to provide them with affordable, subsidized health insurance coverage. Even if it is not mandatory for your small business, offering benefits such as health and life insurance may help you attract and retain good employees. It can also qualify some small businesses for significant federal tax credits. If you are interested in looking into including these insurance plans in your Norwood business insurance package, your agent can help you review a selection of suitable options.
Cyber Crime Insurance for Norwood 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
A relatively new type of liability coverage, cyber-crime insurance has grown in importance as reports of electronic data theft are on the rise. If you use computers or other electronic means to collect or store sensitive personal and financial data about your customers, employees, or other individuals, this insurance may be a very good idea for your Norwood-based business. If hackers manage to breach your computer system’s security and access this information, your company can be held liable for the financial damages that follow.
Cyber-crime insurance can shield your company from losses related to this crime. If your company uses computers, you may want to talk to an agent to learn more about how adding cyber-crime insurance in your Norwood business insurance package can benefit your company.
Find the Right Norwood Commercial Insurance for Your Business
You will want to be sure to protect your small business against all of its many risks and exposures. When you work with an agent, you can get information and advice about your various coverage options, and you will have an easy way to compare customized Norwood business insurance quotes. This will enable you to find appropriate coverage at a reasonable price. There is no reason to build your coverage portfolio on your own. There are several agents with offices in Massachusetts, and many are located in and near the town of Norwood.
Find an agent near you to learn more about your Norwood commercial insurance options.