Peabody can be found tucked into Massachusetts’ beautiful North Shore region. The location provides residents and visitors alike with a lovely setting and peaceful atmosphere. Once one of the biggest producers of tanned leather in New England, the Peabody, MA leather tanneries have now closed their doors, though the city’s high school mascot and school nickname, Tanners, provides a constant reminder of the industry the city was built on. Today, local businesses include Sylvan Street Grill, Poodle N’ Pals Stylist, Red’s Kitchen and Tavern, Crystal Bee Supply, and more.
During previous years, there were 615,775 small businesses in Massachusetts, providing jobs to 1,404,234 people. However, recent years have also brought some serious risks for business owners, with $6,530,654 paid out for losses. Part of being a successful business owner includes investing in comprehensive Peabody business insurance. Choosing the right coverage can minimize your chance of going under, even in the most challenging economic conditions. Our Independent Insurance Agents provide one-on-one support to Peabody business owners, allowing you to build a customized commercial insurance policy that will safeguard against threats like liability, property damage, and cyber crime.
Liability lawsuits are one of the most dangerous threats for new businesses. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their biggest concern and more than 30 percent said they felt least prepared to handle this issue. Our Independent Insurance Agents can help you find the best kind of liability insurance to protect your company.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Most Peabody small businesses simply cannot afford that kind of heavy expense. If you were forced to pay out a million dollars after a lawsuit, would you be able to stay in business? Product liability insurance offers you an added buffer of protection, stepping in to cover costs if you ever have to face a lawsuit.
- Errors & Omissions/Professional Liability: Just because a business doesn’t produce and sell products, it doesn’t mean the owner doesn’t have to worry about liability insurance. There is a variety of issues Peabody contractors, marketing firms, newspapers and consultants need to worry about, including breach of contract accusations, factual errors, and omissions. Our Insurance Agents will work closely with you and determine which policy would best protect your business.
Business Interruption Insurance for Peabody Businesses
- Recent Gross domestic product: 2.2%
- Recent Massachusetts gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Each time a commercial property experiences weather-related damage, the owner must close the establishment until the repairs meet health and building safety code regulations. While the business remains closed, it’s not generating any revenue. The best way to ensure that this period doesn’t result in a financial disaster is by investing in business interruption insurance, a policy that covers the loss of profits during unexpected shutdowns.
Property Insurance for Peabody Businesses
- 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
Peabody might be a beautiful town, but it’s also prone to dangerous weather. Not only does it routinely receive more than 50 inches of snow each year, but it’s also received more than its fair share of hurricanes. Peabody is considered a high-risk hurricane zone, and the city has recorded more than 31 hurricanes striking it since 1930. Hurricane Andrea did a great deal of damage to local businesses. Even without the seasonal hurricanes, the large amount of precipitation can lead to damaging floods, while strong winds can destroy roofs and trigger tree damage. No Peabody business can afford to be without top-quality comprehensive property insurance.
Workers' Compensation for Peabody Businesses
You rely on your employees and want to keep them safe, but, no matter how careful everyone is, accidents do occasionally happen and sometimes these accidents result in an employee becoming injured. Workers' compensation covers an employee’s medical bills after a work-related injury and protects you against related lawsuits.
Employee Coverages for Peabody Businesses
- Total recent spending on premiums 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
The cost of health insurance is higher than it’s ever been before, making it increasingly difficult for small businesses to offer their employees benefits. If you’re struggling to find affordable health or life insurance coverage for your staff, our experienced Independent Insurance Agents can help. Our experienced agents can provide you with multiple quotes so you can compare policies and find a coverage plan that is affordable for your business.
Cyber Crime Insurance for Peabody Businesses
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
No Peabody business is safe from cyber crime. Despite the fact that cyber crimes cost businesses all over the country millions of dollars each year, only 22 percent of small businesses have a response plan in place to protect against cyber hacks. In addition to installing protective software on your computer, you should also consider investing in cyber crime insurance. This type of coverage protects your company’s finances if you ever experience a devastating data breach.
When you work with an experienced Independent Insurance Agent, finding the best Peabody business insurance is simple. Our friendly agents will walk you through your options, answer your questions and provide multiple rate quotes until you find the right plan for your company. Whether you own an established Peabody business or you’re still in the pre-launch phase, take time to consider all the benefits of a commercial insurance policy.
Contact an agent today to get a free customized quote and to learn more about your options for business insurance in Peabody.