Located just south of Boston, the town of Randolph is a great place to own a business. With its convenient location and broad transportation network, it is easy for people to access the many businesses, both large and small, that are situated here. Business insurance helps these companies stay profitable.
Building a comprehensive commercial insurance policy package can be a complicated task, but you don't have to figure it out on your own. Independent agents in Randolph can help you identify your company’s various exposures and can recommend the right policies to cover against each of them.
Find an insurance agent near you to start comparing quotes for customized business insurance policies.
Why Do Businesses in the town of Randolph Need Liability Insurance?
Liability lawsuits can be extremely expensive, even if the courts ultimately rule in your favor. Business liability insurance is designed to help by covering your company’s court costs, legal fees, and financial damages if it is sued for a covered event.
There are lots of different commercial liability products available. You will need to be sure to purchase the right policies to cover against all of the potential liability exposures your business has. Some of the liability products your insurance agent may recommend include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that result from accidents that occur on your business property.
- Product liability insurance: This is designed to cover third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This is designed to cover financial losses and liabilities if cybercriminals install skimmers on your credit card readers or hack into your business’s computer systems and steal sensitive customer data such as Social Security numbers or personal data.
- Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Liquor liability insurance: This is designed to cover against lawsuits related to damage and injuries caused by a person who became intoxicated while drinking alcoholic beverages sold, served, or otherwise furnished by your business.
- Environmental liability insurance: This is designed to cover clean-up costs and damages if an incident at your place of business results in the accidental pollution of the ground, water, or air.
Talk to an independent insurance agent in Randolph to learn more about these and the many other commercial liability policies that are available. Your agent can help you be certain that your business is properly covered against all of its potential liability exposures.
What Insurance Products Cover Your Business Property in Randolph?
Businesses in the town of Randolph are most likely to experience significant property loss or damage due to hazards such as hurricanes, tropical storms, severe storms, blizzards, freezing temperatures, gusty winds, accidental fires, and property crimes.
Fortunately, each of these risks is covered by commercial property insurance, which is a standard part of all business insurance policies. This insurance is designed to cover your commercially owned property, including furniture, computers, supplies, and inventory.
Sometimes, adding specialized property insurance policies is also necessary in order for your business property to be fully covered. Your insurance agent may recommend supplementing your commercial property insurance with products such as:
- Inland marine insurance: This is designed to cover your company’s portable property while it is in transit or is away from your place of business, such as while it is on location at a job site or is being stored in a warehouse.
- Boiler & machinery insurance: This is designed to cover the cost of repairing or replacing broken-down essential machinery. It can also cover any business losses associated with the mechanical malfunction.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your business’s care, custody, or control, such as when you are performing repair, alteration, or maintenance services on it.
- Commercial flood insurance: This is designed to cover against flood damage to your business. It is highly recommended because commercial property insurance specifically excludes flood damage from its coverage. Many businesses in Randolph are at risk for flood damage, particularly during the heavy rains that are common during hurricane season.
A local independent insurance agent can help you be sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, if necessary.
Why Is Business Interruption Insurance a Good Idea in Randolph, MA?
A major disaster like a hurricane can result in more than just damage to your business property. If the destruction it causes is particularly severe, that could also force your company to remain closed for several weeks while repairs are made.
Disasters 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
If your company must close for an extended period due to damages caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.
Business interruption insurance can enable your company to continue paying regular monthly expenses such as utility payments, loan installments, and employee salaries even during the times it is temporarily unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Randolph Need Workers’ Compensation Insurance?
If your employees are injured on the job, or if they develop occupational illnesses, your business is responsible for covering their medical treatment and financial losses. Workers’ compensation insurance is designed to provide this coverage.
With few exceptions, all employers in the state of Massachusetts are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
Rates for this insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured while doing them. It would cost a lot more to insure a stone mason than to cover a cashier at a clothing store.
An independent agent in Randolph can help you review your costs and can match you up with an insurance company that specializes in covering businesses in your industry.
What about Insurance Products for Employee Benefits Packages in Randolph?
There is no denying that healthcare coverage in the United States can be expensive. However, offering subsidized coverage to your employees can actually have cost-saving benefits for your company.
Human resources managers have consistently demonstrated that when businesses offer a competitive employee benefits package, they find it easier to attract and retain the most qualified employees. Insured workers also tend to call off sick from work less frequently.
- 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
When you are shopping for insurance products to include in your employee benefits packages, you will find that there are several different life insurance and health insurance policies to choose from. This can make it difficult to determine which policies to purchase.
A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision about which to choose.
Why Work with an Independent Insurance Agent in the town of Randolph?
Insurance providers understand that every company has its own specific risks and exposures. That is why they offer so many commercial insurance products and policy options. An independent agent can help you find the best and most affordable policies to fully cover your Randolph business.
Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.
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