Reading Business Insurance

Your Complete Guide to Reading, MA, Business Insurance

(Make sure your company doesn't have any unintentional coverage gaps)

Reading, Massachusetts business insurance

There are many businesses located in the town of Reading, Massachusetts. From small businesses run out of people’s homes to the many shops that line Haven Street, each plays an important role in the community. Business insurance helps these companies stay profitable in times of trouble.

If you are a business owner in this lovely New England town, a local independent insurance agent can help you build an insurance policy package that will provide suitable coverage against all of your company’s potential risks. Consult an insurance agent in or near Reading to learn more.

Why Do Businesses in Reading, MA, Need Liability Insurance?

Liability lawsuits frequently result in judgments exceeding $1 million. That is why business liability insurance is so important. It is designed to cover the various expenses related to liability lawsuits such as court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. This insurance is designed to cover many of the most common liability hazards businesses can face. The coverage offered by CGL includes, but is not limited to:

  • Premises liability insurance: This is designed to cover third-party injuries, illnesses, and damage that occurs on your business property.
  • Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage that is caused by products your company produces, sells, or promotes.

CGL coverage isn’t enough to fully cover most businesses. In those cases, additional liability policies may be necessary. Some of the many additional liability products you may want to consider for your business include:

  • Cyber liability insurance: This is designed to cover your liability expenses if cybercriminals install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer information like financial, credit, and personal data.
  • Employment practices liability insurance: This is designed to cover your business against accusations of illegal employment practices such as discrimination, harassment, wrongful termination, and breach of contract.
  • Environmental liability insurance: This is designed to cover cleanup costs and damage if an accident pollutes the land, air, or water from toxic substances used or produced by your company .
  • Liquor liability insurance: This is designed to protect businesses that sell, serve, or otherwise furnish alcoholic beverages if an intoxicated patron causes injuries or property damage to others. This is necessary since dram laws in this state enable the injured party to sue the establishment that provided the alcohol.

Talk to a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be right for your business.

How Does Property Insurance Protect Reading Businesses?

Commercial property insurance is designed to cover loss or damage to your company-owned assets including such things as office furniture, computers, merchandise, displays, and supplies. This coverage is a standard part of every business insurance policy.

Businesses in Reading are most at risk for damage caused by accidental fires, property crimes, and severe weather events like hurricanes, storms, gusty winds, heavy snowfalls, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.

In addition to your standard property coverage, you may also want to consider purchasing supplemental policies such as:

  • Inland marine insurance: This is designed to cover your portable business property whenever it is in transit or stored offsite, such as in a warehouse or at a job site.
  • Boiler & machinery insurance: This is designed to cover repair costs and business losses related to mechanical malfunctions of your essential business equipment.
  • Bailees insurance: This is designed to cover valuable property belonging to your customers whenever it is in your business’s custody, care, or control, such as if you are performing alterations, maintenance, or repair work on it.

Talk to your local insurance agent to learn more about your various business property coverage options.

A Word about Flood Damage in Reading, MA

Be aware that even though damage caused by severe weather events are typically covered by commercial property insurance, damage caused by floods are not. This is true even if the flood is the direct result of a covered hurricane.

Floods pose a serious risk throughout the town of Reading, particularly for businesses located near waterways like Bear Meadow Brook and the Ipswich and Aberjona Rivers. That is why supplementing business coverage with a commercial flood insurance policy is often a good idea.

Flood insurance policies are backed by the federal government and can provide your business with up to $500,000 in structural coverage and $500,000 in property coverage. Talk to an independent insurance to learn more and to get help securing an affordable policy.

Is Business Interruption Insurance a Good Idea in Reading, MA?

A major disaster, like a fire or a hurricane, can necessitate you to shut down your business for several weeks while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times.

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

This optional insurance can make it possible for your business to afford to pay monthly bills, loan installments, employee salaries, and other regular expenses until you are able to resume normal operations.

Business interruption insurance is not right for every business. A local independent insurance agent can help you determine whether or not it is a good fit for your Reading business.

Do Businesses in Reading Need Workers’ Compensation Insurance?

With few exceptions, the state of Massachusetts requires all businesses to cover their employees with workers’ compensation insurance.

If an employee is injured on the job or is stricken with an occupational illness, workers’ compensation insurance can cover the cost of any necessary medical treatments, follow-up care, and prescriptions. It can also compensate the injured worker for lost wages and other related expenses.

Rates for workers’ comp coverage are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job, the more coverage will cost. Therefore, a landscaper would cost more to insure than an administrative assistant in an office setting.

A local independent agent can help you obtain a competitively priced policy from an insurance provider that specializes in covering businesses in your industry.

What about Employee Benefits for Businesses in Reading?

As a business owner in Reading, you may be considering offering your workers an employee benefits package that includes perks such as paid vacation time, health insurance, and life insurance options.

  • 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

Even though purchasing healthcare coverage for your employees can be expensive, doing so may actually have money-saving benefits for your business.

For example, studies done by human resource professionals have shown that when businesses offer good health insurance options, they find it easier to recruit and retain highly qualified employees. Also, many businesses can benefit from tax benefits when they subsidize this coverage.

There are several different insurance products available for you to choose from. You may, therefore, find it beneficial to have guidance and advice from a local insurance professional. Your agent can help you find appropriate coverage at a competitive price.

Why Work with an Independent Insurance Agent in Reading, MA?

Every business has specific insurance coverage needs, and these can vary significantly from one company to the next. The wide range of insurance products and policy options available to business owners makes it possible for you to fully customize your commercial coverage.

A local independent agent can help you navigate through your many options as you build your business insurance policy package. That way, you can be sure you are purchasing products that are appropriate for your Reading business. Contact an insurance agent near you to get started.

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https://www.census.gov/quickfacts
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