There are more than 4,000 businesses in the city of Revere, MA. Local business owners should be aware that whatever their size or industry, business insurance can help to shield their companies from large financial losses when disasters strike.
Independent insurance agents can help you build a comprehensive business insurance plan that provides your company with full protection against all of its potential exposures. Contact a local insurance agent for help finding suitable coverage at a competitive price.
Revere, MA Business Insurance Provides Liability Coverage
Liability insurance is a crucial part of every business insurance policy. It can cover court costs, legal defense fees, and financial damages if your business is sued for a covered event.
All business insurance policies include commercial general liability insurance (or, “CGL”), which is designed to cover against some of the most common liability risks that businesses face. Its two most commonly used coverage components are:
- Premises liability insurance: This covers third-party injuries, illnesses, and damage that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damage caused by products your company produces, sells, or promotes.
Many businesses need to purchase additional insurance products in order to be fully covered against all of their liability exposures. Some of the many other commercial liability products that are available to you include:
- Employment practices liability insurance: This covers your business against accusations of perceived discrimination, harassment, wrongful termination, and other illegal business practices.
- Cyber liability insurance: This covers your liabilities if your business stores customer information like credit card information, Social Security numbers, and personal data in the event that this data is accessed by hackers and those affected sustain financial or personal damages.
- Environmental liability insurance: This covers damages and clean-up costs if an accident causes toxic substances used or produced by your business to pollute the air, land, or water.
Your local independent insurance agent can help you determine whether these or any other commercial liability products are a good fit for your Revere business. That way you do not need to worry about unintended liability exposures.
Property Insurance for Businesses in Revere, MA
Commercial property insurance is included in all business insurance policies. It is designed cover your business-owned property against loss or damage caused by a number of hazards such as property crimes, fires, windstorms, hail, hurricanes, freezing temperatures, and other common risks.
Standard property insurance does not cover against all of your risks, however. You may therefore need to supplement your coverage with additional policies such as:
- Commercial flood insurance: Commercial property insurance excludes flood damage from its coverage, so this additional insurance may be necessary, especially if your business is located near Broad Sound.
- Inland marine insurance: This can cover your high-value portable property when it is in transit or at a job site.
- Bailee's insurance: This is designed to cover your customers’ property while it is in your business’s care, custody, or control, such as if you provide repair or maintenance services.
A local independent insurance agent will be able to offer you trustworthy advice about which policies make sense for your particular business and how much coverage is sufficient. That way, you can be sure that all of your company’s assets are fully protected.
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Business Interruption Insurance Protects Revere’s Businesses
Major disasters like hurricanes and fires can be very damaging, not just to your business property, but also to your bottom line.
When businesses are forced to close down for an extended period so repairs can be made, the loss of income can be financially devastating, especially for small businesses. Business interruption insurance was created to shield against this problem.
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
Business interruption insurance can provide a continuation of income when your company experiences a forced extended closure due to a covered event. It enables you to continue to pay employee salaries and monthly expenses, even while there is no income being generated.
Talk to an insurance agent in Revere for help determining whether business interruption insurance is a good fit for your particular business.
Employers in Revere Need Worker’s Compensation Insurance
Workers are sometimes injured on the job. Whether your employees suffer a physical injury or contract an occupational illness caused by exposure to a toxic substance in the workplace, you, as their employer, are responsible for covering the cost of their medical treatment and lost income.
Workers’ compensation insurance is designed to cover these expenses.
In Massachusetts, all employers are required by law to carry workers’ compensation insurance. There are a few exceptions. It is not necessary to cover:
- Sole proprietors, partners, or LLC members
- Domestic workers who work fewer than 16 hours a week
- Real estate agents and salespeople who work on commission only
- Workers who engage in interstate or international commerce
The cost for workers’ compensation insurance is based mainly on the chances that your workers will suffer significant injuries based on the types of job they do. It costs more to cover a construction worker than to cover an accountant.
An independent insurance agent can help you secure a competitively priced policy through an insurance company that specializes in covering businesses that operate in your industry.
Employee Benefits for Businesses in Revere
Studies by human resource professionals have consistently shown that providing perks such as paid vacation, sick leave, health insurance, and life insurance can help you attract and retain a talented pool of employees.
Finding the best insurance products to offer in your employee benefits package, however, can be a challenge. This is particularly true when it comes to healthcare coverage, which can be expensive.
- 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
There are many different life and health insurance policy types and options available to choose from. An independent agent can explain the pros and cons of each of your various options and can help you review costs from competing insurers so you can make an informed decision.
Let an Independent Agent in Revere Help You Find the Best Coverage
There are a number of different insurance products you can choose from when you are building a business insurance policy package. This can make shopping for coverage confusing, especially if you are unfamiliar with the finer details of your various insurance options. Independent insurance agents in Revere are available to provide assistance.
These agents can help you identify your company’s exposures and can recommend the right insurance products to cover against them. They can also help you find the best policies at the most competitive rates. Find an insurance agent near you to start comparing customized business insurance quotes.