Salem Business Insurance

Find the right business insurance policy for you.

Ann Herro, Insurance Expert Written by Ann Herro
Ann Herro, Insurance Expert
Written by Ann Herro

Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.

Business women using a tablet in the office. Compare business insurance.

Located on Massachusetts’s northern coast, the historic city of Salem has one of the most unique histories in the United States. After more than three hundred years, the city still remains famous for the Salem Witch Trials that took place in 1692. Curiosity about the incident draws over a million tourists to Salem, MA each and every year, generating approximately $100 million for Salem and the surrounding areas. The lucrative tourism industry has prompted the creation of coffee shops, gift stores, restaurants, unique boutiques, and cafes, some of which have been around for a very long time.

Whether you are a long-time Salem business owner or you’re just getting a new business up and running, now is the best time to consider Salem business insurance. 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. With so much at risk, it really pays to protect your business with a comprehensive commercial insurance policy. Our Independent Insurance Agents are committed to helping each business owner create a customized insurance policy that will protect against common threats like liability, property damage, and cyber crime.

You can’t afford to take a casual attitude when it comes to liability lawsuits. All it takes is one upset customer filing a lawsuit and you could find yourself dealing with tens of thousands of dollars' worth of legal bills. If the case goes all the way to court, the cost could be considerably higher. According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. 

When you contact our Independent Insurance Agents, you’ll enjoy working with experienced professionals who are ready and willing to provide you with information about various general liability policies. Once you have a high quality general liability insurance policy, you’ll breathe easier knowing your company is protected.

  • Product Liability Insurance: No matter how careful you are, sometimes a faulty product finds its way into a customer’s hands. This prompts a lawsuit. If the case goes to court and your customer wins the case, the result could be a serious financial blow. According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. Investing in product liability coverage is the best way to make sure your Salem business is protected.
  • Errors & Omissions/Professional Liability Insurance: Salem businesses that create and sell products aren’t the only ones that have to worry about liability. Companies that provide services to the public in any form need the protection of E&O/professional liability insurance. This type of policy safeguards against errors and omissions and lawsuits that are most common among busy professionals.

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Business Interruption Insurance for Salem 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

Salem’s classification as a high-risk hurricane zone means that there’s always a chance that bad weather will result in a great deal of property damage. Since 1930, Salem has been hit by 31 hurricanes, the last being Andrea. Even if a business is lucky enough not to have any property damage following a storm, it’s likely the bad weather results in its having to close its doors until the storm blows over, resulting in a period of time when there isn't any revenue, something that frequently has a negative impact on many businesses. 

The best way to handle this situation is by contacting our Independent Insurance Agents and setting up a business interruption insurance policy that covers your bills and lost profits during the times when the weather makes it impossible to continue operations.

Property Insurance for Salem 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

From hurricanes to heavy snowfall or spring flooding, the unpredictable Salem weather is a recipe for disaster for many businesses. If your commercial property sustains serious damage, would you be prepared to cover the costs of repairs? Commercial property insurance offers business owners a way to pay for those repairs and have peace of mind that they are always covered, no matter what the unpredictable New England weather brings for Salem.


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Our independent agents shop around to find you the best coverage.

Workers' Compensation for Salem Businesses

Workers' compensation is another important coverage for small businesses. If an employee gets sick or injured on the job, workers' comp steps in to cover the costs of medical bills and to protect your company from an expensive lawsuit. In most states, workers' compensation is actually required for all companies that have employees.

Employee Coverages for Salem 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 care keeps increasing, putting a serious strain on small businesses that are already fighting to make ends meet. As a business owner, it’s crucial to shop around before choosing employee coverages. our Independent Insurance Agents provide free rate quotes on multiple employee coverage policies, giving you an opportunity to see all of your options before you select a health care or life insurance plan for your employees.

Cyber Crime Insurance for Salem Businesses

Computer hackers are taking a toll on businesses all over the world. There were 5,116 identity theft complaints in Massachusetts in recent years, causing the state to rank 25th highest for identity theft complaints in the United States. Yet only 22 percent of small businesses have a response plan in place to protect against cyber hacks. Hackers have a startling number of different ways to infiltrate a business’s computer, and once they do, they can steal a wide assortment of information. It doesn’t matter if you’re a large or small Salem business, there’s always a chance you could become a victim of a computer hacker. The best way to make sure your files are protected is with cyber crime insurance.

If you are shopping for a reliable commercial insurance policy to cover your Salem business, our Independent Insurance Agents can help. Our friendly agents are familiar with the challenges you face as a small-business owner, and they can point you toward the best policies to protect your company against common threats. Best of all, our agents provide multiple free rate quotes, giving you a better chance of finding affordable coverage for your business. 

Contact an agent today to get a quote on Salem business insurance or to learn more about your coverage options.

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