The Boston suburb of Saugus is home to many businesses. From small companies run out of people’s homes to the many shops that line Broadway, each of these businesses plays an important role in the local economy. In times of disaster, business insurance helps these companies stay profitable.
Independent agents in Saugus can help you build a comprehensive business insurance policy package. These agents can identify the specific risks your company faces and can recommend the best and most affordable insurance policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Businesses in Saugus, MA Need Liability Insurance?
Your business could potentially wind up on the wrong end of a liability lawsuit. If that happens, having the right liability insurance in place is crucial in order to avoid large financial losses.
Business liability insurance is designed to absorb liability-related expenses such as court costs, legal defense fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL) as part of their standard coverage. CGL provides basic liability coverage for some of the most common risks businesses face, including :
- Premises liability insurance: This is designed to cover third-party injuries or property damage that result from accidents that take place on your business property.
- Product liability insurance: This is designed to cover third-party injuries or property damage that are caused by a defect in a product your company produces, sells, or promotes.
Most businesses have liability risks that go beyond what a standard CGL policy can cover. An independent agent can help you identify any other liability exposures your business may have, and can recommend the right policies to cover against them.
The following are some examples of the many available commercial liability insurance policies your insurance agent may recommend for your business:
- Cyber liability insurance: This is designed to cover your company’s financial responsibilities and damages if hackers break into your business’s computer system and access sensitive customer data like financial, credit, and personal information.
- Employment practices liability insurance: This is designed to cover your business against lawsuits related to accusations of discrimination, harassment, wrongful termination, breach of contract, or any other illegal employment practice.
- Liquor liability insurance: This is designed to cover against damage or injuries caused by an intoxicated person. If your business sells, serves, or otherwise furnishes alcoholic beverages, this coverage may be necessary, since Massachusetts dram laws allow injured parties to sue the establishment that provided the alcohol.
Talk to your insurance agent to learn more about these and the many other commercial liability products that are available for your Saugus business.
What Are the Property Damage Risks in Saugus, MA?
Commercial property insurance is another important part of every business insurance policy. It is designed to cover loss or damage to your company’s assets, including merchandise, supplies, furniture, computers, tools, and more.
Businesses in Saugus are most likely to experience loss or damage due to hazards such as accidental fires, hurricanes, severe storms, gusty winds, heavy snows, freezing temperatures, and property crimes. Fortunately, commercial property insurance is designed to cover against all of these hazards.
One hazard that is not covered, however, is flood damage. Floods pose a significant risk in Saugus, particularly when hurricanes and tropical storms can bring heavy rains and storm surges to the area.
Businesses near Broad Sound and the Saugus River are most at risk, but flash flooding can happen just about anywhere in this coastal town. That is why you may want to add commercial flood insurance to your coverage portfolio.
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 contents coverage. These policies take 30 days to go into effect, so don't wait until heavy rains are imminent to buy a policy.
There are additional supplemental property coverage products that may also be appropriate for your business, such as:
- Inland marine insurance: This can cover your business’s portable property when it is in transit, at a job site, or stored in a warehouse.
- Boiler & machinery insurance: This can cover your essential mechanical equipment, as well as business losses related to mechanical failure.
- Bailee's insurance: This can cover your customers’ property whenever it is in your business’s custody, care, or control.
Your local insurance agent can explain all of these coverage options in greater detail and can ensure that all of your business assets are suitably covered.
How Does Business Interruption Insurance Help Companies in Saugus, MA?
Occasionally, businesses in Saugus can be seriously damaged by catastrophic events like hurricanes and structure fires.
Catastrophic events 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
Property damage isn’t the only expensive risk your business may face during a disaster like a tropical storm. Significant damage has the potential to force your business to shut down for several weeks while repairs are made. Without an ongoing stream of revenue, many small businesses can be forced into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income when your company is forced to temporarily close down because of damage caused by a covered event.
When you have the protection of business interruption insurance, your company will be able to pay regular expenses like monthly bills, loan installments, and salaries until you can get back to normal operations.
Talk to a local independent insurance agent for help determining whether business interruption insurance is right for your Saugus business.
Are Employers in Saugus Required to Carry Workers’ Compensation Insurance?
With few exceptions, all employers in Massachusetts are required by law to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other related expenses if they are suffering a work-related injury or suffer from an occupational illness.
The cost for this coverage is based mainly on the types of jobs your employees do and the likelihood that they will sustain serious injuries while doing them. You may qualify for significant policy discounts if your business has a long-standing record of employee safety. An independent insurance agent can help you obtain and compare customized quotes from insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance Products for Your Employee Benefits Package in Saugus?
Some businesses offer their employees benefits that include perks such as health insurance, life insurance, paid vacation, and sick time. If you are looking to put together a benefits package for your employees, you may need some help finding affordable insurance products to include in it.
- 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 health and life insurance products, you will find there is a wide range of policy types and options available. You may therefore find it beneficial to have the guidance of an experienced insurance professional.
Talk to an independent agent near you to learn the pros and cons of each your options so that you can make an informed decision about which are the best choices for your employee benefits package.
Why Work with an Independent Insurance Agent in Saugus, MA?
Risks and exposures can vary significantly from one company to the next. Insurance companies understand this. That is why they offer a wide range of policies and options that enable business owners to fully customize their policy packages.
Independent agents in Saugus can help you choose the right products to meet your company’s specific coverage needs. Because they do not work for a particular insurance company, these agents can shop around to help you find the best business insurance policies at the most competitive prices.
Find an insurance agent near you to get started.
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