The many businesses located in the town of Shrewsbury do more than just provide goods and services to the community. They also play an important role in the health of the local economy. Business insurance helps these local companies stay profitable in times of disaster.
Building a comprehensive policy package for your business can be complicated, but you do not need to do it alone. Independent agents in Shrewsbury can help you find affordable coverage that is customized to meet your company’s specific needs. Find an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Shrewsbury, MA?
Business liability insurance is an essential part of every business insurance policy package. It is designed to cover expenses such as court costs, legal fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL). This standard coverage is designed to cover against some of the most common risks businesses face. Its coverage includes, but is not limited to:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that occurs because of accidents on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that occurs because of defects in products your business produces, sells, or promotes.
CGL is very useful, but it cannot cover all businesses against all of their liability risks. An independent insurance agent can help you identify any additional liability exposures your company may have, and can recommend the right policies to cover against them.
The following are examples of some of the many commercial liability insurance products that may be a good fit for your Shrewsbury business:
- Employment practices liability insurance: This covers against lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This covers your company’s financial losses and liabilities if cybercriminals hack into your computer systems and steal sensitive customer data such as financial information and social security numbers.
- Environmental liability insurance: This covers cleanup costs and damage if an accident at your business leads to the pollution of the ground, water, or air by toxic substances your company uses or produces.
- Liquor liability insurance: This covers companies that serve, sell, or furnish alcoholic beverages. It is important because if an intoxicated patron causes injuries or property damage to another, Massachusetts dram laws enable the injured party to sue the business that provided the alcohol.
You can learn more about these and other commercial liability coverage options by consulting a local independent insurance agent.
Does Shrewsbury Business Insurance Cover All Your Business Assets?
All business insurance policies include commercial property insurance. This is designed to cover your company-owned assets including such things as furniture, computers, inventory, tools, and machinery in the event that it is lost or damaged due to a covered event.
In Shrewsbury, businesses are most likely to experience property loss or damage caused by such hazards as accidental fires, theft, and severe weather events like tropical storms, hurricanes, gusty winds, heavy snows, and freezing temperatures.
Fortunately, all of these hazards are covered by commercial property insurance.
Sometimes, more specialized property insurance policies are also necessary in order for all your property to be fully covered. Your insurance agent may recommend supplementing your commercial property coverage with optional policies such as:
- Inland marine insurance: This covers your portable business property whenever it is in transit or when it is being stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken down machinery that is essential to your business. It can also compensate your company for losses associated with these machine malfunctions.
- Bailees insurance: This covers property belonging to your customers whenever it is in your business’s custody, care, or control. This may be necessary if your company provides repair or maintenance services on expensive items.
- Flood insurance: This is necessary for businesses that are at risk for flooding since commercial property insurance will not cover flood damage. This risk is most common during hurricane season when heavy rains can fall and overwhelm area drainage systems leading to flash flooding.
Your insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property when necessary.
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How Can Business Interruption Insurance Help Shrewsbury Businesses?
Tornadoes are rare in Massachusetts, but that doesn’t mean the risk does not exist. For example, the 1953 Worcester F4 tornado tore through the Shrewsbury area and caused extensive damage.
Major disasters like tornadoes and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for several weeks while repairs are made.
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
An extended closure can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance was designed to provide a solution to this problem.
This insurance offers a continuation of income if a covered hazard leads to the long-term closure of your business. That way, your company will have the funds necessary to continue paying regular monthly expenses until you can resume normal operations.
Hopefully, you will never need to use your business interruption insurance. If a disaster does strike, however, you will be glad you have it. Talk to a local independent insurance to learn more about this optional coverage.
Do Shrewsbury Businesses Need Workers’ Compensation Insurance?
In Massachusetts, nearly all businesses are required to cover their employees with workers’ compensation insurance. These policies are designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
Premiums for workers’ compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer significant injuries on the job, the more it will cost to cover them.
For example, a construction worker would cost far more to insure than a financial analyst.
A local independent agent can match you up with an insurance company that specializes in covering businesses that operate in your industry and can ensure that you are getting your coverage at a competitive price.
What about Insurance Products for Shrewsbury Employee Benefits Packages?
According to research conducted by human resource professionals, businesses that offer employee benefits like paid vacation time, sick time, life insurance, and health insurance, find it easier to attract and retain well-qualified workers.
- 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 coverage, you will discover that there are many different healthcare and life insurance products available for you to choose from. This can make it difficult to decide which policies are the best fit for your employee benefits package.
An independent insurance agent can explain the pros and cons of each of your various options so that you are able to make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Shrewsbury, MA?
Every business has its own specific risks and exposures, and these can vary considerably from one company to the next. That is why insurance companies enable business owners to fully customize insurance policy packages.
When you are shopping for suitable business insurance, an independent agent can offer guidance and advice, and can help you find the best and most affordable commercial policies to cover your company.
Contact an independent insurance agent in Shrewsbury to discover how easy it can be to build a comprehensive business insurance policy package.
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