The town of Stoneham is home to many small businesses. From tax consulting firms run out of people’s homes to the many shops that line Main Street, each provides goods and services to the community while helping to boost the local economy. Business insurance helps these companies stay profitable when disaster strikes.
Building a comprehensive business insurance policy package can be difficult, but it doesn’t need to be. Independent agents can help you identify your company’s specific risks and can recommend the right policies to cover against them. Contact an insurance agent in Stoneham to learn more.
Why Do Stoneham, MA, Businesses Need Liability Insurance?
Liability lawsuits against your company can be extremely expensive. This is true even if the courts ultimately rule in your favor. Once you factor in lawyers’ fees and time taken off from work to respond to the allegation, the costs can really add up. That’s why business liability insurance is so important.
Liability insurance is designed to cover your company’s court costs, legal fees, and financial damages if it is sued for a covered event. However, you will need to be certain that you have the right policies in place to cover against each of the liability risks your business may face.
A local independent agent can help you identify all of your company’s liability exposures and can recommend the right policies to cover against each of them. That way, you do not need to worry about potential coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage if it occurs from an accident on your business premises, such as if a customer in your store slips on a wet floor.
- Product liability insurance: This can cover third-party injuries, illnesses and property damage that is caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This can cover against your company’s financial responsibilities if criminals hack into your computer system and steal sensitive customer data such as credit card information, social security numbers, and confidential personal details.
- Employment practices liability insurance: This can cover against lawsuits related to accusations of illegal employment practices such as harassment, discrimination, breach of contract, and wrongful termination.
- Environmental liability insurance: This can cover cleanup costs, damage, and financial responsibilities 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 can cover against lawsuits related to damage or injuries caused by an intoxicated patron of your establishment. This is necessary because dram laws in this state enable the injured party to sue the establishment that served, sold, or furnished the alcohol to the guilty party.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Stoneham.
What Insurance Products Cover Your Business Property in Stoneham?
Businesses in Stoneham, MA, are most likely to experience property loss or damage due to hazards such as structure fires, hurricanes, tropical storms, strong winds, hail, heavy snows, freezing temperatures, and property crimes.
Commercial property insurance is designed to cover against loss or damage caused by these risks. This insurance covers a wide assortment of business assets including such things as computers, furniture, inventory, merchandise, and supplies.
Sometimes, supplementing your coverage with additional property insurance products is necessary. Depending on the risks faced by your particular business, your insurance agent may recommend also purchasing products such as:
- Inland marine insurance: This can cover your company’s portable property whenever it is in transit or is being stored at a location other than your place of business, such as while it is at a job site or being kept in a warehouse.
- Bailees insurance: This can cover your customers' valuable property whenever it is in your company’s care, custody, or control. This may be necessary if your business provides repair, alteration, or maintenance services.
- Boiler & machinery insurance: This can cover the cost to repair or replace your business’s essential machinery if it breaks down. It can also cover any financial losses your business may sustain as a result of the mechanical malfunction.
- Commercial flood insurance: This is often necessary because flood damage is excluded from your commercial property insurance coverage, even if it is the direct result of a covered hurricane. Businesses located in designated flood plains are most at risk, but when heavy rains fall, flash flooding can occur just about anywhere in this town.
A local insurance agent can help you be certain that are all your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
Is Business Interruption Insurance a Good Idea in Stoneham, MA?
A major disaster like a fire or a hurricane can do more than just damage your company’s valuable property. If the destruction is particularly severe, your business could also be forced to remain closed for several weeks while repairs are made. This can be prohibitively expensive for small business owners.
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 provides a solution to this problem by providing your company with a continuation of income during the times it must remain closed for repairs due to damages caused by a covered event.
Business interruption coverage can continue until you can safely resume normal operations, though most policies limit coverage for up to one year.
Consult a local independent insurance agent for help determining whether or not this business interruption insurance is a good fit for your Stoneham business.
Do Businesses in Stoneham Need Workers’ Compensation Insurance?
Unfortunately, workers sometimes are injured on the job. This can happen even when all reasonable precautions have been made. That is why, with few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to protect your business and your employees from financial losses related to workplace injuries and occupational illnesses. It does this by covering the cost of related medical treatments, prescriptions, follow-up care, lost wages, and other expenses.
Talk to an local independent agent to learn more about workers’ compensation insurance and for help finding a competitively priced policy from a provider that specializes in covering businesses like yours.
What about Insurance Products for Employee Benefits Packages in Stoneham?
Companies that offer competitive employee benefits frequently find it easier to attract and retain the most qualified employees. This has been demonstrated in several studies conducted by human resource professionals.
If you have been considering subsidizing healthcare coverage for your employees, you may be worried about how expensive it can be. Fortunately, independent agents can help you find suitable policies at competitive prices.
- 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 shopping for insurance products to include in your employee benefits package, you will have several different life insurance and health insurance products available to choose from. This can make it difficult to determine which policies are best to purchase.
An experienced independent insurance agent in Stoneham can go over the pros and cons of each of your various options and can offer guidance as you decide which are the best policies to buy.
Why Work with an Independent Insurance Agent in Stoneham, MA?
Coverage needs can vary significantly from one business to the next. That is why insurance providers enable you to fully customize your commercial insurance policy package.
Independent agents making shopping for business insurance easy by offering guidance and advice as you consider your many policy options. These agents can also shop around to help you find the best and most affordable products to cover your business against all of its various exposures.
Set up a one-on-one consultation with an insurance agent near you to get more information and to start comparing customized quotes from a selection of reliable insurers.
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