There are hundreds of businesses located in the affluent Boston suburb of Sudbury, MA. In times of trouble, business insurance can help these companies remain profitable so that they continue to provide goods and services to the community and can contribute to the health of the local economy.
Building a commercial insurance policy package can be complicated, but you don't need to do it alone. Independent agents in Sudbury can help you identify your company’s various exposures and can recommend the right policies to cover against each of them. Find an insurance agent near you to learn more.
Why Do Businesses in Sudbury, MA Need Liability Insurance?
Even if the courts ultimately rule in your favor, a liability lawsuit against your company can be extremely expensive. Business liability insurance is designed to protect your company’s finances by covering expenses such as court costs, legal fees, and financial damages if it is sued for a covered event.
There are several different commercial liability products available. You will need to be sure to purchase the right policies to cover against all of the potential liability exposures your business faces. Some of the liability products your insurance agent may recommend include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that result from accidents that occur on your business property.
- Product liability insurance: This is designed to cover third-party injuries, illnesses and property damage that are caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This is designed to cover financial losses and liabilities if cybercriminals install skimmers on your credit card readers or hack into your business’s computer systems and steal sensitive customer data such as financial or personal data.
- Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, and wrongful termination.
- Liquor liability insurance: This is designed to cover against lawsuits related to damages and injuries caused by a person who becomes intoxicated while drinking alcoholic beverages sold, served, or otherwise furnished by your business. This is important because MA dram laws permit the injured party to sue the establishment that provided the alcohol.
- Environmental liability insurance: This is designed to cover clean-up costs and damages if an incident at your place of business results in the accidental pollution of the ground, water, or air by toxic substances used or produced by your company.
Talk to an independent insurance agent in Sudbury to learn more about these and other commercial liability policies that may be appropriate for your business. Your agent can help you be certain that your company is suitably covered against all of its potential liability exposures.
What Insurance Products Cover Your Business Property in Sudbury?
Businesses in the town of Sudbury are most likely to experience significant property loss or damage due to hazards such as hurricanes, tropical storms, windstorms, blizzards, freezing temperatures, and accidental fires.
Fortunately, each of these risks is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover your commercially owned property, including furniture, computers, signs, supplies, and inventory.
Sometimes, adding specialized property insurance policies is also necessary in order for your business property to be fully covered. Depending on the nature of your business, your insurance agent may recommend supplementing your commercial property insurance with products such as:
- Inland marine insurance: This is designed to cover your company’s portable property during the times that it is in transit or is being stored away from your place of business, such as while it is on location at a job site or in a warehouse.
- Boiler & machinery insurance: This is designed to cover the cost of repairing or replacing broken-down essential machinery. It can also reimburse your company for financial losses associated with the mechanical malfunctions.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your business’s care, custody, or control, such as when you are performing repair, alteration, or maintenance services on it.
- Commercial flood insurance: This is designed to cover against flood damage to your business. It is highly recommended because commercial property insurance specifically excludes flood damage from its coverage. Many businesses in Sudbury are at risk for flood damage, particularly those near waterways like the Sudbury River and Bridge Brook, but when heavy rains fall, flash flooding can happen just about anywhere.
A local independent insurance agent can help you be sure that all of your business assets are suitably covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, if necessary.
Why Is Business Interruption Insurance a Good Idea in Sudbury, MA?
Tornadoes are uncommon in Massachusetts, but that does not mean that the risk does not exist. In 1953, an F4 twister touched down less than eight miles from the Sudbury city center, causing tens of millions of dollars of damage.
A major disaster like a tornado or a hurricane can result in more than just damage to your business property. If the destruction is particularly severe, your company could also be forced to remain closed for several weeks while repairs are made.
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
If your company must close for an extended period due to damage caused by a covered event, business interruption insurance can help ease the financial burden by providing a continuation of income until you are able to resume normal operations.
Business interruption insurance can enable your company to continue paying regular monthly expenses such as utility payments, loan installments, and employee salaries even during the times it is temporarily unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Sudbury Need Workers’ Compensation Insurance?
If your employees are injured on the job, or if they are stricken with an occupational illness, your business can be held responsible for covering their medical treatment and financial losses. Workers’ compensation insurance is designed to provide this coverage.
With few exceptions, all employers in Massachusetts are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
Rates for this insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured while doing them. It would cost a lot more to insure a residential painter than to cover a tax accountant.
An independent agent in Sudbury can help you review your costs for coverage and can match you up with an insurance company that specializes in providing workers’ compensation to businesses in your industry.
What about Insurance Products for Employee Benefits Packages in Sudbury?
Human resources managers have consistently demonstrated that when businesses offer a competitive employee benefits package, they find it easier to attract and retain the most qualified employees. Insured workers also tend to call off sick from work less frequently.
- 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 insurance products to include in your employee benefits package, you will find that there are several different life insurance and health insurance policies to choose from. This can make it hard to decide which policies to purchase.
A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision about which to choose.
Why Work with an Independent Insurance Agent in Sudbury, MA?
Insurance providers understand that every company has its own specific risks and exposures. That is why they offer a wide range of commercial insurance products and policy options. An independent agent can help you find the best and most affordable policies to fully cover your Sudbury business.
Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package at a competitive price.
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