From the many shops, restaurants, and offices that line Route 6 to tiny companies that are run out of people’s homes, every business in Swansea adds value to the local economy. If you own one of these companies, you can benefit from protecting with the right business insurance products.
Independent agents make it easy to build a suitable business insurance policy package. These agents work for you, not for a particular insurance company, so they can shop around to find the coverage your business needs at the most affordable prices. Contact an insurance agent near you to learn more.
Why Is Business Insurance Important in Swansea, MA?
Every business has risks. If your company is hit by a liability lawsuit, a damaging weather event, or a forced long-term closure, the costs can be overwhelming if you have not covered it with appropriate business insurance products.
In 2019 alone, insurance companies paid out more than $8 billion in insurance claims to Massachusetts businesses. You can make sure your company is suitably covered against all potential risks by purchasing the right business insurance policies.
How Does Liability Insurance Protect Swansea Businesses?
No business is too small to be subjected to a liability lawsuit. Business liability insurance products offer protection by covering expenses such as court costs, legal defense fees, settlements, judgements, and damages.
There are many different commercial liability insurance policies available. Here are some you may want to consider for your Swansea business.
- Premises liability insurance: This covers property damage and third-party injuries that are caused by an accident on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that are caused by products your company produces or sells.
- Cyber liability insurance: This covers your business’s financial obligations to affected individuals if criminals hack into your company’s computer system and accesses their personal or financial data.
- Liquor liability insurance: This covers against potential liabilities if a patron becomes intoxicated at your place of business and goes on to cause injuries or property damage to others.
- Employment practices liability insurance: This covers against accusations of illegal employment practices like breach of contract, harassment, discrimination, retaliation, and wrongful termination.
- Errors & omissions insurance: This covers individuals in professional positions if negligence, an error in judgement, or other professional mistake causes their clients to experience financial losses or other harm.
This is not a complete list of all the commercial liability insurance products that are available to you. You will want to be sure to have the right policies to cover against each of your company’s liability exposures.
What Are the Property Damage Risks in Swansea, MA?
Businesses in Swansea are most at risk for loss or damage caused by the following issues.
- Property crimes
- Severe storms including
- Harsh winter weather, including
- Heavy snows
- Ice accumulation
- Prolonged freezing temperatures
With the exception of floods, each of these hazards is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged by a covered event.
Sometimes, it is necessary to supplement your commercial property insurance coverage with additional policies such as the following.
- Flood insurance: Flood damage is excluded from commercial property insurance, even if it is the direct result of a covered hurricane. Fortunately, you can purchase commercial flood coverage through the National Flood Insurance Program (NFIP) at an affordable price.
- Inland marine insurance: This covers your business’s portable property whenever it is being transported over land or is being stored away from your place of business.
- Boiler and machinery insurance: This covers repair costs and business losses if your well-maintained essential business equipment and machinery experiences a mechanical malfunction.
- Bailee’s insurance: This covers your customers’ valuable property whenever it is in your business’s custody, care, or control. It is typically recommended for businesses that offer services such as alterations, maintenance, or repair work on their customers’ belongings.
Make sure that your company’s valuable assets are suitably covered against the hazards you are likely to face as a business owner in Swansea.
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How Can Business Interruption Insurance Help Companies in Swansea, MA?
The risk of hurricane activity in Swansea is high. This town has been impacted by 36 hurricanes since 1930.
If a major disaster like a hurricane or a structure fire damages your Swansea businesses, it may need to remain closed for weeks, or even months, while repairs are made. This can mean several days in which your business is unable to generate any revenue.
Many small businesses do not have the financial strength to survive a long-term forced closure following a disaster. Business interruption insurance offers a solution to this problem. Business interruption insurance is designed to provide the funds necessary for your company to continue paying regular expenses like rent, bills, loan payments, and salaries while it is recovering from damage caused by a covered event.
What Is Workers’ Compensation Insurance and Is It Required of Swansea Businesses?
Employees can sometimes be injured on the job or may develop an occupational illness due to exposure to toxins at the workplace. The Massachusetts Survey of Occupational Injuries and Illnesses Report showed that there were 64,700 worker injuries and illnesses reported in this state in 2019.
Workers’ compensation insurance is designed to cover the associated costs including things like medical treatments, follow-up care, prescription medications, physical therapy, and disability pay. This insurance can also provide death benefits to dependent if a workplace injury or illness is fatal.
In Massachusetts, if you have at least one employee, you are required by law to carry workers’ compensation insurance. There are a few exceptions. For instance, coverage does not extend to professional athletes, real estate agents and brokers, or casual employees.
Rates for this insurance are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous your employees’ jobs are, the more your coverage will cost.
What about Employee Benefits for Businesses in Swansea?
Human resource consultants have done numerous studies showing that offering a competitive employee benefits package can be advantageous to your business.
A package that includes perks like a retirement plan, paid vacation and sick time, life insurance, and subsidized health insurance, can make it easier for your business to recruit and retain some of the most qualified workers.
When shopping for insurance policies for your employees, you will find there are many different life and health insurance products available, and that each has a variety of coverage options to choose from. This can make it difficult to decide which make the best choices for your business.
You may therefore find it beneficial to have an insurance expert helping you out. That way, you can understand the pros and cons of each option and can make an informed decision about which policies are best for your employees as well as for your business finances.
Why Work with an Independent Insurance Agent?
Local independent agents can do a complete risk assessment of your business and can recommend the right insurance products to cover against each of the potential hazards your company can encounter. They can also offer guidance and advice as you make decisions about your various coverage options.
Because they are independent, these local agents can provide you with customized quotes from a variety of competing insurance providers. That way, you can be sure you are getting your policies at reasonable prices. Arrange an obligation-free consultation with an insurance agent near you to learn more.
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