There are many businesses located in the town of Tewksbury, Massachusetts. From lawn-care companies run out of people’s homes to the many shops that line Main Street, each plays an important role in the community. Business insurance helps these companies stay profitable in times of trouble.
If you are a business owner in this historic New England town, a local independent insurance agent can help you build an insurance policy package that can provide suitable coverage against all of your company’s potential risks. Consult an insurance agent in or near Tewksbury to learn more.
Why Do Businesses in Tewksbury, MA Need Liability Insurance?
Liability lawsuits against companies often result in judgments exceeding $1 million. That is why business liability insurance is so important for area businesses. It is designed to cover expenses related liability lawsuits such as court costs, legal defense fees, and financial damages.
All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. CGL is designed to cover many of the most common liability hazards businesses can face. It includes:
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage that are caused by defects in products your company produces, sells, or promotes.
- Premises liability insurance: This is designed to cover third-party injuries, injuries, and damage that occur due to accidents on your business property.
CGL coverage isn’t enough to fully cover most businesses against all of their liability risks. In those cases, additional liability policies may be necessary. Some of the many additional liability products you may want to consider for your business include:
- Cyber liability insurance: This is designed to cover your liability expenses if cybercriminals install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer information like financial and personal data.
- Employment practices liability insurance: This is designed to cover your business against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, wrongful termination, and breach of contract.
- Environmental liability insurance: This is designed to cover clean-up costs and damages if an accident leads to toxic substances used or produced by your company polluting the land, air, or water.
- Liquor liability insurance: This is designed to protect your businesses if you sell, serve, or otherwise furnish alcoholic beverages. If an intoxicated patron causes injuries or property damage to others, Massachusetts’ dram laws enable the injured party to sue your establishment if it provided the alcohol.
Talk to a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be right for your Tewksbury business.
How Does Property Insurance Protect Tewksbury, MA Businesses?
Commercial property insurance is designed to cover loss or damage to your company-owned assets, including inventory, computers, office furniture, merchandise, displays, and supplies. This coverage is a standard part of every business insurance policy.
Businesses in Tewksbury are most at risk for damage caused by accidental fires, property crimes, and severe weather events like hurricanes, windstorms, heavy snowfalls, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
In addition to your standard property coverage, you may also want to consider purchasing supplemental policies such as:
- Inland marine insurance: This is designed to cover your portable business property whenever it is in transit or stored off-site, such as in a warehouse or on location at a job site.
- Boiler & machinery insurance: This is designed to cover repair costs and business losses related to mechanical malfunctions of your essential business machinery.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your business’s custody, care, or control, such as if you are performing alterations, maintenance, or repair work on it.
Talk to your local insurance agent to learn more about your various business property coverage options.
A Word about Flood Damage in Tewksbury
Be aware that even though damage caused by severe weather events is typically covered by commercial property insurance, damage caused by floods is not. This is true even if the flood is the direct result of a covered hurricane.
Floods pose a serious risk throughout Tewksbury, particularly for businesses located near waterways like the Merrimack River and Strong Water Brook. That is why supplementing business coverage with a commercial flood insurance policy is often a good idea.
Flood insurance policies are backed by the federal government and can provide your business with up to $500,000 in both structural and contents coverage. Talk to an independent insurance agent to learn more and to get help securing an affordable policy through the National Flood Insurance Program (NFIP).
Is Business Interruption Insurance a Good Idea in Tewksbury, MA?
Tornadoes do not pose a common threat in Massachusetts, but that doesn't mean the risk doesn’t exist. In 1974, an F3 twister touched down in Tewksbury, causing tens of thousands of dollars of damage.
A major disaster like a tornado or a hurricane can force you to shut down your business for several weeks while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times.
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 can make it possible for your company to afford to pay monthly bills, loan installments, employee salaries, and other regular expenses until you are able to resume normal operations.
This optional insurance is not right for every business. A local independent insurance agent can help you determine whether it is a good fit for your Tewksbury business.
Do Businesses in Tewksbury Need Workers’ Compensation Insurance?
With few exceptions, the state of Massachusetts requires all businesses to cover their employees with workers’ compensation insurance.
If an employee is injured on the job, workers’ compensation insurance can cover the cost of any necessary medical treatment, follow-up care, and prescriptions. It can also compensate the injured worker for lost wages and other related expenses, including death benefits for surviving family members if the work injury proves fatal.
Rates for workers’ comp coverage are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job, the more coverage will cost. A construction worker would cost far more to insure than a computer technician.
A local independent agent help you obtain a competitively priced policy from an insurance provider that specializes in covering businesses that operate in your industry.
What about Employee Benefits for Businesses in Tewksbury?
As a business owner in Tewksbury, you may be considering offering your workers an employee benefits package that includes perks such as paid vacation time, health insurance, and life insurance options.
- 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
Even though purchasing healthcare coverage for your employees can be expensive, doing so may actually have money-saving benefits for your company.
Studies done by human resources professionals have shown that when businesses offer subsidized healthcare options, they find it easier to recruit and retain highly qualified employees. Also, many small businesses can benefit from tax benefits when they provide this coverage.
There are several different insurance products available for you to choose from. You may therefore find it beneficial to have the guidance and advice of a local insurance professional. Your agent can help you find great coverage at a competitive price.
Why Work with an Independent Insurance Agent in Tewksbury, MA?
Every business has specific risks and exposures, and these can vary significantly from one company to the next. The wide range of insurance products and policy options available makes it possible for business owners to fully customize their coverage to meet their company’s particular needs.
A local independent insurance agent can help you navigate through your many options as you build a business insurance policy package for your Tewksbury business. That way, you can be sure you are purchasing products that are both appropriate and competitively priced. Find an insurance agent near you to get started.
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