From the shops, restaurants, and offices along Providence Highway to small companies that are run out of people’s homes, all business in Walpole add value to the local economy. If you own a company in this town, you can benefit from the many protections offered by business insurance.
Buying business insurance can be complicated, but it doesn’t need to be. Local independent agents can do a complete risk assessment of your business and can recommend the right policies to meet your company’s coverage needs.
Arrange a one-on-one consultation with an insurance agent near you to get more information and to start comparing customized business insurance quotes.
What Kinds of Liability Insurance Do Businesses in Walpole Need?
No business is too small to be sued. Liability lawsuits can grow very expensive if your company is not property insured.
Business liability insurance is designed to cover expenses like court costs, legal fees, mediation costs, settlements, and judgements if your company is sued for a covered event.
The following are some of the commercial liability policies that may be a good fit for your business.
- Premises liability insurance: This covers third-party injuries and property damage caused by accidents on your business premises.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
- Cyber liability insurance: This covers your company’s financial obligations to affected individuals if hackers break into your company’s computer system and access their personal and financial data.
- Employment practices liability insurance (EPLI): This covers against accusations of illegal employment practices like discrimination, harassment, retaliation, wrongful termination, and breach of contract.
- Professional liability insurance: This covers individuals in professional positions if their negligence, errors in judgement, or other professional mistakes cause financial losses, injuries, or other harm to their clients.
It is important that your business insurance policy package includes the right kinds of products to protect your company against each of its liability exposures.
How Does Walpole Business Insurance Cover Your Company's Property?
Commercial property insurance is included in every business insurance policy. It is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged because of a covered event.
Here are some of the risks that commercial property insurance can cover against.
- Property crimes
- Accidental fires and explosions
- Hurricanes and tropical storms
- High winds
- Heavy snows
- Ice accumulation
Many businesses find it beneficial to supplement their commercial property insurance with additional policies. For instance, you may want to consider the following.
- Flood insurance: Flood damage is not covered by commercial property insurance, even if the flood is the direct result of a covered hurricane. The National Flood Insurance Program (NFIP) enables businesses to get up to $500,000 in structural and $500,000 in contents coverage with an affordable commercial flood insurance policy.
- Inland marine insurance: This covers your company’s portable property during the times that it is being transported over land and when it is being stored at a location other than your place of business.
- Boiler and machinery insurance: This covers the cost to repair or replace your company’s well-maintained, essential equipment and machinery if it breaks down. It can also compensate your business for losses sustained due to the machinery malfunction.
- Bailee’s insurance: This covers your customer’s property whenever it is in your business’s custody, care, or control, such as while you are doing repair, alteration, or maintenance services on it.
You will want to be sure that all of your company’s assets are covered against the potential risks that threaten Walpole businesses. You will want want to make certain that your coverage limits are high enough to enable you to fully replace all your business property in the wake of a catastrophe.
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How Can Business Interruption Insurance Help Businesses in Walpole, MA?
As a business owner in Walpole, it is important that you are prepared for the possibility of disaster like a hurricane. This town, which has been impacted by 33 hurricanes since 1930, has a high risk of being hit by one of these storms.
Catastrophic events like hurricanes 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 an extended time while repairs are made.
When damage is widespread, as is often the case with hurricanes, repair efforts can take an especially long time to complete. A forced long-term closure can be financially devastating, especially for small businesses that don’t have a lot of resources to fall back on.
Business interruption insurance was created to provide a solution to this problem. This insurance delivers a continuation of income during the times that a covered event leads to a necessary extended closure.
Thanks to business interruption insurance, your company can have the funds it needs to continue paying regular expenses like rent, bills, loan installments, and employee salaries even though it is unable to generate revenue.
Is Workers’ Compensation Insurance Required for Walpole Businesses?
Even when businesses follow all recommended safety protocols, workers sometimes get hurt on the job. That is why, in the state of Massachusetts, if you have at least one regular employee, you are required by law to carry workers’ compensation insurance.
There are only a few exceptions. For instance, self-employed individuals are not required to cover themselves, and it is not necessary to cover real estate agents, professional athletes, or casual employees.
If your employees are injured on the job or if they are diagnosed with an occupational illness, workers’ compensation insurance can cover:
- All necessary medical treatments including hospital stays, prescription medications, physical therapy, medical equipment like sling, and follow-up care.
- Disability pay if the injured employee must take time off work while recuperating or is unable to ever return to their job.
- Death benefits for dependents if a work-related injury or illness is fatal.
Premiums for workers’ compensation are based mainly on the number of employees you have and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them.
What about Insurance Products for Employee Benefits Packages?
When businesses offer their employees benefits like life insurance, health insurance, paid vacation time, sick time, and a retirement savings plans, they are better able to attract and retain highly qualified workers. This has been demonstrated in numerous studies by human resource professionals.
If you are shopping for insurance policies to include in an employee benefits package, you will find there are many different products and policy options available for you to choose from.
This can make it difficult to decide which health and life insurance policies make the best choices for your workers while still being affordable for your business.
That is why it is beneficial to seek the guidance of an insurance professional who can explain the pros and cons of each of your options and can help you compare rates from competing providers. That way, you will be able to make an informed decision about which policies to purchase.
Why Work with an Independent Insurance Agent?
Every business has specific risks, and these can vary significantly from one company to the next. That is why insurance companies enable business owners to fully customize their companies' coverage.
Independent agents are available to perform a complete risk analysis on your business to ensure that your insurance policy package does not have any unintended coverage gaps. Your agent can also shop around to find the best and most affordable policies to meet all your company's coverage needs.
Set up an obligation-free meeting with an independent insurance agent near you to start comparing customized business insurance quotes.
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