In and around Waltham, MA, there are a lot of great opportunities for any aspiring entrepreneur. Whether you're looking to establish a high-tech company or to provide a service for this prosperous community, you have a good chance to realize your dream. But starting up a business takes more than dreams and the capital needed to make it happen — it also takes good insurance to protect your investment from a wide range of eventualities you can’t possibly foresee. Finding the right Waltham commercial insurance for your business is not easy. Your Independent Insurance Agent is there to help you navigate your options and find the best insurance for your needs at the best possible price. How vibrant is the economy in Massachusetts?
- Massachusetts has 615,775 small businesses.
- These businesses employ 1.4 million people.
The need for reliable insurance in Waltham was underscored by the total claims of $6.5 million paid out recently for insurance claims. Reliable and affordable coverage is essential for any business, large or small. General liability insurance is the heart of your business insurance needs. It covers claims for injuries to other people and claims for third-party property damage to individuals, such as customers or delivery persons. It also covers any legal defense if your business is sued over a covered incident. The cost of incidents, no matter how small, can be breathtaking because of potential medical costs. According to a recent Travelers Business Risk Summary:
- 60% of small-business owners ranked medical cost inflation as their highest concern.
- over 30% said they felt the least prepared to handle this concern.
Any injury on your premises can be extremely expensive, and if you are sued to cover the costs, you need to have someone defend you in court. If you make a product or provide professional services, you also need product or professional liability insurance. The same concerns apply here, too. According to a national study by the Insurance Information Institute, 71 percent of product liability awards and 53 percent of medical malpractice awards amounted to $1 million or more. The potential costs from an injury are nearly unlimited, so you have to have the right insurance.
Business Interruption Insurance for Waltham Businesses
If you can't open the doors in the morning due to a natural disaster or other reason, you need business interruption insurance to cover the costs of not being able to conduct normal operations. This compensates you for lost income in situations such as these:
- Water pipe breaks
- Natural disaster
- Any other reason your business is interrupted that is not your fault
Business interruption insurance pays out based on the revenue that you weren’t able to collect when closed, taken from the receipts you had when you were open. It covers the ongoing costs as well, such as power and employee benefits, until you are back up and have the doors open again.
Property Insurance for Waltham Businesses
When your business is closed, you suffer more than just a loss of business — you have to fix the damage that occurred to get fully back up and operating again. While it may seem wise to buy the cheapest property insurance, you may regret that when disaster strikes.
- There were 119 recent official natural disasters in the U.S.
- Only 61% of the losses realized from these were covered by insurance.
- $9.7 billion in damage was not covered by a property insurance policy.
If your business is damaged by any of the disasters listed above, you need to get it fixed up as quickly as possible even with good business interruption insurance. The best policy may not be the cheapest one if the insurance company gives you a hard time when you need them the most.
Workers' Compensation for Waltham Businesses
Workers' compensation insurance is required by Massachusetts state law. It covers the expenses related to any employee injuries on the job whether from one single incident or from repeated actions over an extended period of time. In recent years, the cost of workers' compensation was the following:
- $1.27 for every $100 in wages.
- That is $612 per employee.
Typically known as “workman’s comp,” these insurance premiums are based on the number of claims you have had in the past. New businesses are assessed by the kind of work they do and the categories of employees they hire. You can often save money based on the programs and equipment you provide your employees to prevent injuries on the job. A solid relationship with an Independent Agent who understands workman’s comp is vital to finding an affordable policy that fits under the applicable laws and regulations for your business.
Employee Coverage for Waltham Businesses
Massachusetts-based businesses paid $1 billion for employee health care coverage in recent years. The average single person health plan cost employers $6,379, and a family policy cost $17,424. Coverage for health care is only part of the package of insurances that you may want to offer your employee, however:
- Health Plan Insurance: This is required by law for companies with 50 or more employees, but many smaller businesses are opting to provide this coverage as a service for their loyal workers.
- Life Insurance: In case something happens to your employee, you may want your business to cover the employee as well as protecting the family.
- Disability Insurance: Similar to life insurance, this pays out when an employee cannot work anymore for any reason.
A good employee coverage plan helps you to retain valuable workers, cutting down on training and improving service. Many Waltham businesses offer packages for their employees so that they stay loyal and are always at their best on the job.
Cyber Crime Insurance for Waltham Businesses
One category of insurance that you may not think of on your own is protection against cyber crimes, including identity theft. There were 5,116 reported identity thefts recently in the Bay State. This insurance is critical to limit the expenses incurred by someone using your identity without authorization. It is just one of the many types of insurance that may not be on your radar as you open a business but are critical for protecting you against loss. A good relationship with your Waltham-based Independent Insurance Agent is critical to opening up or expanding a successful business.
Call your agent today to obtain a quote in the areas that you need to protect so that you can rest easy knowing your business is protected.