The city of Watertown, MA is home to hundreds of businesses. From larger companies like Exergen Corporation to sole proprietorships run out of people’s homes, these businesses drive the local economy. Business insurance helps them avoid large financial losses in times of trouble.
Putting together a comprehensive policy package for your business can be complicated, but you don't need to do it alone. Independent agents in Watertown can help you find affordable coverage that is customized to meet all of your company’s specific needs.
Set up a one-on-one consultation with an insurance agent near you to get started.
Why Is Liability Insurance Important for Businesses in Watertown, MA?
Business liability insurance is an essential part of every commercial insurance policy package. It is designed to cover expenses such as court costs, legal fees, and financial damages if your company is sued for a covered event.
You can expect your business insurance policy to include, at the very least, commercial general liability insurance (CGL). This standard coverage is designed to cover against some of the most common risks businesses face. The coverage it offers includes the following:
- Premises liability insurance: This covers against third-party injuries, illnesses, and property damage that occur because of accidents on your business property.
- Product liability insurance: This covers against third-party injuries, illnesses and property damage that occur because of defects in products your business produces, sells, or promotes.
CGL is very useful, but many businesses find that it cannot cover against all of their liability risks. An independent insurance agent can help you identify any additional liability exposures your company may have, and can recommend the right supplemental policies to cover against them.
The following are examples of some of the many commercial liability insurance products that may be a good fit for your Watertown business:
- Employment practices liability insurance: This covers against lawsuits related to accusations of illegal business practices such as discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This covers your company’s financial losses and liabilities if criminals hack into your computer systems and steal sensitive customer data such as financial information and Social Security numbers.
- Environmental liability insurance: This covers clean-up costs and damages if an accident at your business leads to the pollution of the ground, water, or air by toxic substances used or produced by your business.
- Commercial vehicle liability insurance: This covers against your company’s increased liability risks if you or one of your employees is responsible for an accident while driving a company-owned vehicle.
You can learn more about these and other commercial liability coverage options by consulting a local independent insurance agent.
Does Watertown Business Insurance Cover All Your Business Assets?
All business insurance policies include commercial property insurance. This is designed to cover your company’s assets, including as office furniture, computers, supplies, inventory, tools, and outdoor signs in the event that a covered event causes loss or damage.
In Watertown, businesses are most likely to experience property loss or damage caused by such hazards as accidental fires, theft, and severe weather events like severe storms, hurricanes, gusty winds, heavy snows, and freezing temperatures.
Fortunately, all of these hazards are covered by commercial property insurance.
Sometimes, adding more specialized property insurance policies is also a good idea. Your insurance agent may recommend supplementing your commercial property coverage with optional coverage such as:
- Inland marine insurance: This covers your portable business property when it is in transit or when it is being stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken-down machinery that is essential to your business. It can also compensate your company for losses associated with these machine malfunctions.
- Bailee's insurance: This covers property belonging to your customers whenever it is in your business’s custody, care, or control. This may be necessary if your company provides repair or maintenance services on expensive items.
- Flood insurance: This is necessary for many businesses because commercial property insurance does not cover flood damage. In Watertown, companies located near the Charles River are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere.
Your insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property when necessary.
How Can Business Interruption Insurance Help Watertown Businesses?
Major disasters like hurricanes and structure fires can do more than just damage your commercial property. They can also potentially force your business to remain closed for several weeks while repairs are made.
Catastrophic events 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
An extended closure can be financially devastating, especially for a small business that doesn’t have a lot to fall back on. Business interruption insurance was designed to provide a solution to this problem.
Business interruption insurance offers a continuation of income if a covered hazard leads to the long-term closure of your business. That way, your company will have the funds necessary to continue paying regular monthly expenses like rent, bills, and loan installments, until you are able to safely resume normal operations.
Ideally, you will never need to use your business interruption insurance. However, if a disaster does strike, you will be glad you have it. Talk to a local independent insurance to learn more about this optional coverage.
Do Watertown Businesses Need Workers’ Compensation Insurance?
In Massachusetts, all employers (with a few exceptions) are required to carry workers’ compensation insurance. This insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
The cost of workers’ compensation is based mainly on the types of jobs your employees do and the amount they are paid. The greater the risk that your workers will suffer significant injuries on the job, the higher your premiums will be. A manufacturing plant worker would cost more to insure than a teacher at the Perkins School for the Blind.
A local independent agent can match you up with an insurance company that specializes in covering businesses that operate in your industry, and can ensure that you are getting your workers’ compensation policy at a competitive price.
What about Insurance Products for Employee Benefits Packages in Watertown?
According to research done by human resources managers, businesses that offer their employees benefits like paid vacation time, sick time, health insurance, and life insurance find it easier to attract and retain some of the best workers.
- 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 for your employees, you will discover that there are many different healthcare and life insurance products available for you to choose from. This can make it difficult to decide which policies are the best fit for your employee benefits package.
An independent insurance agent can explain the pros and cons of each of your various options so that you are able to make an informed decision when making a purchase.
Why Work with an Independent Insurance Agent in Watertown, MA?
Every business has its own specific risks, and these often vary significantly from one company to the next. That is why insurance companies enable business owners to fully customize their business insurance policy packages.
When you are shopping for commercial insurance, an independent agent can offer guidance and can help you find the best and most affordable commercial policies to cover your company. Contact an independent insurance agent in Watertown to discover how easy buying business insurance can be.
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