The affluent Boston suburb of Wellesley, MA, is home to hundreds of businesses. From large establishments like Wellesley College to sole proprietorships run out of people’s homes, these companies all play an important role in the community. Business insurance helps them stay profitable when trouble strikes.
Building a comprehensive business insurance policy package can be difficult, but it doesn’t need to be. Independent agents can help you identify your company’s specific risks and can recommend the right policies to cover against them. Contact an insurance agent in Wellesley to learn more.
Why Do Wellesley Businesses Need Liability Insurance?
A liability lawsuit against your company can be extremely expensive. This is true even if the courts ultimately rule in your favor. After you factor in lawyers’ fees and time taken off work to respond to the allegation, the costs can really add up. That’s why liability insurance is so important.
Business liability insurance is designed to cover your company’s court costs, legal fees, and financial damages if it is sued for a covered event. However, you will need to be certain that you have the right policies in place to cover against each of the different liability risks your business may face.
A local independent agent can help you identify all of your company’s potential liability risks and can recommend the right policies to cover against each of them. That way, you do not need to worry about being left with any unintended coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This can cover costs related to third-party injuries, illnesses, and property damage that occurs due to accidents on your business premises, such as if a customer in your store slips on a wet floor.
- Product liability insurance: This can cover costs related to third-party injuries, illnesses and property damage that is caused by defects in products your business produces, sells, or promotes.
- Cyber liability insurance: This can cover against costs related to your company’s financial responsibilities if criminals hack into your computer system and steal sensitive customer data such as credit card information, social security numbers, and confidential personal details.
- Employment practices liability insurance: This can cover against costs related to accusations of illegal employment practices such as harassment, discrimination, breach of contract, and wrongful termination.
- Environmental liability insurance: This can cover cleanup costs, damage, and financial responsibilities if an accident at your business leads to the pollution of the ground, water, or air by toxic substances your company uses or produces.
- Liquor liability insurance: This can cover against costs related to damage or injuries caused by an intoxicated patron of your establishment. This is necessary because dram laws in this state enable the injured party to sue the establishment that served, sold, or furnished the alcohol to the guilty party.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in your community.
What Insurance Products Cover Your Business Property?
Businesses in Wellesley, MA, are most likely to experience property loss or damage due to hazards such as accidental fires, hurricanes, tropical storms, gusty winds, heavy snows, freezing temperatures, and theft.
Commercial property insurance is designed to cover against loss or damage caused by all of these risks. This insurance covers a wide assortment of business assets including such things as tools, computers, furniture, inventory, merchandise, and supplies.
Sometimes, supplementing your coverage with additional property insurance products is necessary. Depending on the risks faced by your particular business, your insurance agent may recommend also purchasing products such as:
- Inland marine insurance: This can cover your company’s portable property whenever it is in transit or is being stored at a location other than your place of business, such as at a job site or in a warehouse.
- Bailees insurance: This can cover your customers' property whenever it is in your company’s care, custody, or control. This may be necessary if your business provides repair, alteration, or maintenance services.
- Boiler & machinery insurance: This can cover the cost to repair or replace your business’s essential machinery if it breaks down. It can also cover any financial losses your business may sustain as a result of the mechanical malfunction.
- Commercial flood insurance: This is often necessary because flood damage is excluded from your commercial property insurance coverage, even if it is the direct result of a covered hurricane. Businesses located near waterways like the Charles River and Fuller Brook are most at risk, but when hurricanes and tropical storms bring heavy rains to the area, flash flooding can occur just about anywhere.
A local insurance agent can help you be certain that all of your company’s assets are appropriately covered against the risks you face as a business owner in Wellesley.
Is Business Interruption Insurance a Good Idea in Wellesley, MA?
A major disaster like a structure fire can do more than just damage your company’s valuable property. If the destruction is particularly widespread, your business could also be forced to remain closed for several weeks while repairs are made.
This can be prohibitively expensive for small business owners.
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 was designed as a solution to this problem. It can prevent your business from suffering financial losses by providing it with a continuation of income during the times it must remain closed for repairs due to damages caused by a covered event.
Business interruption coverage can continue until you are able to safely resume normal operations, though coverage may be limited to one year. A local independent insurance agent can help you determine whether or not this insurance is a good fit for your Wellesley business.
Do Businesses in Wellesley Need Workers’ Compensation Insurance?
Unfortunately, employees sometimes are injured on the job. This can happen even when all reasonable precautions and safety measures have been taken. That is why, with few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to protect your business and your employees from financial losses related to workplace injuries and occupational illnesses.
It does this by covering the cost of any necessary medical treatments, prescriptions, prosthetics, hospitalizations, equipment, and follow-up care, and by compensating employees for lost wages and other expenses.
Talk to a local independent agent to learn more about what workers’ compensation insurance can do for you and to get help finding a competitively priced policy from a provider that specializes in covering businesses like yours.
What about Insurance Products for Employee Benefits Packages?
Companies that offer competitive employee benefits packages frequently find it easier to attract and retain the most qualified workers. This has been demonstrated time and again in studies conducted by human resource professionals.
If you have been considering subsidizing healthcare coverage for your employees, you may be worried about costs since health insurance in this country tends to be rather expensive. Fortunately, independent agents can help you find suitable policies at competitive prices.
- 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 shopping for insurance products to include in your employee benefits package, you will find that there are several different life insurance and health insurance products available to select from. This can make it difficult to decide which policies are the best choices.
An experienced independent insurance agent in Wellesley can go over the pros and cons of each of your various options and can offer guidance so you can make an informed decision.
Why Work with an Independent Insurance Agent in Wellesley, MA?
Risks and coverage needs can vary significantly from one company to the next. That is why insurance providers enable business owners to fully customize their commercial insurance policy packages.
Independent agents making shopping for business insurance easy by offering you guidance and advice as you consider your various policy options. These agents can also shop around to help you find the best and most affordable products to cover against all of your company’s exposures.
Set up a one-on-one consultation with an insurance agent near you to get more information and to start comparing customized quotes from a selection of top-rated insurers.
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