West Springfield, MA, called the "Crossroads of New England," is full of successful entrepreneurs and small businesses. The city is part of the Hartford-Springfield Knowledge Corridor, and companies in the area reap benefits from strong economic connections and support around the region. In fact, 615,775 small businesses in Massachusetts provided jobs to 1,404,234 employees in recent years. But that same year, small businesses were paid $6,530,654 in losses.
Because natural disasters, cyber breaches and negligence claims can happen without warning, your company needs full and complete West Springfield business insurance protection. That's where our Independent Insurance Agents can help. Our local, experienced agents are well-trained and will listen to your concerns, answer your questions and assess your needs before comparing quotes from a variety of carriers. Liability insurance is as basic a coverage as you can get when it comes to protecting your small business. Liability coverage ensures you stay financial sound after a lawsuit for an injury or claim against your services. Talk to an agent about which liability policies make sense for your West Springfield business.
- General Liability: The recent Travelers Business Risk Summary found that 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. But if a customer trips on the way out of your store or an employee wrecks a client's computer, general liability steps in and takes care of associated legal and medical costs.
- Product Liability: Does your company sell, produce or manufacture a product? If so, you should have comprehensive liability coverage to protect you against lawsuits. According to a national study, 71% of product liability awards and 53% of medical malpractice awards by the courts amounted to $1 million or more. Don't let a malfunction cause your small business serious financial damage.
- Professional Liability: This protection, also known as errors and omissions, is built specifically for professionals who give advice to customers, whether it be about their finances, buildings or psyches. An agent can walk you through the details about how this policy comes into play.
Business Interruption Insurance for West Springfield Businesses
Massachusetts' recent gross state product was 1.6% — 0.6% less than the GDP that year. Each small business in West Springfield contributes to overall state and national economic successes, which is why it's important to keep profits coming in. But if bad weather or an unsafe situation forces you to shut your doors temporarily, how would you respond? Business interruption insurance compensates you for the revenue you would normally be making so you can pay the bills and your employees when you're making renovations or repairs.
Property Insurance for Businesses in West Springfield
- Number of recent natural disasters in the U.S.: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Mother Nature can strike without warning — causing damage to your home and personal properties. Considering the statistics above, you need comprehensive property insurance on your side to combat any financial obligations you have after a storm hits. Let an agent walk you through your property coverage and limit options so you can understand exactly what's covered in the event of a flood, fire, tornado or winter storm.
Workers' Compensation for West Springfield Businesses
Nationally, the average cost of workers' compensation per employee was $612. It may seem like an unnecessary or costly expense, but it's essential in order to protect both yourself and your employees if an illness or injury happens as a result of work. Our agents can analyze the specific risks your West Springfield business faces and will find a workers' comp policy that works for you.
Employee Coverages for Businesses in West Springfield
- Total recent spending on premiums in Massachusetts: $1,061,981
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
Your employees work hard for you, so shouldn't you do the same? When it comes to employee health and life insurance, Massachusetts has the 36th highest premium in the U.S. Your individual small business policy will be customized to your unique employee base and company needs. And considering the health care marketplace is confusing, you deserve an agent on your side who can walk you through the details. Let us help you protect your employees and their families.
Cyber Crime Insurance for Small Businesses
There were 5,116 identity theft complaints in Massachusetts in recent years — the 25th highest for complaints in the U.S. Only 22% of small businesses have a response plan in place for cyber crimes. Protect yourself from the high-tech world with proper cyber crime insurance. It's easy coverage to add on and can significantly protect you if a hacker gains access to personally identifiable information.
our Independent Insurance Agents know what it's like to run or be part of a small business. And because our agents are local, they can accurately assess the unique risks you face. Our agents can gather numerous quotes from various insurance carriers to find a great West Springfield commercial insurance policy at the price you need.