The town of Westfield, MA is tucked in Pioneer Valley. Originally the town manufactured just about everything anyone needed, from bricks to cigars, but at some point in the 19th century, local business owners turned their attention to making and selling buggy whips. Even though the demand for buggy whips is now very low, the town is still often referred to as “Whip City.”
Today there are many businesses based in Westfield, and each one of their owners needs to set aside some time to consider whether or not they’re properly insured. Failing to have enough business insurance can have disastrous results. During previous years, there were 615,775 small businesses in Massachusetts, providing jobs to 1,404,234 people. However, recent years have also brought some serious risks for business owners, with $6,530,654 paid out for losses.
Comprehensive Westfield business insurance is an important aspect of running a successful business and making sure your customers and employees are taken care of. You can learn more about the types of business insurance policies for Westfield businesses when you contact our Independent Insurance Agents. Our agents are devoted to making sure your business has the protection it needs.
According to a recent Travelers Business Risk Summary, 60 percent of small-business owners ranked medical cost inflation as their highest concern and more than 30 percent said they felt least prepared to handle this issue. A single mistake can lead to expensive legal bills, an expense that few business owners in Westfield are prepared to handle on their own. General liability insurance policies not only handle the cost of the legal expenses but also cover settlements. Our Independent Insurance Agents are standing by ready and waiting to help you find the general liability insurance policy that provides you with peace of mind.
- Product Liability: According to a national study, 71 percent of product liability awards by the courts amounted to $1 million or more. All it takes is a single mistake, and a Westfield business owner could be dealing with lawyers trying to sort out the details of a faulty product case. It doesn’t take long for the legal expenses to add up and eat into the business’s bottom line. When your business is covered by a good product liability policy, the insurance company pays the legal bills.
- Errors & Omissions/Professional Liability: Even though your business provides a service rather than a product, it doesn’t mean you don’t need general liability insurance. You do. Every day, businesses that provide a service find themselves in court, facing charges that range from making a factual error to breach of contract. The best way to make sure that a lawsuit doesn’t bring about the end of your Westfield business is a good E&O professional liability policy.
Business Interruption Insurance for Westfield Businesses
- Recent Gross domestic product: 2.2%
- Recent Massachusetts gross state product: 1.6%
- The recent GSP was 0.6% lower than the recent GDP
Between the heavy flooding and hurricanes that Westfield experiences, there are going to be times when you’re forced to close down your business for a few days when it simply isn’t safe for your employees or your customers to leave their home. While this is good for the people you hire and that you serve, it’s not good for your bottom line. Too many days of not being able to conduct business mean that you won’t have the funds available to reopen once the weather clears.
This is why it’s a good idea to contact an Independent Insurance Agents and ask about business interruption insurance policies. These policies are help your business make ends meet, even on the days when you simply can’t operate. It’s especially good for businesses that rent their commercial property and depend on their landlords to make repairs.
Property Insurance for Westfield Businesses
- Number of recent natural disasters: 119
- Only 61% of losses from natural disasters were covered
- Total uncovered property damage in recent years: $9.7 billion
Westfield is a great place to live and work in, but the weather can be a problem. The biggest issue Westfield property owners struggle with is flooding. The entire town is located in a floodplain zone. When the area floods, many commercial buildings experience a great deal of property damage. The best way to handle the cost of the repairs is with a good property damage insurance policy that our Independent Insurance Agents will help you find. Good policies cover damage done by flooding, strong winds, falling trees and vandalism.
Workers' Compensation for Westfield Businesses
If you hire any employees at all, you need to talk to our Independent Insurance Agents about workers' compensation insurance, a type of coverage most states require businesses to have. This particular type of insurance not only covers the medical expenses of employees who are injured while on the job, but also protects you from related lawsuits.
Employee Coverages for Westfield Businesses
- Total recent spending on premiums in Massachusetts: $1,061,981
- Ranked 36th for the highest premiums in the U.S.
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
Finding health care insurance that preserves the health of your employees and what you can afford isn’t always easy, but our Independent Insurance Agents can help. Our experienced agents will offer rate quotes on multiple employee coverage policies so you can compare the cost of each plan and find an option that is right for your small-business budget.
Cyber Crime Insurance for Westfield Businesses
- 5,116 Identity theft complaints in Massachusetts in recent years
- Ranked 25th highest for identity theft complaints in the U.S.
Only 22 percent of small businesses have a response plan in place to protect against cyber hacks. But these attacks happen nearly every day. Cyber crimes have been reported by businesses of all sizes and in all industries. If your business uses a computer, you owe it to your business, your customers and your employees to invest in a cyber crime coverage policy. Choosing the best commercial insurance policy for your Westfield business starts with a call to our caring Independent Insurance Agents. Our experienced agents will answer your questions, explain each coverage option and help you build a customized business insurance plan that will protect your company.
Contact an agent today to learn more about Westfield business insurance and to receive a free quote for your business.