There are hundreds of businesses in Wilbraham. From large corporations like Friendly’s Ice Cream to small businesses run out of people’s homes, each of these companies plays an important role in the health of the local economy. Business insurance protects them from financial losses in times of trouble.
Putting together a commercial insurance policy package can be complicated, but you do not need to do it alone. Independent agents in Wilbraham can help you identify your company’s various exposures and can recommend the right policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Businesses in Wilbraham, MA, Need Liability Insurance?
Even if your company wins the lawsuit, a liability accusation against your company can be extremely expensive.
Business liability insurance is designed to protect your company’s finances by covering expenses such as court costs, legal fees, and financial damages if it is sued for a covered event.
There are several different commercial liability insurance products available. You will need to be sure to purchase the right policies to cover against all of the potential liability exposures your business faces. Some of the liability products your agent may recommend include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that is caused by accidents on your business property, such as if a customer slips on ice in your parking lot and suffers a serious injury.
- Product liability insurance: This is designed to cover third-party injuries, illnesses and property damage that is caused by defects in products your business produces, sells, or promotes, such as if a food product sold by your company causes people to become with an E. coli infection.
- Cyber liability insurance: This is designed to cover financial losses and liabilities if criminals hack into your business’s computer systems and steal sensitive customer data such as financial or personal data. This includes damage related to data theft obtained by installing skimmers on your credit card readers.
- Employment practices liability insurance: This is designed to cover against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Liquor liability insurance: This is designed to cover against lawsuits related to damage and injuries caused by a person who became intoxicated while at your place of business. This is important because Massachusetts dram laws permit the injured party to sue the establishment that furnished the alcohol.
- Environmental liability insurance: This is designed to cover cleanup costs and damage if an incident at your place of business results in the accidental pollution of the ground, water, or air by toxic substances used or produced by your company.
Talk to an independent insurance agent in Wilbraham to learn more about these and the other commercial liability policies that may be appropriate for your business. Your agent can help you be certain that your company is fully covered against all of its potential liability exposures.
What Insurance Products Cover Your Business Property in Wilbraham?
Businesses in the town of Wilbraham are most likely to experience significant property loss or damage due to hazards such as hurricanes, severe storms, blizzards, freezing temperatures, accidental fires, and theft.
Fortunately, each of these risks is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover such things as furniture, computers, signs, display cases, supplies, and inventory.
Sometimes, adding specialized property insurance is necessary in order for your business property to be fully covered against all potential hazards. Your insurance agent may recommend supplementing your commercial property insurance with policies such as:
- Inland marine insurance: This is designed to cover your company’s portable property when it is in transit or is away from your place of business, such as while it is being kept on location at a job site or is being stored in a warehouse.
- Boiler & machinery insurance: This is designed to cover the cost of repairing or replacing broken down machinery that is essential to your business. It can also reimburse your company for financial losses associated with mechanical malfunctions.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your business’s care, custody, or control, such as while you are performing repair, alteration, or maintenance services on it.
- Commercial flood insurance: This is designed to cover against flood damage to your business. It is highly recommended because commercial property insurance specifically excludes flood damage from its coverage. Many businesses in Wilbraham are at risk for flood damage, particularly those near waterways like the Chicopee River, but when heavy rains fall, flash flooding can happen just about anywhere.
An independent insurance agent in Wilbraham can help you be sure that all of your business assets are suitably covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, if necessary.
Why Is Business Interruption Insurance a Good Idea in Wilbraham, MA?
A major disaster like a fire or a hurricane can cause more than just damage to your business property. If the destruction is particularly severe, your company could potentially be forced to remain closed for several weeks while repairs are made.
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
If you must close shop for an extended time due to damage caused by a covered event, business interruption insurance can help ease the financial burden by providing a continuation of income until you are able to resume normal operations.
Business interruption insurance can enable your company to continue paying regular monthly expenses such as utility payments, loan installments, and employee salaries even while it is unable to generate revenue. Talk to your local insurance agent to learn more.
Do Businesses in Wilbraham Need Workers’ Compensation Insurance?
If your employees get hurt on the job, or if they come down with an occupational illness, your business is liable for covering their medical treatments and financial losses. Workers’ compensation insurance is designed to provide this coverage.
With few exceptions, all employers in Massachusetts are required by law to cover their full- and part-time employees with workers’ compensation insurance.
Rates for this insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured while doing them. It would therefore cost a lot more to insure an electrician than it would to cover a server at an ice-cream shop.
An independent agent in Wilbraham can match you up with an insurance company that specializes in providing workers’ compensation to businesses in your industry and can help you review customized quotes for coverage.
What about Insurance Products for Employee Benefits Packages in Wilbraham?
Healthcare coverage is expensive. However, subsidizing it for your employees can have money-saving benefits for your company.
- 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
Human resource managers have consistently proven that when businesses offer a competitive employee benefits package, they are better able to attract and retain the most qualified employees. Insured workers also tend to call off sick from work less frequently.
When you are shopping for insurance products to include in your employee benefits packages, you will find that there are several different health insurance and life insurance policies to choose from. This can make it hard to decide which policies to purchase.
A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision about which to choose.
Why Work with an Independent Insurance Agent in Wilbraham, MA?
Insurance providers understand that every company has its own specific risks and exposures. That is why they offer a wide range of commercial insurance products and policy options. A local independent agent can help you find the best and most affordable policies to fully cover your particular business.
Contact an independent insurance agent in Wilbraham to learn more. You will soon discover how easy it can be to build a comprehensive business insurance policy package at a competitive price.
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