Though largely a bedroom community, the affluent Boston suburb of Winchester, MA, is home to many businesses. These companies don’t just provide needed goods and services to the community; they also contribute to the health of the local economy. Business insurance helps them stay profitable in times of trouble.
If you are a business owner in Winchester, an independent insurance agent can help you identify the specific risks your company faces and can recommend the best and most affordable insurance policies to cover against each of them. Contact an insurance agent near you to learn more.
Why Do Businesses in Winchester, MA, Need Liability Insurance?
Business liability insurance is designed to absorb liability-related expenses such as court costs, legal defense fees, and financial damage if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL) as part of their standard coverage. CGL provides basic liability coverage for some of the most common risks businesses face including such things as:
- Premises liability insurance: This is designed to cover third-party injuries or property damage that results from accidents that take place on your business property.
- Product liability insurance: This is designed to cover third-party injuries or property damage that is caused by a defect in a product your company produces, sells, or promotes.
Most businesses have liability risks that go beyond what a basic CGL policy can cover. An independent agent can help you identify your company’s potential liability exposures and can recommend the right policies to cover against them.
The following are some examples of the many available commercial liability insurance policies your insurance agent may recommend:
- Employment practices liability insurance: This is designed to cover your business against accusations of discrimination, harassment, breach of contract, wrongful termination, and other illegal employment practices.
- Cyber liability insurance: This is designed to cover your company’s financial responsibilities if hackers break into your business’s computer system and access sensitive customer information like financial, credit, and personal data.
- Liquor liability insurance: This is designed to cover against damage or injuries caused by an intoxicated patron of your establishment. If your business sold, served, or otherwise furnished the alcoholic beverages, the injured party is permitted by the state’s dram laws to name your company in their liability lawsuit.
Talk to your insurance agent to learn more about these and the many other commercial liability products that are available for your Winchester business.
What Are the Property Damage Risks in Winchester, MA?
Commercial property insurance is another important part of every business insurance policy. It is designed cover loss or damage to your company-owned assets including such things as merchandise, inventory, furniture, computers, tools, supplies, and more.
Businesses in Winchester are most likely to experience loss or damage due to hazards such as accidental fires, hurricanes, severe storms, gusty winds, heavy snows, freezing temperatures, and property crimes. Fortunately, commercial property insurance is designed to cover against all of these hazards.
There are additional supplemental property coverage products that may also be appropriate for your business, such as:
- Inland marine insurance: This is designed to cover your business’s portable property when it is away from your business, such as while in transit, at a jobsite, or stored in a warehouse.
- Boiler & machinery insurance: This is designed to cover the cost to repair or replace your essential mechanical equipment and can also cover a business's losses related to mechanical failure.
- Bailees insurance: This is designed to cover your customers’ property whenever it is in your business’s custody, care, or control.
- Commercial flood insurance: This is designed to cover against flood damage, which is not covered by commercial property insurance. Many businesses in Winchester are at risk for flooding, particularly during hurricane season when prolonged, heavy rains are common.
Your local insurance agent can explain all of these coverage options in greater detail and can ensure that all of your business assets are appropriately covered.
How Does Business Interruption Insurance Help Companies in Winchester, MA?
Occasionally, businesses in Winchester can be impacted by catastrophic events. For example, in 2011, Hurricane Irene caused widespread damage in the area.
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
Significant damage from a catastrophic event like a hurricane or a fire has the potential to force your business to shut down for several weeks or months while repairs are made. Without an ongoing stream of revenue, many businesses can be forced into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to temporarily shut down because of damage caused by a covered event.
When you have the protection of business interruption insurance, your company will be able to continue paying regular expenses like monthly bills, loan installments, and salaries until you can get back to normal operations.
Talk to a local independent insurance agent for help determining whether or not business interruption insurance is a good fit for your Winchester business.
Are Employers in Winchester Required to Carry Workers’ Compensation Insurance?
With few exceptions, all employers in Massachusetts are required by law to carry workers’ compensation insurance. This insurance is designed to cover your employees’ medical treatments, lost wages, and other expenses if they suffer a work-related injury or are stricken with an occupational illness.
The cost for this coverage is based mainly on the types of jobs your employees do and the likelihood that they will sustain serious injuries while doing them. Therefore, for example, it would cost far more to cover a landscaper than it would to cover a financial analyst.
You may qualify for significant policy discounts if your business has a long-standing record of employee safety. An independent insurance agent can help you obtain and compare customized quotes from a selection of highly rated insurance companies that specialize in covering businesses in your industry.
Are You Looking for Insurance Products for Your Employee Benefits Package?
Some businesses offer employee benefits such as health insurance, life insurance, paid vacation, and sick time. If you are looking to put together a benefits package for your employees, you may need some help finding affordable insurance products to include it in it.
- 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 health and life insurance products for your workers, you will find there are a wide range of policy types and options available. You may therefore find it advantageous to have the guidance of an experienced insurance professional.
Talk to an independent agent near you to learn the pros and cons of each your options so that you can make an informed decision about which policies are most suitable to include in your employee benefits package.
Why Work with an Independent Insurance Agent in Winchester, MA?
Coverage needs can vary significantly from one company to the next. That is why insurance companies offer a wide range of policies and options that enable business owners to fully customize their policy packages.
Independent agents in Winchester can help you choose the right products to meet your company’s specific coverage needs. Because they do not work for a particular insurance company, these agents can shop around to help you find the best policies at the most competitive prices. Set up a one-on-one consultation an insurance agent near you to get started.
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