The town of Winthrop is home to more than 1,400 small businesses. In fact, only two companies in this town employ more than 50 workers. No matter what type of commercial enterprise you may own, business insurance can help it stay profitable in times of trouble.
Putting together a comprehensive policy package for your business can be complicated. Fortunately, you don't need to do it alone. Independent agents in Winthrop can help you find affordable coverage that is customized to meet all of your company’s specific needs.
Set up a one-on-one consultation with an insurance agent near you to get started.
What Kinds of Liability Insurance Protect Businesses in Winthrop, MA?
Business liability insurance is one of the most important parts of every commercial insurance policy package. It is designed to cover expenses such as court costs, legal fees, and financial damages if your company is sued for a covered event.
You can expect your business insurance policy to include, at the very least, commercial general liability insurance (CGL). This standard coverage is designed to cover against some of the most common risks businesses face. The coverage it offers includes :
- Premises liability insurance: This covers against third-party injuries, illnesses, and property damage that occur due to accidents on your business property.
- Product liability insurance: This covers against third-party injuries, illnesses, and property damage that occur due to defects in products your business produces, sells, or promotes.
- Advertising liability insurance: This covers against lawsuits related to advertising mishaps such as copyright infringement, false or misleading advertising, and deceptive pricing.
CGL is very useful, but many businesses find that it is not sufficient to cover against all of their liability risks. An independent insurance agent can help you identify any additional liability exposures your company may have, and can recommend the right policies to cover against them.
The following are examples of some of the many commercial liability insurance products that may be a good fit for your Winthrop business:
- Employment practices liability insurance: This covers against lawsuits related to accusations of illegal business practices such as breach of contract, discrimination, harassment, and wrongful termination.
- Cyber liability insurance: This covers your company’s financial losses and liabilities if criminals hack into your computer systems and steal sensitive customer data such as financial information and Social Security numbers.
- Environmental liability insurance: This covers clean-up costs and damages if an accident at your business leads to the pollution of the ground, water, or air by toxic substances used or produced by your business.
- Commercial vehicle liability insurance: This covers against your company’s increased liability risks if you or one of your employees is responsible for an accident while driving a company-owned vehicle.
You can learn more about these and other commercial liability coverage options by consulting a local independent insurance agent.
Does Winthrop Business Insurance Cover All Your Business Assets?
All business insurance policies include commercial property insurance. This is designed to cover your company’s assets, including office furniture, computers, merchandise, supplies, inventory, and tools in the event that a covered event results in loss or damage.
In Winthrop, businesses are most likely to experience property loss or damage caused by such hazards as hurricanes, tropical storms, strong winds, freezing temperatures, theft, and accidental fires. Fortunately, all of these hazards are covered by commercial property insurance.
Sometimes, additional property insurance is also a good idea. Your insurance agent may recommend supplementing your commercial property coverage with specialized policies such as:
- Inland marine insurance: This covers your portable business property when it is in transit or when it is being kept away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken-down machinery that is essential to your business. It can also compensate your company for losses associated with these machine malfunctions.
- Bailee's insurance: This covers property belonging to your customers whenever it is in your business’s custody, care, or control. This may be necessary if your company provides repair, alteration, or maintenance services on expensive items.
Your insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property if it becomes necessary.
What about Flood Damage in Winthrop?
It is important to be aware that coverage against flood damage is excluded by most business insurance policies. Floods pose a significant risk in this coastal town. This was particularly apparent in 2018 when Winthrop was hit by two catastrophic floods within a two-month period.
To protect your business against the devastating damage a flood can bring, you may want to add commercial flood insurance to your coverage portfolio.
Flood insurance is backed by the federal government and can provide your business with up to $500,000 in structural coverage and $500,000 in contents coverage. These policies take 30 days to go into effect, so don't wait until heavy rains are imminent to buy a policy.
How Can Business Interruption Insurance Help Winthrop Businesses?
Major disasters like fires and hurricanes can do more than just damage your commercial property. They can also potentially force your business to remain closed for several weeks while repairs are made.
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
An extended closure can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance is designed to provide a solution to this problem.
This insurance offers a continuation of income if a covered hazard leads to the long-term closure of your business. That way, your company will have the funds necessary to continue paying regular monthly expenses like rent, bills, and loan installments until you are able to resume normal operations.
Ideally, you will never need to use your business interruption insurance. However, if a disaster does occur, you will be glad you have it. Talk to a local independent insurance to learn more about this optional coverage.
Do Winthrop Businesses Need to Have Workers’ Compensation Insurance?
In Massachusetts, nearly all employers are required to carry workers’ compensation insurance. This insurance is designed to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and occupational illnesses.
The cost of workers’ compensation is based mainly on the types of jobs your employees do and the amount they are paid. The greater the risk that your workers will suffer serious injuries on the job, the higher your premiums will be. A worker at a warehouse would cost more to insure than a loan officer at a bank.
A local independent agent can match you up with insurance companies that specialize in covering businesses that operate in your industry. By comparing rates, you can rest assured that you are getting your workers’ compensation policy at a competitive price.
What about Insurance Products for Employee Benefits Packages in Winthrop?
According to studies conducted by human resources managers, businesses that offer their employees benefits (like paid vacation time, sick time, life insurance, and health insurance) find it easier to attract and retain some of the most qualified workers.
- 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 insurance products for your employee benefits package, you will discover that there are many different products and options available to you. This can make it difficult to decide which policies are the best to purchase.
An independent insurance agent can explain the pros and cons of each of your various options and can help you compare a variety of rates. That way, you can make an informed decision.
Why Work with an Independent Insurance Agent in Winthrop, MA?
Every business has specific risks and exposures, and these can vary significantly from one company to the next. That is why insurance companies enable business owners to fully customize insurance policy packages.
When you are shopping for commercial insurance, an independent agent can provide guidance and advice, and can help you find the best and most affordable commercial policies to meet all of your company’s coverage needs.
Contact an independent insurance agent in Winthrop to discover how easy it can be to purchase suitable, yet affordable, business insurance.
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