During previous years, there were 615,775 small businesses that employed 1,404,234 people headquartered in Massachusetts; and more than 4,600 of these businesses were based in Woburn. Companies in the retail trade, manufacturing, and construction industries do extremely well is this city, but businesses of all types and sizes are thriving. Whether you own a large company like Skyworks Solutions or you provide professional services as an independent contractor, it is important that you protect your business assets with a suitable Woburn commercial insurance policy. In recent years, businesses in Massachusetts collected $6,530,654 in business insurance claims, which highlights how important this coverage is.
Building a comprehensive insurance policy that can adequately protect your business from all of its potential pitfalls can often be tricky. Fortunately, you can simplify the process by discussing your coverage needs with an independent insurance agent. These local agents are able to work with several reputable insurance companies to help you find the right coverage at the best price. Find an agent near you to get more information and to compare customized Woburn business insurance quotes.
- According to a recent Travelers Business Risk Summary, 60% of small business owners ranked medical cost inflation as their highest concern and more than 30% say they feel unprepared to handle this concern.
- According to a national study, 71% of product liability awards by the court amounted to $1 million or more.
- That same study showed that 53% of medical malpractice awards by the court amounted to $1 million or more.
A liability lawsuit filed against your company can present unsurmountable financial losses—even if the courts ultimately rule in your favor. Legal defense fees alone can sometimes add up to tens of thousands of dollars, not to mention the lost productivity as key employees are called on to testify. That is why it is so important that your Woburn business insurance includes general liability insurance as well as any other types of liability coverage that are specifically suited to your industry. These policies can shield your business from significant losses by covering legal defense fees, court costs, and financial damages. Your agent can further explain your many options including such things as:
- Premises liability insurance: This can cover the costs associated with injuries, illnesses, or property damage sustained by third parties because of an accident that took place on your business premises. It is included as part of your general liability coverage.
- Product liability insurance: This can cover the costs associated with injuries, illnesses, or property damage sustained by third parties because of a product your company produces, sells, or promotes. It, too, is included as part of your general liability coverage.
- Professional liability insurance/Errors and omissions insurance: This can cover individuals in professional positions against lawsuits due to errors in judgment, failure to act in a timely manner, and other professional mistakes. Medical malpractice insurance is an example of this sort of coverage, though there are policies designed to protect professionals of all types, from wedding photographers to architects.
There are many other types of liability coverage, such as pollution insurance, commercial auto liability insurance, and employment practices liability insurance, that may be a good fit for your business. Your local agent can identify your liability exposures and recommend the appropriate coverage options to mitigate these risks.
Business Interruption Insurance for Woburn Small Businesses
- Recent Gross Domestic Product (GDP) for the US: 2.2%
- Recent Gross State Product (GSP) for Massachusetts: 1.6%
- The recent GSP was 0.06% less than the recent GDP
If a covered disaster, such as a fire or a hurricane, forces you to halt business operations for an extended length of time while repairs are made, the lost income can have a significant impact on your business finances. Also, if you cannot pay key employees during the closure, you may lose them to the competition. You can avoid this problem by making sure that your Woburn commercial insurance includes business interruption insurance. That way, your company can continue to collect the income it needs to pay monthly bills and employee salaries during the closure. This coverage is designed to last until you are able to resume normal business operations, but it is typically limited to twelve months.
Property Insurance for Small Business in Woburn
- Number of recent natural disasters in the US: 119
- Only 61% of losses from natural disasters were covered; $9.7 billion from damages were not.
Major disasters can do more than just force your business to close for repairs; they can also cause extensive property damage. Commercial property insurance is designed to cover your business-owned property such as merchandise, inventory, outdoor signs, computers, furniture, and more. Businesses in different industries often have varying coverage needs, so it is to your benefit to work with a knowledgeable agent who can recommend additional property coverage types such as inland marine insurance when appropriate.
Also, be aware that flood damage is excluded by nearly all Woburn commercial insurance policies. Fortunately, your agent can help you supplement your Woburn business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).
Worker’s Compensation Insurance for Woburn Businesses
Massachusetts requires all employers to purchase worker’s compensation insurance. This coverage, which is frequently referred to as “workman’s comp,” is designed to pay for the medical treatment of work-related injuries and illnesses and to cover other related expenses such as paid wages during necessary time off. It can also help your business avoid liability lawsuits associated with workplace injuries. Your agent can help you find an affordable workman’s comp policy that is well-suited to meet the needs of your particular business.
Employee Coverages for Small Businesses in Woburn
- Total recent spending on premiums in Massachusetts: $1,061,981
- Ranked 36th for highest premiums in the US
- Annual cost of health care for small businesses in recent years: $6,379/person or $17,424/family
The Affordable Care Act (ACA) requires companies that have at least fifty full-time employees to provide these workers with affordable, subsidized health insurance. Even if your Woburn business has fewer than fifty employees, including benefits like health and life insurance can help you attract and retain ideal employees. Certain small businesses can even qualify for federal tax credits of up to 35 percent of the premiums they pay. If you would like to learn more about your coverage options, your agent can help.
Cyber Crime Insurance for Woburn Small Businesses
- Number of identity theft complaints in Massachusetts in recent years: 5,116
- Ranked 25th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
As reports of electronic data theft are on the rise, more and more businesses are beginning to add cyber-crime coverage to their insurance portfolios. This is a relatively new type of liability insurance that is designed to protect your business from financial losses following a data breach. If your company electronically collects or stores sensitive personal or financial data about your customers, employees or other individuals, it is at risk for having this data stolen by hackers. You may, therefore, want to consider adding cyber crime insurance to your Woburn business insurance package. Talk to your agent to learn more about how this insurance can benefit your company.
Find the Right Woburn Commercial Insurance for Your Business
Every business has particular coverage needs relative to its size, industry, and the services it provides. That is why there is no such thing as a one-size-fits-all commercial insurance plan. When you work with an agent, you will have access to a knowledgeable professional who can explain your many coverage options and can make policy recommendations to ensure that all of your company’s exposures are covered. Your agent can then present you with an assortment of customized Woburn business insurance quotes that you can compare together. There are several local agents in Massachusetts, and some have offices in or near the city of Woburn.
Find an agent near you to learn more about your many options when it comes to buying Woburn commercial insurance.