Worcester is sometimes called “The Heart of the Commonwealth,” as it is a main commercial center right in the middle of Massachusetts’ major metropolitan area. The city has been home to a good deal of invention and innovation, and a number of technology and pharmaceutical companies are now based here. If you were here in 1999, you might recall the Worcester Cold Storage Warehouse fire, an unfortunate tragedy that made national headlines. While these are rare incidents, they show the challenges and risks that businesses can face. A member agent in our network can help you make sure you get the right Worcester, MA business insurance, cost-effectively. Contact a local independent insurance agent for assistance today.
Major Industry Sectors in Worcester
- Health care
- Financial services
Choosing the Right Business Insurance for Your Risks
Each industry has its own particular risks, in addition to the concerns that all businesses face. Bioscience companies may need to have insurance for health risks to workers, while organizations in the financial services industry are more concerned about fraud and fiduciary crimes. According to Forbes magazine, every business needs to have several different types of commercial coverage to mitigate risk, and there are more than 20 different types of coverage to address different risks. These can include:
- Coverage for liability risks
- Coverage for commercial vehicles
- Coverage for business property, equipment, and other capital investments
- Insurance for flooding and earthquake damage
- Insurance for employee fraud
The package that your company needs to protect your business investment will be unique to the size of your business, the type of work you do, and more.
Important Types of Business Insurance
Your Worcester business insurance policy may consist of any number of these coverage types:
- General liability insurance
- Errors and omissions (E & O)
- Directors and officers liability
- Product liability insurance
- Property insurance, flood insurance, and earthquake insurance
- Commercial vehicle insurance
- Workers compensation
- Data breach insurance
- Business interruption coverage
Depending on the size of your business and the complexity of your operations, you may qualify for a business owner's policy, or BOP, that packages together the most critical coverage types, which can result in savings on your premium rates.
Identifying the Business Risks You Need to Insure
When you are trying to assess your Worcester business insurance risks, consider the property, assets, and people you want to protect. Think about risks to your premises, equipment, and financial resources. Loss can occur due to property damage, employee misconduct and liability claims from unhappy customers. If you have employed drivers, you need to be concerned about the possibility of an employee causing an accident in a company vehicle.
Many companies remember to protect their physical property, but neglect to consider fraud, cybercrime, data loss, and other technical incidents which can prove costly to a company's financial well-being. While many of these risks are remote, assessing the possibilities can help you select the exact right mix of Worcester business insurance with the help of a knowledgeable agent.
Reducing Your Worcester Business Insurance Costs
While getting the right coverage is a top concern, you may also be concerned with overpaying for your coverage. An independent agent in our network can provide the information you need to cut costs. The specific recommendations for your company may include taking additional security measures, implementing a workplace safety program, or bundling multiple policies under one insurance company. Your agent can also help you compare Worcester commercial insurance quotes to ensure that you find the best fit for your company and budget.
How to Compare Commercial Insurance Quotes
A local member agent in our network can help to assess the risks to your company that could result in financial challenges and can help you select the right coverage for your needs. Not only
will you have the opportunity to compare a range of Worcester commercial insurance quotes, but your agent can assemble all of the different coverage options you may need.
Contact a local member agent today to get started finding the right coverage for your business.