Yarmouth Business Insurance

There are more than 3,000 businesses operating in the town of Yarmouth, MA. From the hotels, restaurants, shops, and offices that line Route 28 to small companies that are run out of people’s homes, each can benefit from the protections offered by a comprehensive business insurance policy package.

Independent agents make it easy to find the best policies to cover your Yarmouth business. These agents work for you, not for a particular insurance provider, so they can shop around to find the policies your company needs at the most affordable prices. Contact an insurance agent near you to learn more.

Why Is Business Insurance Important in Yarmouth, MA?

Every business has risks, and some of these risks can mean very expensive losses. For instance, if your business is hit with a liability lawsuit, damaged by a severe weather event, or is forced into a long-term closure, the resultant costs can be very high if it is not covered by the right business insurance products.

Consider this: in one recent year, insurance companies paid out more than $8 billion in insurance claims to Massachusetts businesses. Will your business be suitably covered if disaster strikes? A local independent insurance agent can help you be certain that it will.

Why Do Businesses in Yarmouth Need Liability Insurance?

Many small-business owners feel that they don’t need to worry about liability lawsuits. However, a study conducted by the Small Business Administration (SBA) found that of all liability lawsuits filed against businesses each year, approximately 36% are against companies with fewer than 50 employees.

Business liability insurance products are designed to protect your company by covering expenses like court costs, legal defense fees, settlements, judgements, other and financial damages if it is sued for a covered event.

Here are a few of the many available liability products that may be a good fit for your business.

• Premises liability insurance: This covers third-party injuries and property damage that occurs due to accidents on your business premises.
• Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by products your company produces or sells.
• Cyber liability insurance: This covers your business’s financial obligations to affected individuals if cybercriminals hack into your company’s computer system and access their personal and/or financial data.
• Liquor liability insurance: This covers your business against potential liabilities if someone becomes intoxicated at your establishment and goes on to cause injuries or property damage to others.
• Employment practices liability insurance: This covers against accusations of illegal employment practices like harassment, discrimination, retaliation, and wrongful termination.
• Errors and omissions insurance: This covers individuals in professional positions if negligence, an error in judgement, or another professional misstep causes their clients to incur financial losses or other harm.

You will want to be sure that your Yarmouth business has the right commercial insurance products to cover against all of its liability exposures.

What Are the Property Damage Risks in Yarmouth, MA?

Businesses in Yarmouth are most at risk for property loss and damage caused by the following issues.

• Property crimes, including theft, vandalism, and arson
• Fires and explosions
• Severe storms, including hurricanes, tropical storms, windstorms, and thunderstorms
• Hail
• Floods

With the exception of floods, each of these hazards is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover the cost to repair or replace your business-owned property if it is lost or damaged by a covered event.

To fully protect your business property, it may be necessary to supplement your commercial property insurance with additional policies such as the following coverages.

• Flood insurance: This coverage is important in Yarmouth, particularly in South Yarmouth where 33% of all properties have a high flood risk. Affordable commercial flood insurance policies are available through the National Flood Insurance Program (NFIP), which is managed by FEMA.
• Inland marine insurance: This covers your business’s portable property whenever it is being transported over land or is being stored away from your business premises such as at a job site or in temporary storage.
• Equipment breakdown insurance: This covers repair costs and business losses related to mechanical malfunctions of your well-maintained essential business equipment and machinery.
• Bailee’s insurance: This covers your customers’ property when it is in your business’s custody, care, or control. It is generally a good idea for businesses that offer services such as alterations, maintenance, or repair work on their customers’ belongings.

You will want to be certain that all of your company’s valuable property is suitably covered against all the hazards you are likely to face as a business owner in Yarmouth.

Save on Business Insurance

Our independent agents shop around to find you the best coverage.

Request a quote

How Can Business Interruption Insurance Help Companies in Yarmouth?

Yarmouth businesses have a high risk of sustaining damage from hurricanes and tropical storms. This town has been impacted by 40 hurricanes since 1930.

If your company is damaged by a major disaster like a hurricane or a fire, it may need to remain closed for several weeks while repairs are made. If the damage is widespread throughout the area, as is often the case with hurricanes, repair efforts can take an especially long time.

Many small businesses do not have the financial strength to withstand a long-term forced closure following a disaster. Business interruption insurance offers a solution to this problem.

Business interruption insurance is designed to provide the funds necessary for your company to continue paying regular expenses like rent, bills, loan installments, and salaries during the times that it is unable to generate revenue due to damage caused by a covered event.

What Is Workers’ Compensation Insurance and Is It Required in Yarmouth?

If an employee is injured on the job or develops an occupational illness due to exposure to toxins at the workplace, workers’ compensation insurance can cover their medical treatments, follow-up care, prescription medications, disability pay, and other incurred costs.

With very few exceptions, all employers in Massachusetts are required to carry workers’ compensation insurance.

Rates for coverage are based primarily on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more likely it is that your employees may suffer serious injuries on the job, the more your coverage will cost.

What about Insurance Products for Employee Benefits Packages?

Good employees are the lifeblood of most businesses.

You can make your company more attractive to highly qualified workers by offering a competitive employee benefits package that includes perks like a retirement plan, paid vacation and sick time, life insurance, and subsidized health insurance.

When you are shopping for insurance policies to include in your employee benefits package, you will find there are many different products and options available to you. This can make it difficult to determine which make best choices for your employees as well as for your business.

You may therefore find it beneficial to seek guidance and advice from a local insurance professional who is familiar with healthcare plans and networks in your area.

Why Work with an Independent Insurance Agent?

Local independent agents can help you build a comprehensive business insurance policy package for your Yarmouth business. These agents are available to provide trustworthy assistance as you navigate through your many coverage options.

Independent agents can also obtain customized quotes from a variety of top-rated insurance companies on your behalf. That way, you can be sure you are getting the policies your business needs at the most competitive prices. Set up an obligation-free consultation with an insurance agent near you get started.