Business Insurance in Worcester, Massachusetts
Responsibly operating a business entails accounting for various risks and exposures. Even experienced and diligent organizations working in relatively low-risk sectors must assess and address perils and hazards, as even a single mishap or incident could have far-reaching financial ramifications. Fortunately, adequate loss control measures, such as business insurance, can provide security and stability for your finances and future.
What Does Business Insurance Cover?
When assembling an adequate business insurance package for your company, you should typically be prepared to secure multiple policies. Combining several coverages into a versatile insurance portfolio can allow your organization to account for many common incidents.
Although the exact details of a suitable business insurance portfolio may vary, the following types of coverage are often advisable:
- General liability insurance may financially protect your business from third-party losses for which you are at fault, such as bodily injuries and property damage.
- Commercial property insurance may provide financial security for your organization’s physical assets, including buildings, equipment and inventory.
- Workers’ compensation insurance may help pay for losses and expenses arising from your employees’ work-related injuries and illnesses, such as medical bills and lost income.
- Business interruption insurance may compensate your company for ongoing expenses and financial losses following a disruption of normal operations.
In addition to the aforementioned types of insurance, your company should assess its operations to identify remaining coverage gaps. Depending on potential risks and exposures, the following additional policies may be valuable investments:
- Cyber liability insurance
- Commercial auto insurance
- Errors and omissions insurance
- Employment practices liability insurance
- Commercial umbrella insurance
What Business Insurance Do I Need?
All businesses have unique insurance needs that depend on exact circumstances. Typically, your organization’s industry, specific operations, location, revenue and assets may influence your coverage needs. Furthermore, you may be beholden to various insurance-related requirements. For example, most employers are typically required by law to carry workers’ compensation coverage. Similarly, companies that use motor vehicles are also legally required to maintain commercial auto insurance. If your business rents or finances its premises, your landlord or lender may also mandate commercial property coverage.
Where to Get Business Insurance
The knowledgeable and experienced agents at Rawson & Sons Insurance Group LLC are well-equipped to help organizations in the Worcester area assess and address their business’s coverage needs. We will work with you to analyze your circumstances, identify available options and assemble an optimal business insurance portfolio. Contact us today to get started.