Business Insurance – Natick, MA – Fair & Yeager Insurance – Dover, Sherborn, Wayland, Metrowest
by in-world professionals
Here is some very helpful information on Business Insurance from a local Natick, MA Insurance Agency.
Running a small business involves a significant investment. Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster. Unless you are an employer, business insurance is generally not required by law, however, it is common practice to purchase enough insurance to cover your assets. If your business is an LLC or a corporation, your personal assets are protected from business liabilities; however, neither business structure is a substitute for liability insurance, which covers your business from losses.
Your state government determines insurance requirements for businesses. Most states require businesses with employees to pay for workers’ compensation insurance, unemployment insurance, and state disability insurance. Specifically, every Massachusetts employer is required to provide workers’ compensation insurance coverage for their employees. Refer to M.G.L. Chapter 152, Section 25A. An employer may be an individual, partnership, joint venture, corporation, limited liability company, association, or a fiduciary such as a trustee, receiver or executor, or other legal entity. Your state may require insurance of specific business activities. For example, if you own a car or truck and use it for business purposes, you may be required to purchase commercial auto insurance. Finally, your financial lender or investors may require you to maintain life, business interruption, fire, flood or other types of insurance to protect their investments.
Five Tips for Buying Business Insurance
1. Assess Your Risks
Insurance companies determine the level of risk they’ll accept when issuing policies. This process is called underwriting. The insurance company reviews your application and determines whether it will provide all or a portion of the coverage being requested. Each underwritten policy carries a premium and a deductible. A premium is the price you pay for insurance.
Premiums vary widely among insurance companies, and depend on a number risk factors, including your business location, building type, local fire protection services, and the amount of insurance you purchase. A deductible is the amount of money you agree when making a claim. Generally, the higher deductible you agree to pay, the lower your premium will be. However, when you agree to take on a high deductible you are taking on some financial risk. So, it’s important to assess your own risks before you go shopping.
The National Federation of Independent Businesses provides information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business.
2. Shop Around
The extent and costs of coverage vary from company to company. Some brokers specialize in insuring specific types of business, while others can connect you with policies specific to your business activities. For example, if you operate a tow truck service, you’ll want to find an agent that can help find policies that specifically cover automotive service businesses. Often specialist brokers can get you the best coverage and best rates.
3. Consider a Business Owners’ Policy
Insurance can be purchased separately or in a package called a business owners’ policy (BOP). Purchasing separate policies from different insurers can result in higher total premiums. A BOP combines typical coverages into a standard package, and offered at a premium that is less than if each type of coverage was purchases separately. Typically, BOPs consist of cover property, general liability, vehicles, business interruption and other types of coverage common to most types of businesses. BOPs simplify the insurance buying process and can save you money. However, make sure you understand the extent of coverage in any BOP you are considering. Not every type of insurance is included in a BOP. If your business has unique risks, you may require additional coverage.
4. Find a Reputable, Licensed Agent
Commercial insurance brokers can help you find policies that match your business needs. Brokers receive commissions from insurance companies when they sell policies, so it’s important you find a broker that is reputable and is interested in your needs as much as his own. Make sure your broker understands all the risks associated with your business.
Finding a good insurance agent is as important as finding a good lawyer or accountant. You should always look for one that has a license. State governments regulate the insurance industry and license insurance brokers.
5. Assess Your Insurance Coverage on an Annual Basis
As your business grows, so do your liabilities. You don’t want to be caught underinsured should disaster strike. If you have purchased or replaced equipment or expanded operations, you should contact your insurance broker to discuss change in your business and how they affect your coverage.
For those in the Metrowest area of Massachusetts, including Natick, Dover, Sherborn and Wayland, more information on purchasing business insurance can be found at http://www.fyins.com.
Fox Business News Interview of Alex Anthony and Albert Fernandez on August 13, 2009 Northern Capital Insurance Group ranks #1 on Inc. Magazine 28th Annual List of America’s Fastest-Growing Private Companiesthe “Inc. 500″ Miami, FL, August 12, 2009 — Inc. magazine today released its 2009 “Inc. 500″ list, an exclusive ranking of the nation’s fastest-growing private companies. The list represents the most comprehensive look at this most important segment of the economy. Florida-based Northern Capital Insurance Group is ranked number one in growth in the US. Northern Capital Insurance had million in revenue in 2008 and an impressive three-year growth rate. Topping this year’s list, Northern Capital Insurance has moved beyond its roots in homeowners insurance, and into auto and commercial lines. The Company is expanding its operations throughout the state of Florida. The Inc. 500 Rankings: “Were excited to be recognized as the leading growth company on the 2009 “Inc. 500″ list. It is a tremendous validation of the consistent hard work and commitment to customer service of the Northern Capital Insurance team,” said Al Fernandez, Vice Chairman of Northern Capital Insurance Group. “Weve experienced significant company growth over the past several years. The key to our success is our focus on our core competencies within the insurance industry, and serving the markets we know throughout Florida by providing outstanding customer service from underwriting to claims,” added Mr …
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im very happy for both you and very fortunate to work for your company, love you both
This is fantastic news. Congratulations to Northern Capital Insurance!