Business Insurance In New York
Business insurance is an important component of running a successful business in New York and all over the United States and beyond. Though many business owners often overlook the subject of business insurance, without business insurance, small businesses may have to pay for costly damages out of their own pockets. A lifetime of hard work and dedication could be gone in less than one minute without adequate protection.
There are several types of business insurance that small businesses can purchase. Here is a look at the most common types of coverage:
Property Insurance: Property insurance covers damage to your business’s physical assets, such as the building, equipment and inventory.
Liability Insurance: Liability insurance covers legal costs associated with injuries or property damage caused by your business.
Workers’ Compensation Insurance: Workers’ compensation covers medical expenses for employees who get injured on the job and may also include lost wages during their recovery.
General Liability Insurance: General liability insurance covers any claims made against your business as a result of accidents, property damage or other situations related to your work.
Commercial Auto Insurance: Commercial auto insurance provides protection for vehicles used in connection with business operations.
Insurance For A Small Business. What You Need To Know
A business owner’s policy (BOP) is an insurance package that covers many of the most common risks for small businesses. It typically includes property insurance, liability insurance and commercial auto insurance. A BOP may also include coverage for theft, workers’ compensation and unemployment benefits. Many states require businesses to carry at least some of these coverages as a prerequisite to operating legally in that state.
Some of the most common reasons for business owners insurance claims are fires, property crimes and lawsuits.
Many small businesses will need a BOP. However, there are other types of business insurance policies that may be necessary depending on the nature of your business and its specific needs.
Is Business Insurance Required In New York
New York State requires that all businesses with employees carry workers’ compensation insurance and disability benefits insurance. If you are an employer, you must carry these two types of coverage. Workers’ compensation is necessary because it pays the medical expenses and lost wages of employees who are injured on the job. Disability benefits pay an employee while he or she is unable to work due to a non-work related injury or illness.
Auto insurance is required if you own a car or truck that is used for business purposes. If you have employees, your landlord may require that you maintain liability insurance, property damage insurance and other types of general liability coverage as a condition of your lease agreement. In addition, if your bank or investors require you to maintain property insurance on assets such as equipment and inventory, then this type of coverage will be necessary for their protection as well as yours.
Insurance Planning: An independent insurance agent can help you sort through your options and find the right policy for you.
As you can imagine, there are many different types of insurance policies and each one will offer different benefits. An independent agent can help you sort through your options and find the right policy for your business. They’re also able to explain what each policy covers, how much it will cost, or if it is even necessary at all.
Independent agents have access to multiple companies so they can compare rates and coverage levels from multiple carriers in order to find the best deal for your business. They are able to offer advice based on their experience with various policies as well as advice on industry trends that could affect your business in the future.
What You Need To Know
There are many different types of business insurance, but the most common are general liability, commercial auto and property damage. If you’re a small business owner with limited funds to invest in insurance coverage, then consider getting an umbrella policy for added protection. A good agent will help determine what type of policy is right for your company so that you can rest easy knowing your assets are protected!
Let’s design an insurance program that suits your business needs and risks. Call us today for a customized business insurance plan!