Business Insurance

Business insurance is security for your company and its finances. It’s there to help you in case you ever experience an unexpected problem that damages your property, impacts your ability to operate or calls your reputation into question.

Any type of accident or mishap might cause you to face recovery costs that could skyrocket in worse-case scenarios. With business insurance, you can receive assistance with paying these costs. You’ll be able to rebuild your business effectively and at a lower out-of-pocket cost to you.

There are any number of accidents that might occur in your business. These include:

• Property and contents damages from fires or severe weather.
• Theft of items or property damage from vandalism.
• Lawsuits from customers who blame you for causing them property damage or injuries.
• Employee injuries that might entitle the injured person to compensation.

Any of these hazards might cause significant monetary challenges for your business. These might be not only repair and recovery costs, but also lost income. Since business insurance can help you pay these costs, you will create a lot more financial security for your business by buying the right coverage. You’ll also reduce your likelihood of facing an unsustainable loss that you cannot afford.

No two businesses are alike, which is why the commercial insurance industry is a huge network of policies. While each applies to specific risks and liabilities, all will work together to create comprehensive protection for your operation.

Just a few of the policies you likely need include:

• Property Insurance: This coverage will pay for damage to your business’ buildings and contents in the event of unexpected or unavoidable losses.
• Commercial General Liability (CGL) Insurance: Your mistakes might cause harm to a third party, such as a customer. This coverage can help you repay them for the bodily injuries, property damage or personal injuries that they sustain.
• Business Interruption Insurance: After a hazard in the business, you might have to halt operations temporarily. During this time, you might face lost income and continued overhead expenses. This coverage can help you receive compensation for these costs.
• Workers Compensation Insurance: If an employee sustains an injury or illness while on the job, then they might qualify for workers compensation. It will pay them supplementary income during their recovery period. New York law requires most businesses to carry this coverage, and employees often qualify to file a claim regardless of the company’s fault in the injury.
• Commercial Auto Insurance: Businesses that own company vehicles or use personally owned cars for work need this coverage. It can pay for liability costs, vehicle damage and related costs.

Keep in mind, to round out and optimize your benefits, you might also need more specific policies – such as errors & omissions coverage, cyber liability, employee dishonesty, crime and surety bonds. Your agent will help you determine the specific policies that are best not only for all businesses in your industry but also for your individual operating needs.

One of the best ways to insure a small business is to buy a Business Owners Policy (BOP). These policies are designed with terms and limits that are optimized for smaller operations. They offer three essential types of coverage in one package and at one price:

• General Liability Insurance
• Property & Contents Insurance
• Business Interruption Coverage

Still, you can augment your BOP with a variety of endorsements and supplementary policies. Our agents are happy to work with you to tailor all aspects of your business insurance portfolio to your advantage.