When you start a business, one of the more important investments you can make is acquiring commercial insurance. A good policy will protect your company from huge losses with regards to structure and finances. It can definitely be the difference between keeping your doors open, and shutting down for good. Knowing why you need it, and what it can do for you is incredibly important.
The Significance of Commercial Insurance
Commercial insurance is vitally important for young companies. It protects you and your business from damages that are common to your industry including the basics like theft, liability, damage, and injuries that employees may incur while working. With this type of insurance, companies can recover more easily from these types of losses without the risk of going out of business.
Types of Commercial Insurance
There are three main types of commercial insurance that all businesses are strongly suggested to invest in. They include workers’ compensation, property, and liability. Worker’s compensation insurance protects you from any lawsuits that may arise should employees injure themselves on duty. Property insurance covers the damages sustained to your property in which your business is located. Major catastrophes like storms, floods, and fires are all covered under property insurance. Like workers’ comp., liability insurance protects you from lawsuits, only, this time, they cover third parties that sustained injuries while on your premises.
You protect the things you value, and what, besides your friends and family, is more valuable to you than the business you created from the ground, up? To make sure you have the right policy limits on your New York commercial insurance and have scheduled the valuables that need additional coverage, contact Perry & Carroll in Elmira.