How to handle securing the right commercial insurance policies for your new company.
One of the most common mistakes startup business owners make is failing to buy adequate insurance for their businesses. Of course, it’s an easy error to make – you may think that your new business has few to no risks of suffering from a disaster. However, it doesn’t take much to destroy everything you’ve worked so hard to build.
Making sure that you have the right level of insurance for your business is crucial. Not only will it cover your business against loss or damage to your equipment or working premises in the event of a fire, flood, or another disaster, but certain types of business insurance will also cover your business for liability. Check out some of the top coverages you need to consider when securing your new business insurance.
Workers’ compensation is a must-have, even if you only have one employee. This will cover medical treatment, disability, and death benefits in the event an employee is injured or dies as a result of his work with that business. Even if employees are performing seemingly low-risk work, slip-and-fall injuries or medical conditions, accidents can happen.
General liability coverage insures a business against accidents and injury that might happen on its premises, as well as exposures related to its products. For example, if a visitor slips and falls and breaks his ankle, general liability covers his claim against you.
Property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. Whether your business owns or leases its space, property insurance is a must. Be aware that mass-destruction events like floods and earthquakes are generally not covered under standard property insurance policies.
Business interruption insurance is there for you when a disaster or catastrophic event occurs. During this time, your business will suffer from lost income due to your staff’s inability to work in the office, manufacture products or make sales calls. This insurance is handy for businesses of all shapes and sizes to survive any disaster.
Commercial auto insurance is required if your business owns and operates any vehicles. Just as you wouldn’t drive your personal vehicle without insurance, your company shouldn’t drive company-owned vehicles without first having reliable coverage.
To make sure you have the right protection in your New York commercial insurance policy, contact Perry & Carroll in Elmira.