Business & Commercial Insurance Information
Business Insurance: Protecting Every Business, from Contractors to Major Corporations
Do you own your own business? Are you a contractor? If so, New York Law requires you to carry various types of commercial insurance. If you don’t, you put yourself, your assets and employees at risk of harm. Rather than running the risk, let Island Wide Insurance Agency help you determine the right lines of business insurance for your operation.
How does business insurance work?
If events beyond your control harm your business assets or impede operations, then you might worry about a resulting financial storm. Such damage might call your security and solvency into question.
That’s what business insurance is for. It exists to help you when something unexpected, unpreventable and expensive causes harm in your operation. A policy can provide a financial settlement and other incentives to help you weather the problems you least expect.
Why is business insurance important?
A business insurance policy will pay for monetary settlements and certain assistance services. So, if a problem strikes your business, your policy can help you obtain the money and assistance you need to clean up a mess. Therefore, you won’t put your own profits on the line when trying to return the operation to full productivity. That’s a big help to your long-term goals.
Which business insurance do I need?
All businesses are different. You’ll therefore have to determine the appropriate commercial insurance for your specific needs. Often, you will need more than one type of coverage to create full protection.
Property Insurance: This policy helps protect your business’s property, i.e. your office space. Following damage from a covered hazard, like a fire or vandalism, your policy can help with repairs or rebuilding.
Possessions & Equipment Breakdown Coverage: Within your property insurance, you’ll likely find possessions coverage. Coverage will insure items within the business, such as stock, computer equipment and furniture. Equipment breakdown insurance will apply in more unique situations where critical machinery breaks down, interrupting operations or causing damage.
Commercial General Liability (CGL) Coverage: You strive to interact with clients and third parties appropriately. However, you can’t prevent every accident. General liability insurance will cover harm the business does to third parties. In most cases, it will insure:
- Bodily injuries claims might result if a client slips and falls in your store. They might sue you to cover their medical bills. This coverage can help.
- Property damage claims occur if you damage someone else’s property, this coverage might apply. For example, if you damage an antique piece of furniture, coverage might help you repay the client for the lost item.
Policies will also usually cover legal fees and settlements resulting from such accidents.
Personal Injury & Advertising Liability Coverage: This coverage again applies to harm you cause to third parties. However, it applies more to reputational or competitive damage, rather than physical losses.
- Advertising liability coverage will pay in case your advertising misleads or causes losses for another party. For example, if you claim that a competitor restaurant serves tainted food, then the party might sue you for damages. Coverage can help you settle the claim.
- Personal injury insurance insures your business against claims of libel, slander, false arrest, invasion of privacy and similar claims made by a third party.
Please note these policies will often come as part of your CGL coverage. However, some CGL policies don’t automatically include these options, so ask your agent about them specifically.
Professional Liability Insurance: Your professional mistakes, such as bad business advice or clerical errors, might cause clients a financial loss. This coverage can help you compensate those parties. Often, this coverage is called Errors & Omissions (E&O) insurance.
Commercial Auto Insurance: If you own a business fleet or use your personal car in the regular course of business, then you might need commercial auto insurance. Most states require all drivers and vehicles to have insurance. Commercial auto coverage will contain the appropriate protection to fill this hole.
Begin Your Commercial Auto Quote
Workers’ Compensation & Disability benefits: Most states require employers to offer workers’ compensation. If an employee gets hurt or sick on the job, they usually have a right to file for coverage. It can help them cover medical bills, rehab costs and receive a supplementary income. You often must provide workers’ comp even if you have no negligence for the employee’s on-the-job injury.
In addition to workers’ comp, many businesses offer short-term disability insurance. Coverage will pay in case an accident at work disables an employee temporarily. Coverage will help the disabled party supplement their income if they cannot return to work in their full capacity.
Begin Your Workers Comp Quote
Cyber Liability Insurance: Data stored on computer networks has a risk of theft or loss. If this happens, you might lose critical private information. The loss might hamper operations, and it might even put the business and customers at risk of identity theft. This coverage can help you with data recovery, investigations and identity protection for the affected clients.
Setting Up Coverage
Talk to one of our agents about the exact policies and appropriate financial limits you will need for each insured asset in your business. Property values and liability risks differ from business to business. Therefore, the amount of money you need to back you up will vary.
One of the most-convenient of business insurance options is the Business Owners Policy (BOP). It is a great way to get a lot of coverage in one place. Ask your agent to determine if you qualify for coverage.
What are the components of a Business Owners Policy?
If you qualify for a BOP, you’ll likely be able to obtain many of the most important elements of coverage in one policy, with one premium. Therefore, rather than having to juggle a lot of different policies and payments, you might be able to only manage and pay for one policy.
Most often, BOPs can contain:
- Property insurance
- Commercial general liability coverage
- Business interruption insurance
You often have the option to add other coverage options to your BOP. Keep in mind, however, that you will likely need supplementary policies to protect the BOP. Ask one of our agents about the appropriate way to expand your initial BOP.
You might also need to add specialty policies like builder’s risk coverage, umbrella liability insurance, surety bonds or inland marine coverage to your coverage portfolio based on your specific needs.
Business Interruption Coverage: You never know when you might have to temporarily close the business due to a mishap. During this time, you run the risk of losing profits and productivity. This coverage can help you maintain your solvency and meet regular costs during this time.
If you are looking for comprehensive business insurance in NY, look no further than Island Wide Insurance Agency. Whether you are in Shirley, Mastic, Mastic Beach, Moriches, East Moriches, Center Moriches, Yaphank, Brookhaven, Bellport or Patchogue, NY we have pricing to fit your needs and budget. Give us a call today at 631-395-1000.
Additional Commercial Insurance Options
Commercial Insurance information for the savvy consumer