INSURANCE POLICIES EVERY ENTREPRENEUR SHOULD CONSIDER
Starting a business is an exciting – albeit scary – adventure. Perhaps you’ve noticed an untapped market or people have recently responded to your talents and you’re ready to make some money. Either way, you’ve taken the leap of faith to start your own business. For a brand new business owner, there are a few considerations before you open the doors. One of them being business insurance on Long Island, NY. To help you cover the essentials, consider these eleven insurance policies.
Business owner’s policy in NewYork
A business owner’s policy (otherwise known as a BOP) is a policy that is ideal for small and start-up businesses. It combines the protection of general liability insurance and property insurance into one neat policy. What’s more, it is often incredibly affordable. It covers third-party lawsuits over bodily injury and property damage, product liability lawsuits, theft, vandalism, and more.
Cyber liability insurance in NY
If your business operates online, it needs cyber liability insurance. You can never be too careful when working online, and that means taking steps to prevent malware and phishing scams from accessing sensitive data. If the worst does happen, cyber liability insurance can be there to pick up the pieces. In this digital age, cyber disasters are never too far – so be sure to consider cyber liability insurance.
Commercial auto insurance in NewYork
Is your business on the move? If you drive a company-owned vehicle or drive your personal vehicle for work-related purposes, then you will need a commercial auto insurance policy. Your personal car coverage will not protect your work journeys or vehicles.
General liability insurance
This is a must-have commercial insurance policy for businesses to cover claims, including third-party bodily injuries, property damages, and personal injuries like slander or libel.
Commercial property insurance
Whether you own, rent, or lease a property, it is essential to have commercial property insurance to cover your company’s building and equipment, supplies, and inventory on your premises against damages, fire, theft, and vandalism.
Umbrella/Excess liability insurance
If your claims exceed the coverage limits of your standard liability insurance policies, you will need an umbrella/excess liability policy to pay the difference between what is covered by your primary insurance and what is owed.
Professional liability insurance
This policy is related to negligence, inaccurate advice, misrepresentation, and errors and omissions in the services provided.
Inland marine insurance
If your business transports equipment, materials, and products on land via train or truck, inland marine insurance is required to cover such property that is being transported against covered perils.
Ocean marine insurance
If your business transports goods and merchandise over water, ocean marine insurance will protect the goods transited and cover damages to the vessels involved in shipments, along with other legal liabilities.
Workers’ compensation insurance in NY
This policy provides financial benefits to your employees who are injured or suffer work-related illnesses while working for your business. It pays for your employee’s medical bills, lost wages, funeral costs, and ongoing care like physical therapy.
Flood insurance
It covers flood damages to your building and other properties kept inside it, including equipment, furniture, appliances, fixtures, detached garages, and electrical and plumbing systems.
This isn’t an exhaustive list of business insurance policies to consider – just the ones that your new business can immediately benefit from. When you’re ready to find reliable insurance for your business, the team at Premier Risk Insurance is here to help! We serve Long Island and neighboring cities in New York – Contact us to get started today.
