As a small business owner, you want to have the comfort of knowing your company is protected. Depending on the type of products or services you sell, you will have unique and specific insurance needs, which is why you need to evaluate the insurance market carefully and determine what types of New York small business insurance is right for you.
Some factors that may dictate what you purchase (and from whom) are likely to be low rates, excellent service, financial stability and customized coverage. Some of the most common policy coverages include: Liability, Medical and Umbrella insurance.
You can add to that list workers compensation, because if you have employees you’ll need coverage that protects them, but there are other areas of concern that may also need to be addressed:
- Business owner coverage
Business owner insurance provides damage protection from fire and other mishaps and offers a degree of liability protection.
- Property insurance
Property insurance covers damage to the building that houses your business, as well to as furniture, equipment, inventory and other business related items.
- Product liability insurance
You might need this form of coverage if your products could conceivably cause harm to others. Even the packaging that your products come in can pose a risk.
- Errors and omissions insurance (E&O)
This coverage is for those in professional occupations, such as attorneys, accountants, real estate agents, technology consultants, and others. It offers protection should you make a mistake or neglect to do something that causes a customer or client some harm. E&O is necessary for businesses that can be sued for giving out bad advice or accidentally omitting some important facts.
- Business interruption insurance (or business income insurance)
This ensures you get paid if you lose income as a result of damage that temporarily shuts down or limits your business.
- Automobile insurance
If your business uses cars or trucks in the performing of services or duties, you’ll need this insurance for collision and liability coverage.
There are other risks and exposures that may concern you as well. Speak to a reputable agent about small business insurance for New York companies with any questions you may have.