What Business Insurance is Important for My Small Business?
April 23, 2020
There are several types of small business insurance you should consider.
Have you ever wanted to launch a business start-up? Have the perfect business plan and all your assets in line? Or, maybe you already have your business lifting up off the ground, but don’t know where to go next. Before diving in too deep, remember to protect the assets of the business you’ve dedicated your energy towards - insurance is a critical step in assuring that your enterprise is prepared for potential business-busting problems. But where do you begin when considering business insurance? Let’s explore critical commercial insurances for your small business.
General Liability Insurance
- Much like in the realm of home and auto coverage, liability insurance is vital for most business owners. Liability coverage protects your business from risks like business-related medical expenses suffered by your customers for mishaps on your business property and the cost of lawsuits and settlements. The necessity of having a general liability package cannot be overstated. Liability insurance is the most broadly needed coverage for businesses.
Professional Liability Insurance
- Professional liability insurance is designed for customer-facing businesses. If you are venturing into a business that works directly with customers, then there is a chance that your product or service will be the impetus of a lawsuit. Professional liability insurance helps protect your business from financial loss in the face of some of those lawsuits, namely malpractice and negligence, as well as coverage against loss caused by general errors.
Home-Based Business Insurance
- Many small businesses begin their operations out of the founder’s home - or sometimes the garage. If your enterprise is like so many others, consider purchasing home-based business insurance. A home-based business insurance package can sometimes be added onto your existing home-owners insurance policy in order to offer small-scale coverage on any equipment used that is stored at home, as well as a degree of third-party injury coverage should a client be injured at your home while there on business.
Commercial Property Insurance
- Much like your home and its contents should be protected in the case of damages, if your business has commercial property it also should be covered. Most property policies protect against damages from vandalism, theft, and fire, but there are more extensive packages that also include coverage against flood, hail, and other storm damages as well.
Product Liability Insurance
- All businesses big and small that deal with manufactured goods should have a product-oriented package. No matter how careful you are in the assembly and delivery of products made, there is a chance that something will go wrong in the process, and that flaw may be the source of loss for your business. Product liability coverage will help protect against those losses - even insofar as covering any damages caused by incomplete or insufficient product instructions upon customer use.
While there are some insurances required of small businesses in New York, such as worker’s compensation insurance, unemployment insurance, and disability insurance, there are many more coverage types that are important to have for your small business to be properly protected. Be sure to consider all of the products and services that your business provides and consider what your biggest risks will be. When you’re ready to properly protect your small business, give us a call at 607.734.8799, we are here and ready to help protect your dream.
Auto insurance companies are facing unprecedented rate increases due to inflation and the increasing cost of repairs. One of the most simple ways to assure your auto insurance rate is providing the best value is to take a defensive driving course - which is available to you online ! For residents of New York, the Improv Traffic School is currently offering their top-rated, fully-online defensive driving course for under $30, making it easier and more affordable than ever to both become a better driver, and save on auto insurance premiums. Some benefits of taking the course include: A guaranteed reduction of up to 10% on insurance rates - The certificate is recognized by all New York State auto insurance companies. Reduction in points on your license - For people with points attached to their driving record, the Defensive Driving Course can help eliminate those marks on your driving history. A fully online learning environment - The course can be completed from the comfort of your own home, with an instant awarding of your certificate upon completion. No final exam - Anxious test-takers, worry not. The Improv School’s course is content-oriented, making the focus more about taking in information than being able to reiterate the contents of the class. The course is designed to benefit you. If your defensive driving certificate is near its expiration date, now is the perfect time to renew without going out of your way. For folks who have previously completed a Defensive Driving Course, the Improv School also offers a 3 Year Renewal Course in order for you to retain your discount. If an online course does not sound like the right choice for you, there is a classroom-style Defensive Driving Course for your consideration. The classroom-based course offers all of the same benefits as the online equivalent, including the reduction of up to 10% on your insurance rates. Whether you’ve been seeking a way to lower your premiums, or simply desire to improve your driving habits, learning more about defensive driving strategies is a simple and efficient way to start.
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