No two businesses are alike, even if they provide their customers the same types of products or services. But one thing that every business has in common is the need for the right insurance coverage to address the exposures an organization faces daily.
Commercial Insurance in all its different forms is vital no matter what the size, location or annual income of an organization. Without proper coverage, you as the business owner run the risk of paying out of pocket for claims that arise from the general operations of your business.
While some businesses have more unique coverage needs than others, there are a handful that are standard:
- General Liability is coverage that can protect you and your business from a variety of claims and or lawsuits arising from negligence, bodily injury, property damage, personal injury, advertising injury and more.
- Property Insurance covers your business personal property from physical damage due to unforeseen circumstances like fire, theft, smoke, or lightning and can go even further to help reimburse you for loss of income due to those circumstances.
- Workers Compensation is a necessity as soon as you hire an employee, subcontract employees, or use any workers who are under your control. Should an employee become ill or injured on the job or because of their work, Workers Compensation provides medical benefits and can provide lost wages for that employee.
- Statutory Disability Insurance is also a necessity once you hire employees, as it covers them for lost wages due to injuries or illnesses while off the job. In New York, it also provides lost wages due to Paid Family Leave circumstances.
- Other coverages to consider include Commercial Auto Insurance, Management Liability Insurance (Professional Liability Insurance or E&O, Directors & Officers Liability, Employment Practices Liability,) Commercial Crime Insurance, Umbrella Liability Insurance, Inland Marine Insurance, and Commercial Surety to name a few.
Whether you own a small local business, large corporation or home-based start-up, we can assess the risks associated with your organization to customize a policy that will protect all the facets of what you’ve worked so hard to establish and continue to work hard to grow. Don’t hesitate to reach out: 845-239-4787 or Jason@jhoffmaninsurance.com.