You want to start a small business in New York, but you want to protect your investment of time and energy. How does commercial insurance help you meet that goal?
Forbes breaks down different business insurance policies. Learn how to give yourself peace of mind about your company’s future.
The importance of commercial insurance
No matter your industry or the precautions you take, you always face risks as a business owner. Not only does business insurance help you meet those risks, but state law may also require you to have a policy.
If your business sells products, consider securing product liability coverage. The insurance gives you legal protection from harm customers suffer from defective products. Product liability coverage also protects companies that distribute goods.
No matter your business niche, it makes sense to have a general liability policy. You have protection and peace of mind against near-universal liabilities, such as personal injuries and commercial property damage.
Depending on your industry, you may face professional negligence accusations one day. Also known as “errors and omissions insurance,” professional liability coverage shields you and your employees from negligence claims.
Protect employees from on-the-job injury expenses with workers’ comp insurance.
With commercial property insurance, you have protection against fire, vandalism and floods. Insurance covers commercial facilities and land.
If you or an employee gets into an accident driving a company vehicle, auto liability insurance handles resulting damages.
You cannot afford to take unnecessary risks with your commercial endeavor. Rather than worry about the unknown, use insurance policies to your advantage.