Important Insurance for Your Small Business

Important Insurance for Your Small Business

Make sure your small business has the insurance protection that it needs.

If you are running a small business, then you have a lot on your plate.  One of the major things that you are responsible for is protecting your business and keeping your employees, customers, and associated parties safe.  The best way to handle this responsibility is by securing the right business insurance in Sunnyside, New York.  Here are some of the most essential types of commercial coverage to secure.

  • Workers Compensation Insurance

If you hire employees to work for your business, then you must secure workers compensation insurance.  Not only is this coverage required by law, but it also provides an essential layer of protection for your staff and your company.  Workers compensation insurance offers coverage if an employee is injured or becomes ill while on the job.  It will pay for the employee’s medical expenses, rehabilitation costs, and make up for their lost wages.  However, this coverage can also be used to protect your company.  Should the employee decide to sue your company for damages, then they must waive their workers comp coverage.  In this case, your insurance can be used to cover your business’s legal costs.

  • General Liability Insurance

General liability insurance is designed to protect your company’s assets from third-party liability claims and lawsuits.  This form of insurance protects against a wide range of claims that involve bodily injuries or property damages.  If you do not have this coverage, then your business is at risk for high legal and compensatory costs if it is found responsible for injuries or other losses.  Additionally, if you are leasing your business’s space, then your lease agreement might require you to carry this form of coverage.

  • Business Owners Policy

A business owners policy (BOP) is a convenient type of business insurance that combines several types of coverage into a single policy.  Typically, BOPs include general liability insurance (discussed above), as well as property insurance and business interruption insurance.  BOPs are the easiest and most cost-effective way to secure the most essential types of commercial coverage.

These are some of the essential types of commercial insurance that your small business needs.  Do you need help with your business insurance in Sunnyside, New York?  If so, then contact the experts at 01 Insurance for assistance today.