Steps that You Should Take When Getting Business Insurance for the First Time

Steps that You Should Take When Getting Business Insurance for the First Time

Learn how you can get your small business the insurance protection it needs.

As the owner of a small business, you have likely invested a lot of time, effort, and money to get your company off the ground.  After all the work you have put in, the last thing that you want is for an accident or lawsuit to bring business operations to a screeching halt.  This is why it’s so important that you secure the protection that only the right business insurance in Long Island City, New York can provide.  However, with all the coverage options out there, choosing the right policies can seem like a daunting experience.  To make things easier for you, here are some of the suggestions that you should try when securing commercial coverage for the first time.

1) Know Your State’s Workers Compensation Laws

Almost every state in the U.S. requires businesses to carry workers compensation insurance for their employees.  Make sure that you review your state’s laws and take the time to classify your employees appropriately.  Keep in mind that failing to carry workers compensation insurance or misclassifying your workers can lead to fines.  For a detailed description of New York’s workers compensation regulations, please click HERE.

2) Understand the Basic Policies

While every business has their own unique insurance needs, there are some basic commercial policies that every business needs to carry.  Some of the most common types of insurance include:

  • General Liability– Offers coverage for third-party claims of property damage, bodily injury, and advertising losses.
  • Commercial Property– Offers coverage for your business’s building along with the supplies, inventory, equipment, and other property stored within it.
  • Workers Compensation– Offers coverage for your employees in the event that they become ill or get injured while on the job.
  • Professional Liability– Offers coverage in the event that you made a mistake or were negligent while performing professional duties and accidentally caused losses to your client.

3) Speak to an Experienced Agent

As previously mentioned, there are a wide variety of commercial coverages designed to meet every business’s unique needs.  However, the plethora of options can make it difficult to determine which coverages are right for your company.  Speaking to an experienced insurance agent can help you narrow down your options and can help you determine exactly which coverage options are right for your business’s needs.

These are some of the steps that you should take when securing commercial insurance for the first time.  Interested in speaking to an agent experienced with business insurance in Long Island City, New York?  Then contact the professionals at 01 Insurance.  Our dedicated team is eager to assist you with all your commercial coverage needs today.