What You Need to Know about Business Liability Insurance in Astoria

What You Need to Know about Business Liability Insurance in Astoria

Buying business liability insurance is essential for most start-ups in Astoria. Insurance coverage is not a cost that’s easily cut for most businesses—especially if they engage in dangerous work. Disaster can strike any company, which is the main reason to get liability insurance. Liability insurance provides benefits to victims affected by your business.

Here are the answers to some common questions about business liability insurance.

What Kind of Liability Insurance Do I Need?

The three main areas of liability coverage are bodily injury, property damage, and defamation. Bodily injury coverage is necessary to cover any injuries that may happen to visitors at your establishment. Property damage is needed to cover any damage caused by your employees. Defamation involves libelous or defamatory statements that may cause public humiliation to someone.

When Do I Need Liability Insurance?

Liability insurance is needed while:

  1. Signing contracts with other organizations
  2. Leasing office space to another entity
  3. Applying for a commercial license

How Much Liability Insurance Do I Need?

The amount of liability coverage that a business needs depends on various factors, including the business type, location, and the number of employees. Some businesses are required to carry liability coverage, while others are not, depending on state laws. The more risks a business presents, the higher its coverage limits should be.

What Should I Do to Apply for Liability Insurance?

To get business liability insurance in Astoria, you’ll need to answer questions about your business type, how many years you have been in operation, and your insurance background. The insurer collects this information and then evaluates the risks. A new company with a limited track record presents higher risks to an insurer than an established firm with minimal claims over many years.

What Is Typically Not Covered by Liability Insurance?

Although liability insurance covers accidents at your workplace, if the accident happens to an employee, it will be covered by workers’ comp. Property damage to business vehicles is also not covered by a liability plan but can be covered with a separate commercial auto insurance plan. Employee complaints about harassment or wrongful termination are not covered by liability insurance, either, but you can seek coverage under employment practice liability insurance. Your plan will also not cover service mistakes made by employees; these can be covered by a professional liability insurance policy.

Do I Need Liability Insurance?

To determine whether you need liability insurance, you must consider your state requirements and possible risks. If your company engages in dangerous activities, then it’s crucial to have an appropriate liability policy. The more your business affects the safety of others, the more likely it is that you will need some type of liability coverage. Small companies and sole proprietors with minimal production may not need coverage, whereas any type of high-volume business will usually need coverage.

How Do I Get Liability Insurance?

When you Google “business insurance near me,” you will come across an extensive list of insurers for any given town or city. Instead of choosing the first link, consider an insurer that offers a package that fits your business needs. Each insurance agency has its own offerings and formulas for calculating monthly premiums. It’s best to speak with an experienced insurance professional and discuss the nature of your business with them to find a plan that will work best for your specific operation. Additionally, make sure to ask about discounts for bundling coverage.

It’s critical for most companies in Astoria to carry business liability insurance as it is a form of risk management that can pay for expensive litigation when a disaster affects your firm. Contact the experts at 01 Insurance to learn more about business liability insurance and how it can help you overcome upfront business challenges.