Is It Necessary to Get Insurance If Your Business Has No Inventory?
Reasons Why You Cannot Afford to Skip out on Business Insurance
If you are starting a business, then you are likely pinching pennies and doing everything that you can to save money. However, even at this stage, there are certain things that are worth investing in. For instance, your burgeoning company cannot afford to skip out on business insurance in Astoria, New York. Here’s why securing the right business insurance should be at the top of your to-do list.
It Protects Against Property Damage
If your business operates out of a physical location or storefront, then there are countless things that could damage your business’s property. For instance, many businesses sustain damage as a result of theft, vandalism, fire, storms, or other extreme weather events. Fortunately, you can ensure that the cost of commercial damages does not come out of your own pockets by securing the right commercial property insurance. This type of insurance will offer compensation to help you repair damage to your business’s property, including the supplies, equipment, inventory, furniture, décor, electronics, and other things that it owns.
It Protects Against an Array of Liability Risks
Some of the most serious and expensive risks that businesses face are liability issues. To make matters worse, there are so many different types of commercial liability problems that it’s simply impossible to protect against all of them. Fortunately, there is commercial liability insurance to cover virtually every possible liability problem that your company can face. Some of the most common types of commercial liability coverage include the following:
General Liability
It covers third-party bodily injuries and property damage and personal or advertising injuries like slander or libel.
Product Liability
It covers the legal costs for defending any lawsuits of bodily injury, financial losses, or property damage caused by your product.
Professional Liability
It pays for claims resulting from negligence, misrepresentation, inaccurate advice, and errors and omissions in the services provided.
Workers’ Compensation
It pays for employee’s medical bills, ongoing care, and lost wages if they are injured or suffer work-related illnesses while working. It also covers their funeral costs and death benefits.
Employment Practices Liability (EPLI)
It protects your business if an employee sues you for wrongful termination, harassment, or discrimination.
Cyber Liability
It protects your business against financial losses resulting from data breaches and cyber threats, including data restoration and notification costs, loss of income, crisis management expenses, and cyber extortion payment.
Commercial Auto Liability
It covers accidents caused by you or your employees while driving company-owned or their own personal vehicles for business purposes.
Directors and Officers Liability
It protects your company’s directors and officers if they are sued by competitors, employees, stockholders, vendors, creditors, or other third parties for being involved in actual or alleged wrongful acts while managing the company.
There Are So Many Options to Choose From
Finally, it’s important for business owners to know that there is a huge array of business insurance options to choose from. Every business is different, and even if your company has very unique risk factors, you can rest assured knowing that there is commercial coverage that is designed to meet your needs. No matter the size, scope, or type of business you run, you can secure policies to create a personal and comprehensive insurance solution.
This is why you should invest in business insurance in Astoria, New York. Do you have further questions regarding your commercial coverage? If so, then contact the experts at 01 Insurance. Our dedicated team is eager to assist you today.
Related posts
