COMMERCIAL INSURANCE IN NEW YORK
There are many types of insurance coverages that a business needs to purchase in the state of New York. Businesses are required to purchase commercial insurance, which includes multiple types of coverage. The most crucial type of commercial insurance are property insurance, liability insurance, and workers’ compensation.
Property insurance covers possible losses of property due to a variety of circumstances, including smoke damage, fire damage, theft, vandalism, et cetera. It can be ensured that the property is covered for its whole cash value at the time of the loss, an appraised value, or replacement costs. Property not owned by the business can also be covered, as well as goods in transport or vehicles that could be stolen or damaged.
Liability insurance will protect the business in the case of injuries and accidents. This can cover not only bodily injuries but injuries to the reputation of the business as well, such as slander and libel.
Any business that has employees is required to purchase workers’ compensation and disability insurance. Workers’ compensation will protect the employees in the case of a loss of income and any medical expenses that they have in the case of job-related accidents. Disability insurance will protect them in the case that they become disabled when they are not at work. The business owner can also cover himself or herself in the case of personal disability.
The types of insurance necessary will vary from business to business, depending on the type and nature of the business. Other types of commercial insurance that are frequently needed include: auto insurance, business interruption insurance, crime insurance, health insurance, and business life insurance. If you are wondering about what types of commercial insurance you will need to purchase for your business, you can contact Riverhead, NY commercial insurance agents for a quote. IFG Insurance Services LLC employs many independent insurance agents who can give you the information you need when you are looking for commercial insurance to protect your business. Contact us for a quote today!