Every business needs insurance coverage to protect them from issues like fraud and liability. But there is such a wide range of business insurance coverage available that it can be difficult to assess what you really need. Here are a few guidelines to help you cover the basics.
For Every Business
New York state law requires your business to carry a valid insurance policy, which covers any injuries your employees receive on the job. You can choose to self-insure, but if you go this route, be aware that one claim is likely to cost tens of thousands of dollars.
Business Owner’s Policy
This business insurance covers liability and property—both of which your business needs to protect against losses. If you have invested very little in equipment, you could get away with just a liability policy. Some types of liability—like employment practice liability—must be insured separately.
For Certain Circumstances
If your company relies on cars or trucks to do business, a separate business vehicle insurance policy protects your company if there’s an accident. Ordinary car insurance policies will not protect your company if an employee gets in a collision on the clock.
Key Man Coverage
If your business relies heavily on the skills of a specific partner or employee, you can purchase insurance to help you recover if that person dies or becomes disabled. While it isn’t necessary for most businesses, it can be an essential coverage under the right circumstances, so take this option into consideration.
Errors & Omissions
If you primarily sell a service, this business insurance protects you against customer lawsuits. Medical malpractice insurance is a specific example, but anyone presenting themselves as an expert in their field could be found liable for a client’s financial loss.
Whether you’re looking for basic business insurance or a specific policy, the independent insurance agents of PFS Group Inc. in Brooklyn, NY, will help you get the coverage needed. Serving Brooklyn, Queens, Crown Heights, East New York, and Flatbush, they offer a full range of options for both individuals and businesses, including everything from car insurance to life insurance. To consult with an expert about your needs, call (718) 385-5300 or visit the website.