One of your key responsibilities when you own a business is to manage risk and protect the company against disaster. Business insurance is an essential tool to help you do that. Here, Consolidated Agency, a trusted insurance agency in Rochester, NY, discusses some of the ways you can protect your business with insurance. This information should help you understand what's available and how various coverage types can help.

How to Protect Your Company With Business Insurance

1. Protect Your Property

Commercial property coverage protects your building against damage by fire, storm, vandalism, and other risks. Business personal property coverage protects the contents of the building against similar risks as well as theft. Typically, floods, earthquakes, mudslides, and riots are not covered under a basic policy, although you can purchase these coverages for an additional amount.

2. Protect Against Liability

If you or an employee should accidentally injure someone or damage their property, your business could be liable for the costs of repairs and medical treatment. General liability coverage pays these costs and covers legal fees if the incident should land you in court.

3. Protect Your Employees

Workers compensation coverage pays for medical treatment if you or an employee should suffer a workplace injury or illness. New York State requires employers with one or more workers to purchase this coverage or face a $2,000 fine for each 10-day period of non-coverage.

4. Protect Your Partnership

If a partner should die, their share of the partnership transfers to their heirs. If the partnership does not have enough cash on hand to buy the heirs out, the business may have to be dissolved to make payment. Partnership insurance pays for the buyout and ensures the business can continue unimpeded.

5. Protect Your Professional Corporation

Professional liability coverage — also called malpractice insurance — protects lawyers, doctors, accountants, consultants, and other business professionals. It pays the damages resulting from errors or omissions committed in the course of their profession as well as lawyer fees, court costs, and judgment amounts arising out of a lawsuit.

This information about business insurance should help you protect your company against various misfortunes. To discuss your coverage options, contact Consolidated Agency. They've been helping businesses and individuals throughout Monroe County design precisely the right policies for the past 30 years. Visit their website to view location information or call (585) 467-4110 to request an insurance quote.