For many, the new year signals a time for new resolutions and a fresh start, but it's also an opportune time to check in on your insurance needs. For business owners, business insurance is an essential tool in protecting your assets, but some businesses either skimp on coverage or skip it altogether. Here's what to know about business insurance as you evaluate your needs for the new year.

Understand Why It’s Necessary

Business insurance might just seem like an additional cost each month, but consider if you could financially survive if an issue occurred that caused a halt in your daily operations. Or, consider if your place of business was liable for an injury from the product or service, or if goods were stolen. Even if it seems unlikely, having coverage is a must because the unexpected happens when you least expect it. And, keep in mind that coverage needs will change as your business grows, so speak with a trusted agent to determine your immediate needs.

Know the Types of Insurance Needed

There are numerous policies and coverage options on the market, and an insurance agent can walk you through what seems like a good fit. General liability insurance is typically a must, as it protects against a wide range of potential liabilities. While product liability insurance is necessary if you're selling products to a consumer, commercial property insurance will protect your equipment and building in case of a natural disaster or theft if you’re opening a storefront.

Consider Additional Coverage

Aside from general policies, you have the ability to select additional coverage based on your needs. If you'll be handling various forms of data, data compromise coverage might be a good fit. For businesses that will launch with employees, you'll need liability coverage for them as well. Overall, the cost will vary based on your needs.

If you're searching for better business insurance in the new year, visit the trusted team at the Consolidated Agency. Since 1988, they've been providing the Rochester, NY, community with comprehensive insurance needs, from business coverage to liability insurance and car insurance. They pride themselves on their premier customer service, going above and beyond to ensure you have an individualized policy that suits your needs and budget so you're always protected year-round. To learn more about their business insurance offerings, visit them online or call (585) 467-4110 to inquire about an insurance quote today.