5 Questions About Business Insurance in Larchmont NY

Business owners and entrepreneurs who run a business in California know it is necessary to be insured in case of unwanted and unforeseen events such as fire, theft or floods. These are the three most common reasons why people generally purchase business insurance in Larchmont NY.

1. What Is Business Insurance?
Business insurance is a general term that encompasses all of the different coverage options available to protect business owners from losses. Property, business vehicles, liability claims, and even providing health insurance for your employees are all things that can be covered through business insurance.

2. Why Do I Need Business Insurance?
Even if you think your business is too small or you don’t have enough assets to warrant coverage, you still need it. Why? Because absolutely anyone can be sued. Your business needs insurance in White Plains to protect it – and you – from the many risks and threats to its successful continued operation.

3. What Types of Business Insurance Are Available?
The main types of business insurance you should consider include:

• Property and Casualty Insurance - covers the physical location of your business, whether it is owned or leased, and its contents from theft, fire, flood, and earthquakes. Casualty insurance, on the other hand, covers the operation of the business. Property and Casualty insurance are usually grouped together in policies. Read the your policy's terms carefully to make sure that it includes all of the coverage you need.
  
  
• Commercial Auto Insurance - covers your business for loss or damage to vehicles used by your business and for damage to others caused by your business vehicles in the event of an accident. Please be aware that vehicles used for business purposes are not covered under your personal auto insurance policy even if it is used for both business and personal purposes.
  
  
• Liability insurance - covers you in case someone sues you for negligence. An example of negligence would be if someone slips and falls on your property.
  
  
• Product liability insurance - covers your business for damages caused by a product designed, supplied, or manufactured by your business.
  
  
• Business interruption insurance - this type of coverage can make up for lost cash flow and profits incurred due to an event that interrupts your normal business operations.
  
  
• Health insurance - provides healthcare coverage for you and your employees.
  
  
• Life and disability insurance - covers your business in the event of the death or disability of you or other key partners or employees.
  
  
• Workers' Compensation Insurance - If you have employees, the law requires that you have workers' compensation coverage, which covers employees if they get injured on the job.

4. Can I Combine Different Types of Coverage into One Policy?
A BOP (business owner's policy) usually combines property, casualty, liability, and business interruption coverage. These types of package policies are better suited to small and medium-sized business and are typically less expensive than a la carte coverage.

5. How Do I Buy Business Insurance?
You can shop online to compare quotes, but at the end of the day you will probably purchase coverage either from a broker or an agent. Try to get recommendations from your local chamber of commerce and fellow business colleagues.

Make sure to choose an insurance professional who is licensed and has a good track record. Go online and search for customer reviews and contact the BBB and your state's licensing agency to find out if there have ever been any complaints filed against them.