When you own a small business, you want to be certain your investment is protected, but you also only want to pay as much as necessary for business insurance needs.. This means finding the appropriate small business insurance in Suffolk County NY, without becoming over-insured with policies you will never need. Here are some examples of the insurance you need to consider.
Multiple Types of Liability Insurance
The first insurance to consider is liability insurance. This is not a one-size-fits-all type of policy, as many varieties of liability insurance exist. There is general liability to protect your company against bodily injury claims or damage done to the property of others. There is professional liability insurance that covers your business in case there is a problem, or perceived problem, with a service you provide. Product liability is important for anyone who manufactures any type of product.
Cover Your Building and Products
A business owner’s policy will often act as a type of umbrella insurance which will cover business property, automobiles and equipment used to perform your business. It often includes coverage for general liability as well.
Errors and Omissions Insurance
Business owners who provide a service will require this type of coverage. This is used in instances where a client may claim there is a breach of contract or where they insist negligence on your part, or the part of one of your representatives has occurred.
Occasional Extra Coverages
There are instances when a particular client may expect you to carry a Small Business Insurance policy which is specific to the services they are receiving. You may also need to increase the amount of coverage you have for a short period of time to meet the requirements of a specific contract. These types of situations are common, and your insurance agent can help you to find the correct policy, as well as provide you with the documentation your client requires.
There are many factors which will determine how much and what type of small business insurance in Suffolk County NY, you will need. How large your business is, how many employees you have, and what type of work you perform are just a few. To be certain you are getting what you need, talk to a reputable agent to learn more about the protection which is available for your company.
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