Business Insurance - Althea Johnson Agency - Hicksville, NY

Business Insurance

Good Business Insurance Coverage

What is it?

For those folks seeking business insurance coverage, it will become quickly evident that there is no shortage of choices in the marketplace. The rather vast options of coverage offered are designed for just about any risk or peril out there. This can lead to confusion with many business owners, with some often not having a clue as to what kind of policy is most suitable for their particular needs. Below is a quick overview that can help in explaining what might be the best policy for a price that can meet one’s budget parameters.

What it does

No matter what one is seeking in regards to insurance, there is not a soul out there who likes contemplating the potentially horrific outcomes from any kind of a serious accident or injury. However, business owners are well served in pondering what is an unpleasant subject in order to be prepared as possible for just about anything. This, of course, includes good and proper insurance protection. The right start with business coverage is normally basic liability coverage that protects the business and the company assets from a myriad of common threats. General liability insurance provides coverage that addresses the financial ramifications of injuries to employees or to clients. This would also include the risks derived from any third party injuries on the business property as well.

The BOP (Business Owner’s Policy)

A great way to simplify one’s business operation can start with your insurance coverage. Through the “bundling” (combining) of several policies together, a business can do just that. Incidentally, having all the coverage options “bundled” with one company can often also mean significant savings. These policies are specifically tailored to small to mid-sized firms that are in need for both general liability and property coverage protection. While the structure and specifics can vary from policy to policy, many recommend that your BOP have a component of financial assistance in place should there ever be some kind of an event or action that results in company assets being damaged or lost. This means compensation for repair or replacement and will usually cover a wide spectrum, including such things as office supplies, merchandise, computers, store facades, and the list goes on.
Increasing the coverage of a BOP

Once basic (and the legal minimum) coverage is in place at your company, the next step is to enumerate the potential unique risks your company will be facing over the ensuing years. For example, if the business utilizes (and owns) vehicles that are part of the company’s operations or even if the company engages private cars for company function, you will need to obtain the component of commercial auto insurance for your BOP. As the company grows, you might start to consider a group health policy for the employees and then, of course, you will likely need to carry workers’ compensation coverage as well. For those who wish even more comprehensive coverage can opt to grow their policy by including umbrella coverage for such risks as severe injury, employee death, and the consequences of legal action taken against the company. Talk to an insurance professional today for more details.