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Business Insurance Coverage for Businesses of All Sizes

As your business grows, your company will go through extensive changes. To help manage this growth strategically, you should make sure that your business has the appropriate amount of insurance coverage. At First Heritage Insurance Agency, we can help you choose the business insurance policy that can best help protect your business from unnecessary financial risks.

How Can I Protect My Business Investment?

Commercial insurance policies can help provide financial coverage for multiple aspects of your business. These policies can help ensure that you, the business owner, are not held personally responsible for all of the costs associated with an accident or litigation. Some of the most common types of business insurance include:

  • Commercial Property Insurance: Similar to home insurance, commercial property insurance helps cover the business edifice itself and the property inside of it. This coverage can include incidents such as water damage and vandalism.
  • General Liability: General liability covers your company in the event that a third party files a lawsuit against your business for events such as bodily injury or property damage. General liability insurance can also cover your legal defense costs.
  • Commercial Auto: Commercial auto insurance covers all work-related vehicles as well as all designated drivers. This can include you or any other employees. Similar to personal auto policies, commercial auto insurance policies often provide four main types of protections: liability, medical payments, physical damage, and uninsured motorists.
  • Workers’ Compensation: Workers’ compensation is specifically designed to cover the costs associated with workers who have been injured on the job. These payments help employees cover lost wages, medical payments, and rehabilitation services. Workers’ compensation insurance is required in New York for all businesses with any employees, with limited exceptions.
  • Commercial Umbrella Insurance: Like personal umbrella insurance, commercial umbrella insurance is a policy that provides additional coverage that is not included in the base policy. For example, you can use a commercial insurance policy to increase the liability limits of your commercial auto insurance policy.

What Business Insurance Coverage Is Best for Me?

Because every business is unique, there is no one-size-fits-all approach when it comes to choosing coverage options. The policy or policies that you choose will vary depending on your business’s needs; for example, a general contractor will have different requirements than a law firm. Still, many business owners are surprised to learn that they could benefit from unexpected types of insurance policies.

For example, if your business owns a fleet of trucks, there would be no doubt that you would benefit from commercial auto insurance. However, even if your company is very small and your business vehicle doubles as a personal vehicle, commercial auto insurance could help protect your business assets in the event of an accident.

In addition, as previously mentioned, if your business has any employees, New York State requires that you have workers’ compensation insurance. Even if you don’t have employees, your business could benefit from liability insurance as it can help protect your assets if your business ever faces litigation.

How Do I Get a Business Insurance Quote?

The team at First Heritage Insurance Agency will gladly consult you about which types of business insurance will best cover your needs. When you work with us, you’ll always speak directly with a licensed agent, not a secretary. We always strive to deliver a superior customer experience. Contact us at 631-659-2889 to request your free quote today.

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