When you are in business, you must be prepared for unexpected losses that can undermine your ability to expand and grow. Commercial insurance is a way to cover expenses from damage to inventory or equipment, as well as liability for accidents that may occur at your business. At Robert Alan Agency, Inc, New York, we provide commercial insurance policies to protect businesses from unexpected financial incidents.
Understanding Commercial Insurance Coverage
Unforeseen events can occur in life, and when you are in business, the risks can increase significantly. Commercial insurance is designed to cover loss to “real” property, that is, items such as equipment, fixtures, inventory, and contents, as well as business income and expenses. Commercial insurance can also cover expenses for accidents on the property, although no accidents that affect employees, which is covered by worker's compensation insurance.
Types of Incidents That Are Covered Under Commercial Insurance
General commercial policies cover losses experienced from major fires, flood or liability claims. Coverage can provide for repair or replacement of important equipment or pay for damaged inventory. Commercial insurance can cover liability for customers who have an accident while at your business. Other types of specific coverage can also be added to your commercial policy.
Commercial Coverage in New York
The state of New York does not mandate commercial coverage for businesses. However, it is advisable to protect your business from unexpected liabilities that can impact your bottom line. Generally, for most small businesses, commercial general liability coverage between $500,000 to $1 million is recommended. Of course, your business may require a higher level of coverage if you are operating in the building trades or other work that increases your risk exposure.
Robert Alan Agency, Inc, New City, NY, Provides Advice & Information for Business Insurance
Every company is unique, and we can help you determine the right coverage to ensure the proper operation of your business. Stop by or give us a call to discuss your commercial insurance needs.
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