6 Reasons Your NY Small Business Needs Insurance
You've decided to follow your dream and start your own business, congratulations! Insurance may not seem like the most exciting thing when beginning your business, but we're here to help make sure you're covered.
Here are 6 reasons why your small business needs insurance:
1. You have employees.
Workers Compensation is legally required if you employ staff. The policy provides coverage if a staff member is hurt while on the job.
2. You plan to grow your business.
Having the right insurance in place to protect your business and your investments demonstrates to potential clients that you're serious about what you do. It will also benefit you if you are attending events where having insurance, especially liability insurance, is vital.
3. Your business involves offering advice.
Professional Liability Insurance can help provide defense and damages for failure to or improperly rendering professional services. Professional liability insurance is appropriate for any professional firm including lawyers, accountants, consultants, real estate agents, hair salons and technology providers to name a few.
4. You use a vehicle in your business.
Many personal auto insurance policies exclude coverage if the vehicle involved in an accident is used mainly for business. A business auto policy provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your business is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance may pay to repair or replace your vehicle because of damage resulting from accidents, theft, flooding, and other events.
5. You have a lot of equipment or contents.
Property insurance compensates you if business property is lost or damaged as the result of various types of common perils such as fire or theft. This covers the building or structure and personal property, meaning office furnishings, inventory, raw materials, machinery, computers, and other items vital to your business operations. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate after a catastrophic loss.
6. You rely on computers to run your business.
Cyber insurance is vital if you use a computer, have a website, social media or use email marketing for your business. Your business may hold sensitive information such as client's credit cards, personal information such as social security numbers or drivers licenses - the list goes on and on. Hackers can cause a lot of damage with this information. Every business has an exposure to cyber loss, whether it’s a loss of customer data, loss of proprietary internal information, vandalism to a web site, infiltration of a virus, unauthorized transfers of funds, or any number of losses. A cyber insurance policy can help minimize the cost of damage.