Staying Protected with Small Business Insurance

by | Feb 28, 2013 | Insurance

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Insurance for small business Long Island establishments is vital, especially since Long Island receives a lot of tourism to where more people flow through their businesses than they might in other small businesses around the country. Most small business owners aren’t rich, so anything adverse could really hit their balance books hard. If they have a good insurance policy, then they should be able to put their mind to rest. There are so many things that need to be covered under a commercial insurance policy. The most important things that should be included are coverage for fires, theft, professional liability, general liability, workers compensation and company automobiles. These are just the basics that a business owner should never go without. While there is no law in place that says business owners in New York have to have insurance, they are doing their business a real disservice if they don’t have a good policy in place.

Be Safe Rather Than Sorry By Purchasing a Good Insurance Policy

If you do not have insurance for your small business, then you could end up going bankrupt if someone makes a claim against your establishment. It doesn’t matter what type of business you operate or where you are located, accidents can happen anywhere. If someone slips and falls, then they will most likely take you to court. If their claim is large, then it could kill your business if you don’t have insurance. It is extremely bad not to carry fire insurance as well. Fires are started by many different things, and some of those things will be totally out of your control. If an adjacent business catches fire and it spreads into your business establishment, then you could lose everything if you don’t have proper insurance. There is no reason to take the risk, when commercial insurance premiums are more than affordable.

The Insurance Process for Commercial Establishments

When you contact an insurance company for coverage, they will most likely want to come look at your business to see what they will be insuring. They are often much stricter with commercial companies than what they are with homeowners, because losses can be so much higher with commercial businesses. When they visit your business, they will be looking at several different things. The main thing they will look at is how safe and secure your building is. They will also look to see if you have alarms installed, and they will make sure that there are no hazards present that could potentially cause a claim. This could be something as simple as a nail sticking out of a board lying on the floor, so make sure the place looks in top shape when it is time for their scheduled visit. As long as your business passes inspection, they will more than likely grant the policy.

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