Which Insurance To Get As A First Time Business Owner In New York
One of the line items in a new business that many new entrepreneurs leave out is insurance. Your insurance needs will depend on the type of business you are starting, but every first time business owner in New York should be aware that there are insurance requirements and needs that your company will have to cover. As risk and insurance experts, our business consultants can help you to find the right type of insurance that you will need to get your business off the ground.
Your legal insurance requirements in New York State vary depending on what you are doing. Every business that has employees in New York State must have the proper amount of workers’ compensation and disability insurance to cover their workers. Our experts can help you to determine just how much insurance you have to buy to keep the state happy and keep your workers safe.
Your investors, including the banks that give you loans, may require you to have life insurance on the primary owners of the company, business interruption insurance, fire protection, and key employee coverage to make sure you can meet your investor obligations. If you have vehicles you use for your business, then you would be required to have commercial auto insurance. If you rent or lease your space, then your landlord would require liability insurance to cover any damage. The list of require insurance is long for a New York business, but it is necessary to protect your business and the people you rely on to keep your business going.
For Your Business
Life insurance taken out on you and the other key members of the business can help the business to continue on in the event that one of you passes away. Comprehensive commercial liability insurance will protect you from everything from damaged equipment to lawsuits from clients and vendors. Business interruption insurance will cover the revenue lost and the wages you would have to pay during some kind of disaster such as a hurricane or your building catches on fire. While you never want any of these things to happen, you do want to plan ahead just in case they do.
For Your Vehicles
An entrepreneur who is an expert in home remodeling decides to slap a magnet on the side of his car with his company name on it and start taking on jobs. About a month into his successful venture, he drives through a red light in a busy intersection and hits a vehicle. The driver and passenger are hurt badly, and the business owner’s car is destroyed.
Under normal circumstances, you would expect the business owner’s car insurance to cover the damage and injuries for the other party, and replace his vehicle. But since he never got commercial auto insurance, he is responsible for any expenses that arise from the accident. Since his insurance is not covering him, he goes bankrupt and loses his business. If you do not put commercial auto insurance on every vehicle you use in your business, then you could be the business owner in this scenario.
Our business experts are ready to help any new entrepreneur to get their business off the ground with the right insurance and the right risk protection plan. A smart business owner is one who takes his business seriously, and does everything possible to protect every aspect of their organization.