Things to Know About Small Business Insurance
Small business insurance is essential for protecting your company from financial risks, legal liabilities, and unexpected disasters. First Choice Agency provides small business insurance in Queens, NY, Massapequa, NY and surrounding areas.
These are key things to know:
1. Types of Small Business Insurance
General Liability Insurance – Covers third-party claims for bodily injury, property damage, and legal costs.
Professional Liability Insurance – Protects against claims of negligence or errors in services provided.
Commercial Property Insurance – Covers physical assets like buildings, equipment, and inventory.
Workers’ Compensation Insurance – Required in most states, covering employees’ medical expenses and lost wages due to work-related injuries.
Business Interruption Insurance – Helps replace lost income if your business cannot operate due to covered disasters.
Cyber Liability Insurance – Protects against data breaches and cyberattacks.
2. Why Small Businesses Need Insurance
Legal Protection – Lawsuits can be costly, and insurance helps cover legal fees and settlements.
Compliance Requirements – Some types of insurance, like workers’ compensation, are legally required.
Financial Security – Helps businesses recover from property damage, theft, or unexpected incidents.
Client Contracts – Many clients require proof of insurance before signing agreements.
3. Factors Affecting Insurance Costs
Industry and Risk Level – High-risk industries pay higher premiums.
Business Size and Revenue – Larger businesses may have higher coverage needs.
Coverage Limits and Deductibles – Higher coverage and lower deductibles increase costs.
4. Choosing the Right Policy
Assess your risks and coverage needs.
Compare quotes from multiple insurers.
Read policy details carefully to understand exclusions and limits.
Having the right small business insurance ensures your company remains protected from financial hardships, allowing you to focus on growth and success.
Should you have any questions, feel free to give us a call.