Business Owners Policy Service from New York Insurance Professionals
From fires to lawsuits, New York businesses can suffer losses from a variety of causes. With risk coming from so many different areas, businesses often need to purchase several insurance policies for complete protection. However, this can lead to coverage gaps, duplicate coverage, and extra expenses. From some small and medium-sized businesses, a business owners policy can combine the necessary insurance coverage into a single affordable policy.
Though your business is unique, the risks it faces are not. Storm damage, fire, theft, and lawsuits from injuries are common risks to a New York company. Many of a small business’s insurance needs can be taken care of by basic policies. Since these coverages are needed by most businesses, carriers have combined them into a single business owners policy. These policies offer a broad array of coverage and are a convenient way to protect your business.
Business Owners Policy Standard Coverage
Most BOPs cover three common areas of risk. Combining them into a single policy typically saves you money, while providing added protection for many of your insurance needs.
- Commercial Property Insurance – Your business property represents a significant investment. Your furniture, equipment, tools, computers, inventory, and office can be covered by this policy, which helps to protect against loss or damage due to fire, theft, storm damage, and other situations.
- General Liability Insurance – If someone is injured or property is damaged on your business premises or due to your operations, you could be subject to a lawsuit. General liability coverage can help to pay for legal costs, settlements, and medical expenses when this occurs.
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In addition to the standard coverages included in a BOP, many carriers allow you to add specialized insurance coverage to tailor your policy to your specific needs.
By adding it to the policy, you are better able to take advantage of the convenience and discounts of combining your insurance coverage. Some additional coverages you may be able to choose from include:
- Professional Liability
- Employment Practices Liability
- Hired, Non-owned Auto
- Inland Marine Insurance
- Liquor Liability
Speak with your agent about what insurance coverage your business needs and how you can customize your BOP for comprehensive protection.
Other New York Insurance
While most of your insurance needs can be covered by a BOP, there are two types of insurance that you must purchase separately and are required for many businesses in NY.
- Workers Compensation Insurance is required for all businesses that have employees. It cannot be added to a BOP and must be obtained and maintained following state regulations.
- Commercial Auto Insurance is required for companies that own or lease vehicles.
New York businesses of all types need insurance protection. For businesses with common risks, a BOP can combine the most frequently used insurance coverage into a convenient and affordable policy. Your insurance agent can help determine if a business owners policy is the right choice for your company.