Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.
- U.S. Small Business Administration
If you own a small to mid size business (SMB), you have a lot going on, including different types of business risks. Some exposures are obvious, like an employee getting injured on the job, while others may not be, such as a lawsuit you didn't see coming.
As a local business owner and advisor in Westchester County, NY, you can rely on us to identify gaps in your coverage and fill them in with the best plans and rates, to safeguard your company, employees, assets and property, thus minimizing you financial exposures.
Give us a call today to discuss your business needs and concerns.
General Liability Insurance
Could You Be Sued For More Than Your Current Coverage Limits?
A harsh reality business owners understand is that you can be sued for just about anything. If you’re relying on your Business Owners Policy (BOP) your coverage limits may not be adequate to cover your potential legal liability and defense costs. General liability insurance covers court costs, plus property damage, bodily injury, personal and advertising injury that occurs either on premises or through operations or contract agreements. It also includes coverage for products and completed projects.
Business Vehicle Insurance
Cover Your Business Vehicles In Case Of Bodily Injury And Property Damage
Most commercial clients have some exposure to automobile liability or physical damage as a normal part of their operations. Business auto policies contain a liability section that covers claims for bodily injury and property damage. This can also provide protection when a claim involves an uninsured or underinsured motorist, hired car or other non-owned automobile. It also contains a physical damage section, which can cover comprehensive perils including losses to fire, theft, windstorm, flood and collision.
Garage Liability And Garage Keeper’s Insurance
Garage Keeper’s insurance is found in commercial insurance policies, along with business auto general liability and property coverage, and provides coverage for vehicles left in the insured’s possession that are otherwise excluded under the general liability policy’s auto exclusion. It can cover owners of storage garages and parking lots. Coverage is contingent upon establishing liability on the part of the insured.
Business Owners Policy (BOP)
Is A BOP Right For Me? Comprehensive Coverage For Small Business Owners.
Protecting your assets is essential for any business owner. For many firms, particularly smaller businesses, a business owner’s policy (BOP) is perfect, because they provide multiple insurance coverages in a cost-effective and comprehensive package.
BOP’s offer a standard package at lower premiums than for coverage bought separately. The simplified aspect of a packaged plan is appealing to many people and insurance companies offer them at competitive prices because they are streamlined.
BOP Policies Can Include Coverage For:
- Buildings, equipment and inventory
- Business interruption for reduced production or a shut down
- Making up for lost profits or paying continuing expenses
- Liability for claims due to neglect by employees or defective products
- Burglary, robbery, other theft or destruction
- Liability coverage for lawsuits arising from accidents occurring on your business property
- Slander, copyright or invasion of privacy
- Rented or borrowed vehicles
Commercial Property Insurance
Protect Your Owned or Rented building, Plus the Tools and Equipment Used to Operate Your Business.
Commercial property covered under this form of insurance is designed to pay for direct physical loss or damage to commercial and business property. This is particularly important to have when a large percentage of a business value consists of real and business personal property. Real property consists of things like buildings, permanent structures and permanently installed equipment. Business personal property consists of furniture, fixtures, equipment and stock.
Business Income and Extra Expense Insurance
Business Income and Extra Expense insurance provides protection against time-sensitive claims for covered direct damage, or loss relating to buildings or personal property. When business property is damaged or destroyed, it can take a long time to put the asset back to a pre-event income-producing condition. In such cases, lost income and extra expenses can be crippling. It’s important to make sure this type of insurance includes coverage often overlooked things, such items as restoring phone service, short term alternate space lease and renting equipment.
Workers Compensation, DBL and Paid Family Medical Leave
Safety Doesn’t Cost — It Pays!
Businesses have a legal and moral responsibility to provide a safe workplace environment for their employees. Regardless of the steps you take, accidents happen. When an employee is injured on the job, whether on or off the workplace premises, the business is responsible for providing compensation. Many business owners don’t realize that if an employee becomes ill or is disabled due to a work-related situation, the company is liable for claims.
In almost every state, workers compensation insurance is required.
Newhouse Financial and Insurance Brokers helps clients obtain the right coverage for your employees. Worker’s compensation insurance will help your company pay for a wide range of claims including:
- Medical bills (regardless of who is at fault in the accident)
- Time lost from work
- Rehabilitation expenses
- Injuries caused by repetitive motion
- Death benefits to surviving spouses and dependents
- Long-term illness
- Claims covering contractors and freelancers