Types Of Important NY Business Insurance

From wages of employees to rent, running a business is not cheap.  In order to make sure you are full protected against damaging claims, you must also budget enough to carry the right types of limits of NY business insurance.  While you do not need to be a seasoned professional in terms of insurance when you are receiving quotes, it is important to have a basic understanding of the types of coverages that are available for the industry in which you serve, and what exactly they cover.  Below is a brief explanation of business insurance policy types.

General Liability Insurance

General Liability insurance will insure your business against unforeseen accidents and injuries that occur on your premises.  This form of coverage also will cover exposures related to a product or service in which you provide that is not related to poor workmanship.  This type of coverage will protect your business against potential lawsuits that can be damaging to your profits and the overall financial health of your company.  When determining the right limits, you will need to consider how much you stand to lose if a problem arises.  Most companies will purchase a commercial umbrella policy to protect against gaps in coverage.

Property and Casualty NY Business Insurance

These policies are generally written on an all-risk basis and will cover any perils except for those that are specifically excluded in the contract.  There are several types of