Commercial Insurance

Individually, everyone needs to have healthcare insurance, home insurance, and car insurance to protect themselves from financial ruin if an unexpected accident occurs. No one should be surprised that a business needs commercial insurance to shield itself against bankruptcy. Premium Brokerage Services Inc. of New York can create a policy that protects a business from work-related injuries, faulty equipment accidents, and natural disasters, which could cause financial demise.

What is Commercial Insurance?

Commercial insurance shields an owner from any unforeseen issues that threaten the day-to-day operations of their business. The coverage provided enables the doors to remain open after damage from a natural disaster. The difference between commercial insurance and other types of insurance is the customized coverage. A policyholder can create a policy based on their commercial insurance needs.

The Importance of Liability Coverage

All businesses should have liability coverage as part of their commercial insurance policy. It will legally protect them from insurance claims of bodily injury accidents or offsite property damage caused by work equipment. New York law requires all commercial insurance policies to include minimal liability coverage.

Usually, liability coverage has three components (bodily injury, property damage, and medical bill payment) that are a part of a standard commercial insurance policy. If an accident occurs on the premises of your business, you will be covered in all potential insurance claims regardless of who is at fault.

The Need for Worker's Compensation Coverage

Worker's compensation is an essential component of every commercial insurance policy. The coverage pays for all medical bills associated with work-related injuries. Also, injured employees are eligible to receive their wages during their time away from work. New York labor laws require all businesses to have worker's compensation coverage if they have five or more employees.

New startup businesses do not understand the level of commercial insurance needed to protect their investment. Premium Brokerage Services Inc. can help create the perfect policy that meets your commercial insurance needs. Call and schedule an appointment today.