Home to the Buffalo Niagara International Airport and the Walden Galleria, the town of Cheektowaga, NY is actively working toward attracting new businesses to the area. If you are starting a new company or are moving an existing one to this beautiful town, you will want to be sure to cover your investment with a solid business insurance plan.
When you are shopping for business insurance, a local independent agent can help. These agents can assist you in building an affordable policy package that provides coverage against each of the risks that threaten your company’s bottom line. Set up a one-on-one consultation with an insurance agent in Cheektowaga to learn more.
Why Do Businesses in Cheektowaga, NY Need Liability Insurance?
Liability lawsuits against businesses frequently result in judgments that exceed $1 million. That is why business liability insurance is so important. This insurance is designed to cover the many expenses related liability to lawsuits such as court costs, legal fees, and financial damages.
Business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. This insurance is designed to cover against some of the most common liability hazards faced by businesses. The coverage offered by CGL includes:
- Premises liability insurance: This is designed to cover third-party injuries, injuries, and damage that occur on your business property and can be attributed to negligence on your company’s part.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage that are caused by design flaws or defects in products your company produces, sells or promotes.
CGL alone isn’t always enough. Many businesses will need to purchase additional policies in order to be fully covered against all of their potential liability exposures. Examples of some of the commercial liability products you may want to consider for your Cheektowaga business include:
- Employment practices liability insurance (EPLI): This is designed to cover your business against accusations of illegal employment practices such as harassment, discrimination, retaliation, and wrongful termination.
- Cyber liability insurance: This is designed to cover your company’s liability expenses and financial obligations if criminals install skimmers on your credit card readers or break into your company’s electronic information system and steal stored customer information like financial and personal data.
- Liquor liability insurance: This is designed to protect businesses that serve alcoholic beverages in the event that an intoxicated patron goes on to cause injuries or property damage to others. This is important, since New York’s dram shop laws enable the injured party to sue the business that served the alcohol.
- Commercial vehicle liability insurance: This is designed to cover your business’s increased liability risks if you have company-owned vehicles. It can provide coverage if one of your employees causes a collision while driving a company-owned car, truck, van, or bus.
- Pollution liability insurance: This is designed to cover clean-up costs and damages if an accidental or natural disaster leads to the pollution of the land, air, or water by toxic substances used, produced, or sold by your company.
Talk to a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be a good fit for your Cheektowaga business.
How Does Property Insurance Protect Cheektowaga Businesses?
Commercial property insurance is designed to cover loss or damage to your company-owned assets like office furniture, supplies, computers, tools, inventory, merchandise, and outdoor signs. This coverage is a standard part of every business insurance policy.
Businesses in Cheektowaga are most at risk for damage caused by accidental fires, thefts, and severe weather events like hurricanes, tropical storms, windstorms, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
In addition to the standard property coverage included in your business insurance policy, you may also want to consider purchasing supplemental policies such as:
- Commercial flood insurance: This coverage is important because commercial property insurance does not cover against floods. Businesses near waterways like Cayuga and Ellicott Creeks are most at risk, but when heavy rains fall due to hurricanes or lake-effect precipitation, flash flooding can occur just about anywhere in this city.
- Inland marine insurance: This is designed to cover your portable business property whenever it is in transit or is being stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This is designed to cover repair costs and business losses related to the mechanical failure of essential business machinery and equipment.
- Bailee's insurance: This is designed to cover your customers’ valuable property whenever it is in your business’s custody, care, or control, such as while you are performing repair, alteration, or maintenance services on it.
Talk to your local insurance agent to learn more about your various business property coverage options.
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Is Business Interruption Insurance a Good Idea in Cheektowaga, NY?
Tornado activity in this area is 74% smaller than the national average. However, this does not mean that the risk does not exist. In 1987, an F2 twister tore through the Cheektowaga business district along Union Boulevard causing $15 million in damage.
Disasters in New York
- Number of federally declared disasters in NY since 1953: 101
- Most common reasons for declared disasters: Severe storms, floods, and heavy snows
- Average number of tornadoes in NY per year: 9.6
A major disaster like a tornado or a structure fire can force you to shut down your business for several weeks while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during such times, as long as the closure is due to damage caused by a covered event.
This optional insurance can provide your business with the funds needed to pay regular monthly expenses like bills, loan installments, and employee salaries until your business can safely resume normal operations. That way, your company does not suffer unsurmountable financial losses.
Business interruption insurance isn’t ideal for every company. A local independent insurance agent can help you determine whether this coverage is a good fit for your Cheektowaga business.
Do Businesses in Cheektowaga Need Worker's Compensation Insurance?
The state of New York requires all businesses to cover their full-time and part-time employees with worker's compensation insurance. Exceptions are made only for sole proprietors and partners, though these people can be covered as well.
If an employee is injured on the job or comes down with an occupational illness, worker's compensation insurance can cover the cost of any necessary medical treatment, hospital stays, follow-up care, and prescriptions. It can also compensate the injured worker for lost wages and other related expenses.
Rates for worker's compensation coverage are based primarily on the number of employees you have and the types of jobs they do. The more dangerous the job, the more coverage will cost. An airplane mechanic would cost more to insure than a cashier at a clothing store.
A local independent insurance agent can match you up with insurance companies that specialize in covering businesses like yours. They can also compare customized quotes for coverage to ensure that you are getting your policy at a competitive rate.
What about Employee Benefits for Businesses in Cheektowaga?
As a business owner in Cheektowaga, you may be thinking about offering your employees a benefits package that includes perks such as paid vacation time, sick time, and subsidized health insurance and life insurance options.
Human resources professionals have demonstrated in multiple studies that when businesses offer attractive benefits packages, they find it easier to recruit and retain some of the best and most qualified employees.
There are many different life and health insurance products available to choose from when you are building an employee benefits package. You may therefore find it beneficial to have the guidance of an experienced insurance professional.
Talk to an independent agent near you for help finding suitable, yet affordable, health and life insurance policies for your employees.
Why Work with an Independent Insurance Agent in Cheektowaga, NY?
Every company has specific insurance coverage needs, and these needs can differ considerably from one business to the next. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.
Local independent agents make finding the best policies easy. They can help you navigate through your many coverage options and can ensure that you are getting the coverage you need at a competitive price. Find an insurance agent near you to start comparing customized business insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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