There are more than 5,000 businesses located in the village of Hempstead, NY. From small businesses run out of people’s homes to the many shops and restaurants that line Peninsula Boulevard, these companies all contribute to the local economy. If you own a company of any size in this vibrant village, you can benefit from protecting it with business insurance.
Building a comprehensive business insurance policy package can be challenging, but you do not need to do it alone. Independent agents in Hempstead can identify your company’s various exposures and can recommend the right policies to cover against each of them.
Contact an insurance agent near you for help finding suitable, yet affordable, coverage for your Hempstead business.
Why Do Businesses in Hempstead, NY, Need Liability Insurance?
A liability lawsuit against your business can be extremely expensive, even if the courts ultimately rule in your favor. Business liability insurance is designed to shield against losses by covering court costs, legal defense fees, and financial damages if your company is sued for a covered event.
There are lots of different liability products available. You will need to be sure that you purchase the right policies to cover against each of the potential liability exposures your business faces. Some of the commercial liability products your insurance agent may recommend include:
- Premises liability insurance: This can cover third-party injuries, illnesses, and property damage that is caused by accidents that occur on your business property for which your company had been deemed responsible.
- Product liability insurance: This can cover third-party injuries, illnesses, and property damage that is caused by defects or design flaws in products your company produces, sells, or promotes.
- Cyber liability insurance: This can cover financial losses and liabilities if cybercriminals hack into your company’s computer systems and steal customer information such as credit card data, social security numbers, and personal details.
- Employment practices liability insurance: This can cover lawsuits related to accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
- Liquor liability insurance: This can cover lawsuits related to damage and injuries caused by a person who became intoxicated while in your establishment. This is a real risk due to the dram shop laws in New York which allow injured parties to sue the business that served the alcohol.
- Environmental liability insurance: This can cover cleanup costs and damage if an accident or disaster at your business results in the pollution of the ground, water, or air by toxic substances sold, used, or produced by your company.
Talk to an independent insurance agent in Hempstead to learn more about these and other commercial liability policies that may be a good fit for your business.
What Insurance Products Cover Your Business Property?
Businesses in Hempstead are most likely to experience significant property loss or damage due to hazards such as hurricanes, tropical depressions, electrical storms, windstorms, hail, blizzards, freezing temperatures, accidental fires, and property crimes.
Fortunately, each of these risks is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover your company-owned property including things like furniture, computers, supplies, inventory, merchandise, and outdoor signs.
Sometimes it is necessary to add specialized property insurance policies for all of your business property to be suitably covered. An independent insurance agent may recommend supplementing your commercial property insurance with products such as:
- Flood insurance: This is important because commercial property insurance will not cover against flood damage. Many businesses in Hempstead are at risk for flooding, particularly when hurricanes and tropical storms bring heavy prolonged rains and storm surges to the area.
- Inland marine insurance: This can cover your company’s portable property during the times that it is in transit or is away from your place of business, such as when it is on location at a worksite or is being stored in a warehouse.
- Boiler & machinery insurance: This can cover the cost to repair or replace your company’s essential machinery and equipment if it breaks down or malfunctions. It can also cover any business losses associated with mechanical malfunction.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your business’s care, custody, or control, such as when you are performing a repair, alteration, or maintenance services on it.
A local independent insurance agent can help you be sure that all of your business assets are suitably covered.
Why Is Business Interruption Insurance a Good Idea in Hempstead, NY?
Tornado activity in the Hempstead area is 52% lower than the national average, but the risk still exists. For instance, in 1998, an F2 twister touched down just 5 miles from the Hempstead village center and caused approximately $1 million in damages to area homes and businesses.
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, hurricane, or structure fire can do more than just damage your business property. If the destruction left in its wake is particularly severe, it could also necessitate your business to close down for several weeks while repairs are made.
If your company is forced into long-term closure due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.
Business interruption insurance can provide the funds necessary for your company to keep paying regular monthly expenses like utility payments, loan installments, and employee salaries even though it is temporarily unable to generate revenue. Talk to a local insurance agent to learn more.
Do Businesses in Hempstead Need Workers’ Compensation Insurance?
Workers sometimes get hurt on the job. If one of your employees suffers a serious injury or develops an occupational illness, your business is responsible for covering their medical treatments and financial losses. Workers’ compensation insurance is designed to provide this coverage.
Virtually all employers in New York are required by law to carry workers’ compensation insurance. You do not need to cover sole proprietors or partners without employees, but you can if you want to.
Rates for workers’ compensation insurance are based mainly on the types of jobs your employees do and the likelihood they will be seriously injured while doing them. It, therefore, costs a lot more to cover a worker at a construction firm than it does to cover a hostess at a restaurant.
A local independent insurance agent can help you review policies and quotes from a few competing commercial providers of workers’ compensation insurance. That way, you can be sure that you are buying this mandatory coverage at the lowest available rate.
What about Insurance Products for Employee Benefits Packages?
Are you thinking about putting together an employee benefits package for your workers? If so, there is no getting around the fact that healthcare coverage can be quite expensive. However, offering subsidized coverage to your employees may have cost-saving benefits for your company.
Studies conducted by human resource professionals have shown that when businesses offer competitive employee benefits packages, they find it easier to attract and retain some of the best employees. Also, workers with access to healthcare coverage also tend to use fewer sick days.
When you are looking for the right insurance products to include in your employee benefits you will find that there are many different health insurance and life insurance plans available to choose from. This can make it difficult to determine which are the best to purchase.
A local independent insurance agent can go over the pros and cons of each of your various options and can help you obtain and compare quotes from a few competing providers.
Why Work with an Independent Insurance Agent in Hempstead, NY?
Business insurance offers a wide range of products and policy options. That makes it possible for you to fully customize your company’s policy package. Independent agents in Hempstead can help you be sure that you are getting all the coverage your business needs and that you are buying it at a competitive price.
Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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