The town of Huntington is home to hundreds of businesses representing several different industries. From sole proprietorships run out of people’s homes to the many businesses that line Main Street, each contributes to the health of the local economy. Business insurance helps these companies stay profitable in times of disaster.
Putting together a comprehensive business insurance policy package can be a challenging task, but you do not need to do it alone. Local independent insurance agents can help you identify all of your company’s exposures and can recommend the best and most affordable policies to cover against them.
Set up an obligation-free consultation with an independent insurance agent in Huntington to learn more.
Why Is Liability Insurance Important for Businesses in Huntington, New York?
Business liability insurance is an essential part of every commercial insurance policy package. It is designed to cover expenses related to liability lawsuits such as court costs, legal fees, and damages.
It is important that you have the right kinds of insurance policies to cover against each of your company’s liability exposures.
Your business insurance will include, at a minimum, commercial general liability insurance (CGL). CGL is designed to cover against many common risks faced by businesses. It includes, but is not limited to:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage caused by accidents that occur on your business property for which your company can be held responsible.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and property damage caused by design flaws, defects, or other problems with the products your company produces, sells or promotes.
CGL can also cover against other liability risks including accusations of copyright infringement, false advertising, deceptive pricing, libel, and slander. This coverage is very useful, but it is not always enough to protect against all liability risks.
An independent insurance agent can help you identify any additional exposures your company may have and can recommend the right policies to cover against them. Examples of some of the other liability insurance products your insurance agent may recommend are:
- Employment practices liability insurance: This is ideal for any business that has employees. It can cover against lawsuits related to accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
- Cyber liability insurance: This is ideal for any business that accepts credit cards or electronically stores customer data. It can cover your company’s financial obligations if criminals install skimmers on your credit card readers or break into your computer system and steal sensitive customer information like personal and financial details.
- Pollution liability insurance: This is ideal for any business that uses, produces or sells toxic substances. It can cover cleanup costs and damage if an accident or a disaster leads to these substances polluting the environment, including the ground, water, or air.
- Liquor liability insurance: This is ideal for any business that serves alcoholic beverages. It can cover your company’s liability expenses if an intoxicated person causes injuries or property damage to others. This is necessary because New York’s dram shop laws allow the injured party to sue your business if it can be proven that you served a visibly intoxicated person.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Huntington Business Insurance Cover All Your Business Assets?
Commercial property insurance is designed to cover the cost to repair or replace your business property if it is damaged or destroyed due to a covered event. This insurance covers a wide range of assets such as office furniture, computers, inventory, supplies, tools, and outdoor signs.
In Huntington, businesses are most likely to experience property loss or damage caused by hazards like theft, accidental fires, and severe weather events like hurricanes, tropical depressions, storms, heavy snows, and freezing temperatures.
Fortunately, all the hazards mentioned above are covered by commercial property insurance.
Some businesses may benefit from supplementing their property coverage with specialized policies such as:
- Commercial flood insurance: This is important because even though hurricanes are covered by commercial property insurance, the floods that often accompany them are not. A local independent agent can help you purchase up to $500,000 in structural coverage and $500,000 in contents coverage through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This is designed to cover your company’s portable property whenever it is in transit or is being kept at a place that is outside of your business, such as in a warehouse or at a job site.
- Bailee's insurance: This is designed to cover your customers' property whenever it is in your business’s custody, care, or control. This insurance is essential if your company provides repair, alteration, or maintenance services on expensive items.
- Boiler & machinery insurance: This is designed to cover repair or replacement costs if your company’s essential equipment malfunctions or breaks down. It can also compensate your business for losses sustained due to these machinery malfunctions.
A local independent insurance agent can help you be sure that all of your company’s assets are suitably covered by appropriate policies.
How Can Business Interruption Insurance Help Huntington Businesses?
In late October 2012, Hurricane Sandy made landfall near Atlantic City as a post-tropical cyclone. The storm caused a nearly 14-foot storm surge on the south shore of Long Island Sound, and the town of Huntington experienced serious damage and problems including toppled trees, damaged buildings, gas shortages, power outages, and lack of heat.
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
Disasters like hurricanes and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended time while repairs are made.
When damage is widespread, as in the case of Hurricane Sandy, repair efforts can take longer than usual. Most small businesses cannot financially handle the financial repercussions of a long-term forced closure.
Fortunately, business interruption insurance offers a solution to this problem.
This insurance can provide your business with a continuation of income during the times that damage caused by a covered event force a long-term closure. That way, your company will have the funds needed to pay regular monthly expenses and salaries until you can resume normal operations.
Business interruption insurance isn’t a good fit for every company. Talk to a local independent insurance agent for help deciding whether a policy makes sense for your Huntington business.
Do Huntington Businesses Need Workers’ Compensation Insurance?
With very few exceptions, all employers in New York State are required to carry workers’ compensation insurance. This insurance is designed to cover the cost of medical treatment, hospital stays, follow-up care, disability pay, and other expenses related to workplace injuries and occupational illnesses.
Your cost for workers’ compensation will be based primarily on how many people you employ and the types of jobs they do. The higher the risk that your workers will suffer serious injuries on the job, the more it will cost for you to cover them. Therefore, a nurse in the emergency room at Huntington Hospital would cost more to insure than a professor at Five Towns College.
Independent agents can shop around to find you the most affordable workers' compensation policy for your business. Talk to a local agent to learn more.
What about Insurance Products for Employee Benefits Packages?
Are you thinking about putting together an employee benefits package for your workers? Doing so may be good for your company.
Human resource professionals have found that businesses that offer their workers benefits like health insurance, life insurance, paid vacation time, sick time, 401(k) plans, and other perks find it easier to attract and retain highly qualified personnel.
When you are looking for the best insurance policies to include in your employee benefits package, you will find there are many different products to choose from. This can make it hard to decide which to purchase. Fortunately, you can turn to a local independent agent for guidance.
Your agent can explain the pros and cons of your various options, such as PPOs, HMOs, and managed care plans so that you are able to make an informed decision. Your agent can also help compare quotes from a few providers so you can be sure you are getting your policies at a good price.
Why Work with an Independent Insurance Agent in Huntington, NY?
Exposures and potential risks can vary significantly from one business to the next. That is why insurance companies enable business owners to fully customize their business insurance coverage.
A local independent agent can offer guidance and advice and can help you find the best and most affordable policies to cover your Huntington business. Find an insurance agent near you to 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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