According to the US census, there are more than 2.1 million businesses operating in the state of New York. About 7,000 of these businesses can be found in the New York City suburb of Mount Vernon. While businesses in the construction and retail trade industries are most abundant here, Mount Vernon also has a large commercial sector that supports the engineering, high-tech and manufacturing industries
Mount Vernon business owners in all sectors can protect their investments with comprehensive commercial insurance. If you are among these entrepreneurs, a local independent agent can help you build a customized business insurance plan that will cover against all of your company’s various exposures. Find an insurance agent near you to get started.
Liability Insurance for Small Businesses in Mount Vernon
Even if the courts rule in your favor, lawsuits can be very expensive. That is why business liability insurance is a crucial part of every commercial insurance policy. It can cover the expenses related to liability lawsuits, including court costs, legal defense fees, and damages.
Your business insurance policy will include commercial general liability insurance (CGL). It has two main coverage components: premises liability insurance, to cover third-party injuries, injuries, and damage that occur on your business property; and product liability insurance, to cover third-party injuries, illnesses, and damage that are caused by products your company produces, sells, or promotes.
Most businesses need additional policies in order to be fully covered against all of their potential liability risks. Your independent insurance agent can review the many other liability coverage products available to you and can make recommendations about which are right for your business. Examples of other commercial liability policies your agent may discuss include:
- Employment practices liability insurance: Also called EPLI, this covers your business against accusations of illegal practices such as discrimination and wrongful termination.
- Professional liability insurance: Also called errors & omissions insurance, this covers individuals in professional positions if negligence, errors in judgement, or other mistakes lead to third-party damage.
- Commercial vehicle liability insurance: This covers your business against the increased liability risks that go along with having a company-owned vehicle or fleet of vehicles.
- Pollution liability insurance: This covers your business against accidental environmental damage if an accident causes toxic substances used by your company to pollute the land, water, or air.
Contact a local independent insurance agent to get more information and quotes for the liability insurance policies that are a good fit for your business.
Cybercrime Insurance for Mount Vernon Small Businesses
No talk of commercial liability coverage is complete without taking a good look at cyber liability insurance. This relatively new insurance product was created to protect businesses against the growing threat of cybercrime.
- Number of identity theft complaints in New York per year: 15,959
- Ranked 17th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If your company uses computers to electronically record your customers’ personal and financial information, it is at risk. Even if you protect your data with firewalls, passwords, and other security measures, determined hackers can frequently find a way to break through and access this sensitive information. They can then use the data to commit identity theft and fraud.
Companies that experience a data breach can be held liable for any resultant damages, and this can prove extremely expensive. If your Mount Vernon business collects and stores customer data electronically, be sure to ask your independent agent for more information about how cyber liability insurance can add a layer of protection.
Property Insurance for Mount Vernon Businesses
Business insurance policies also include commercial property coverage. This is designed reimburse your business for loss or damage to your company-owned property such as inventory, furnishings, tools, computers, and more.
- Number of federally declared disasters in NY since 1953: 93
- Most common reasons for declared disasters: Severe Storms, Floods, Heavy Snow
A major disaster, like an explosion or a severe storm with hurricane-force winds, can cause extensive destruction. It is therefore important to be sure that your coverage levels are high enough to enable you to repair, rebuild, or replace damaged property without your Mount Vernon business experiencing a large financial loss.
Some commercial property requires specialized coverage (for example, boiler & machinery insurance, contractors equipment insurance, or inland marine insurance). Also, be aware that you will need to purchase a commercial flood insurance policy if you wish to have coverage against the damaging effects of this risk. Your insurance agent can ensure that you are properly covering all your business assets with the right policies when you are building your commercial insurance plan.
Business Interruption Insurance for Businesses in Mount Vernon
When disaster strikes, you need to be prepared for more than just destruction of your business-owned property. In some cases, a major disaster, like a major snowstorm or hurricane, can force you to shut down your business for weeks, or even months, while the damage is repaired. Business interruption insurance provides your company with a continuation of income during such times.
Business interruption insurance enables you to have the income you need to pay your employees’ salaries and other expenses like loan payments until you are able to resume normal operations. Most policies limit this coverage to twelve months. Talk to an independent agent in Mount Vernon to learn more.
Workers' Compensation for Mount Vernon Businesses
There are a number of ways that your employees can be injured on the job. These range from short-term physical injuries like lacerations that require stitches, to long-term physical injuries like lost limbs or chronic back pain, to illnesses that may occur after exposure to toxic substances. If a worker is hurt while doing their job, your business is responsible for covering the associated costs.
Workers’ compensation insurance (or “workman’s comp”) is designed to cover medical treatment, lost wages, and other related costs if an employee is injured in the course of doing their job. Rates for this coverage are based on the risks associated with the work your employees do. A construction worker would cost far more to insure than a retail worker.
The state of New York requires most businesses to carry workers’ compensation insurance. There are a few exceptions, such as for sole proprietors with no employees and those who hire certain domestic help. If in doubt, your local insurance agent can help you determine whether this coverage is necessary for your business.
Let a local independent insurance agent help you secure an appropriate and competitively priced policy through a commercial provider or through the State Insurance Fund. With approval, your business also has the option to self-insure.
Employee Benefits for Small Businesses in Mount Vernon
It can be to your advantage to provide your workers with benefits like vacation time, health insurance, and life insurance. Studies by human resource professionals have demonstrated that businesses that offer great benefits packages are more likely to attract and retain ideal employees. It has also been shown that workers who have access to healthcare use fewer sick days.
- Average amount spent on healthcare coverage by NY businesses: $1,568,586
- Ranked 3rd for highest medical insurance costs in the US
- Average annual cost of health care in NY: $6.086/person or $17,530/family
Healthcare coverage is expensive, but a local independent agent can help you find good coverage at a competitive price. There are several different policy types for you to choose from, so you may find it beneficial to have guidance and assistance from a local insurance professional when you are shopping for employee benefits products like life and health insurance.
Why Work with an Independent Agent?
Every business is different and has its own unique coverage needs. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.
The wide range of products and policy options available to business owners enables you to fully customize your commercial coverage. A local independent agent can help you navigate through your many choices so you can select the coverage that is best for your particular business. Contact an insurance agent in or near Mount Vernon to get started.
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