New Rochelle Business Insurance

Your Complete Guide to New Rochelle, NY Business Insurance

Find the right business insurance policy you for you.

New Rochelle is home to more than 8,700 businesses. This coastal city is an ideal place for firms operating in the import-export industry, which is why Sidney Frank Importing is one of the many large companies headquartered here. Whatever your industry, as a business owner in New Rochelle, it is important that you protect your investment with a comprehensive insurance plan. 

Choosing the right businesses insurance can be complicated. Fortunately, you do not need to go it alone. Independent  agents in New Rochelle can help you build a solid coverage portfolio by identifying your company’s specific risks and determining which policies can best cover against them. Find an independent insurance agent near you to learn more.

Liability Insurance for Small Businesses in New Rochelle

Liability insurance is designed to cover the court costs, legal fees, and damages associated with certain liability lawsuits. Because these lawsuits can frequently result in judgments exceeding $1 million, liability insurance can prove extremely valuable.

All business insurance policies include commercial general liability insurance, which is also referred to as CGL. Your company’s CGL has two main coverage components:

  • Premises liability insurance: Designed to cover third-party injuries, illnesses, and property damage when they occur on your business property. 
  • Product liability insurance:  Designed to cover third-party injuries, illnesses and property damage when they are caused by products your business produces, sells, or promotes.

An independent insurance agent can identify other liability risks your business faces that are not covered by CGL. You agent can then recommend the appropriate policies to cover against these hazards. Examples of some of the many liability insurance products available to you include: 

  • Liquor liability insurance: Designed to cover businesses that sell or furnish alcoholic beverages in the event that an intoxicated patron causes injury or property damage to others.
  • Employment practices liability insurance: Designed to cover your business against lawsuits related to alleged illegal business practices such as discrimination, harassment, and wrongful termination.
  • Environmental liability insurance: Designed to cover businesses against accidental pollution of the ground, water, or air.
  • Errors and omissions insurance (E&O): Designed to cover individuals in professional positions against lawsuits for damages caused by errors in judgment and other professional mistakes.

You can learn more about these and many other commercial liability coverage options by consulting a local insurance agent.

Cyber Liability Insurance Protects New Rochelle Businesses

If your business uses computers, cyber liability insurance is one liability product you may find particularly important. This relatively new offering was designed to protect businesses from the growing threat of cybercrime. 

Cybercrime insurance provides liability coverage in the event that criminals break into your business’s computer system and access sensitive customer data that your company has stored electronically. This data can be used to commit identity theft and fraud, and your company can be sued for the resultant damages.

  • 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

Firewalls and passwords can only slow a determined hacker down. Be sure to ask your insurance agent for more information about how cyber liability insurance can offer your New Rochelle business a layer of protection.

Property Insurance for Small Businesses in New Rochelle

New Rochelle businesses may experience property loss, damage, or destruction due to such hazards as accidental fires, property crimes, and severe weather events like storms that bring hurricane-force winds and lightning.

  • Number of federally declared disasters in NY since 1953: 93
  • Most common reasons for declared disasters: Severe Storm, Flood, Heavy Snow

All business insurance policies include commercial property coverage. This coverage component is designed to compensate your business for loss or damage to your commercially owned property, including merchandise, furniture, signs, tools, and machinery. 

Some commercial property needs to be covered by specialized insurance like inland marine insurance or boiler & machinery insurance. Your independent insurance agent will be able to help you make sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.

Business Interruption Insurance for New Rochelle Businesses

Major disasters like structure fires and hurricanes can do more than just damage property. They also have the potential to force your business to remain closed for an extended period while repairs are made. A closure that lasts for several weeks, or even months, can be financially devastating for a small company.  That is why, in times of disaster, business interruption insurance can be vital. 

Business interruption insurance is designed to provide your company with a continuation of income if a covered event leads to a long-term closure. That way, your business can continue to pay monthly expenses and employee salaries even while it is unable to generate revenue. This coverage is usually limited to one year.

New Rochelle Businesses Need Workers’ Compensation Insurance

Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the cost of medical treatment, lost wages, and other associated expenses if an employee is injured or becomes ill on the job. This insurance can also provide family members with financial compensation in the unfortunate event that a workplace accident proves fatal.

In the state of New York, nearly all businesses are required to cover their employees with workers’ compensation insurance. This includes part-time as well as full-time workers. Exceptions are made for sole proprietors with no employees, though coverage can be purchased in this case as well.  Failure to carry this coverage can result in fines and prosecution.

The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. You can expect it to cost far more to cover a builder at a construction firm than to cover a cashier at a grocery store. Your agent can help you find great coverage through a commercial provider or the state insurance fund.

Employee Benefits for Small Businesses in New Rochelle

Studies by human resource management professionals have shown that when businesses offer their employees benefits such as vacation time, sick time, life insurance, and healthcare coverage, they are better able to attract and retain highly skilled workers. 

  • 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

There are many different life and health insurance products available. This can make it difficult to decide which plans are the best to include in your employee benefits package. Fortunately, local independent agents are available to explain the pros and cons of each of your various options and to answer your insurance-related questions.

Your insurance agent can then help you review a selection of competitively priced policies that meet your coverage requirements. 

Why Work with an Independent Insurance Agent?

Every business has specific risks, and no two companies are alike. That is why insurers make it possible to fully customize your commercial coverage. An independent agent can guide you in your search for the best insurance to cover your New Rochelle business. Because they can work with multiple providers, these agents can find you great policies at competitive prices.

Contact an independent insurance agent with an office in or near New Rochelle to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
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