The Queens neighborhood of Richmond Hill is home to about 4,000 small companies. From the many businesses that line Jamaica Avenue to sole proprietorships run out of people’s homes, each can benefit from the protections a solid business insurance policy package can provide.
Buying business insurance can be a complex task, but it doesn’t need to be. Independent agents can help by identifying your company’s specific risks and recommending the best and most affordable policies to cover against each of them. Contact an insurance agent in Richmond Hill to learn more.
Why Do Richmond Hill, New York Businesses Need Liability Insurance?
If a liability lawsuit is filed against your business, the resulting costs can be extremely expensive. This holds true even if the courts ultimately rule in your company’s favor.
Business liability insurance is designed to cover your company’s court costs, legal fees, financial damages, and other related losses if it is sued. However, no single policy covers against every liability risk. You will need to be certain that you have the right policies in place to cover against each of your company’s liability exposures.
A local independent agent can help you identify all of the potential liability risks your business may face and can recommend the right policies to cover against each of them. That way, you do not need to worry about unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage when it is caused by an accident on your business premises for which your company can be considered responsible.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that are caused by defects or design flaws in products your business produces, sells or promotes.
- Cyber liability insurance: This can cover your company’s financial responsibilities if criminals hack into your computer system and steal sensitive information like your customers’ Social Security numbers, financial data, or personal information.
- Employment practices liability insurance: This can cover your company’s defense against accusations of perceived illegal employment practices like discrimination, harassment, retaliation, and wrongful termination.
- Liquor liability insurance: This is important for businesses that serve alcoholic beverages. It can cover against lawsuits related to damage or injuries caused by a person who became intoxicated while at your establishment. This is necessary because New York’s dram shop laws allow the injured party to sue the business that provided the alcoholic beverages to the perpetrator.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Richmond Hill.
What Insurance Products Cover Your Business Property?
Businesses in the neighborhood of Richmond Hill are most likely to experience property loss or damage due to hazards like structure fires, thefts, severe storms, strong winds, heavy snows, and freezing temperatures.
Commercial property insurance is designed to cover assets such as computers, office furniture, supplies, inventory, merchandise, and tools against loss or damage caused by these risks.
Sometimes, additional property insurance products are necessary. Depending on the nature of your business, an insurance agent may recommend supplementing your commercial property insurance with optional products such as:
- Inland marine insurance: This can cover your company’s portable property when it is being transported or is being kept at a location other than your place of business, such as a job site or in a warehouse.
- Bailee's insurance: This can cover your customers' valuable property whenever it is in your company’s care, custody, or control. This may be essential if your business provides repair, alteration, or maintenance services on expensive items.
- Boiler & machinery insurance: This can cover the cost to repair or replace your business’s essential machinery if it breaks down or malfunctions. It can also cover any financial losses your business may sustain as a result.
- Commercial flood insurance: This is often necessary because flood damage, which can be very expensive, is excluded from your commercial property insurance coverage. When prolonged, heavy rains fall, particularly during hurricane season, drainage systems can become overwhelmed and flash flooding can occur just about anywhere in this area.
A local insurance agent can help you be certain that all your valuable business assets are suitably covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
Is Business Interruption Insurance a Good Idea in Richmond Hill, NY?
A disaster like a severe windstorm or a fire can do more than just damage your company’s valuable property. If the destruction is particularly severe, your business might also be forced to remain closed for several weeks while repairs are made.
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
Many small businesses cannot survive the financial consequences of a forced long-term closure following a disaster. Fortunately, business interruption insurance provides a solution to this problem.
This insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to damage caused by a covered event. Coverage can continue until you are able to safely resume normal operations.
Consult a local independent insurance agent for help determining whether business interruption insurance is a good fit for your Richmond Hill business.
Do Businesses in Richmond Hill Need Worker's Compensation Insurance?
Unfortunately, employees sometimes get injured on the job. This can happen even when businesses and workers take all reasonable precautions. That is why, with few exceptions, all employers in the state of New York are required to carry worker's compensation insurance.
Worker's compensation insurance is designed to protect your business and your employees from financial losses related to workplace injuries and occupational illnesses. It does this by covering the cost of medical treatment, follow-up care, disability pay, and other related expenses.
Your company’s cost for coverage will be based primarily on the number of people you employ and the types of jobs they do. Workers who have a high risk of injury, like bouncers and security guards, will cost more to insure than those with a low risk, like administrative assistants and counselors.
An independent agent can obtain customized quotes for coverage from a few competing worker's compensation providers on your behalf. That lets you be sure you are getting this mandatory coverage at a good price.
What about Insurance Products for Employee Benefits Packages?
When shopping for life and health insurance products to include in your employee benefits package, you will find that there are several different kinds of coverage available to choose from. This can make it difficult to determine which policies make the best choices.
An experienced independent insurance agent in Richmond Hill can explain the pros and cons of each of your various options and can help you compare policy rates for a few competing providers. That way, you can be sure that you are getting good coverage at a competitive price.
Why Work with an Independent Insurance Agent in Richmond Hill, NY?
Independent agents simplify the process of shopping for business insurance by providing guidance and advice as you consider your many policy options. These agents are not tied to a single insurance company so they can shop around to help you find the best and most affordable products to cover against all of your company’s exposures.
Set up a one-on-one consultation with an insurance agent near you to get more information about business insurance and to start comparing customized quotes from a selection of highly rated providers.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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