Troy, NY, is home to nearly 3,000 businesses. From large companies in the textile production and technology sectors to the many retail stores in the Uncle Sam Atrium, each plays a role in providing goods, services, jobs, and wealth to the local community. Business insurance helps these companies stay profitable in times of trouble.
If you are a business owner, independent agents in Troy can help you build a comprehensive, yet affordable, business insurance policy package. These agents can identify the specific risks your company faces and can recommend the right insurance policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more and to start comparing customized business insurance quotes.
Why Do Businesses in Troy, New York, Need Liability Insurance?
Businesses can sometimes wind up on the wrong end of a liability lawsuit; and when this happens, things can get expensive. Having the right liability insurance policies in place is necessary for your company to avoid large financial losses.
Commercial liability insurance products are designed to absorb expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance, often simply referred to as CGL. CGL provides coverage for some of the most common liability risks businesses face. It includes, but is not limited to:
- Premises liability insurance: This can cover third-party injuries or property damage that occurs due to accidents that take place on your business property and can be blamed on your company’s negligence.
- Product liability insurance: This can cover third-party injuries or property damage caused by a defect or design flaw in a product your company produces, sells, or promotes.
- Advertising liability insurance: This can cover against lawsuits related to accusations of copyright infringement, false advertising, and deceptive pricing, and other marketing mishaps.
Many businesses have liability risks that go beyond what CGL alone can cover. An independent agent can help you identify any additional liability exposures your business may have and can recommend the appropriate insurance policies to cover against them.
The following are some examples of some commercial liability insurance policies an independent insurance agent may recommend:
- Cyber liability insurance: This can cover your company’s financial responsibilities and damages if hackers break into your business’s computer system and access sensitive data like your customers’ financial and personal information.
- Employment practices liability insurance: This can cover your business against accusations of wrongful termination, discrimination, harassment, retaliation, or any other illegal employment practice.
- Liquor liability insurance: This can protect businesses that serve alcoholic beverages in the event that an intoxicated patron causes property damage or injuries to others. It is important because New York dram laws allow injured parties to sue the establishment that provided the alcohol.
Talk to your insurance agent to get more in-depth information about these and any other commercial liability products that may be a good fit for your business in Troy.
What Are the Property Damage Risks in Troy, NY?
Commercial property insurance is another important part of every business insurance policy. It is designed to cover loss or damage to your company’s assets including things like merchandise, inventory, computers, office furniture and supplies, tools, and more.
Businesses in Troy are most likely to experience loss or damage due to hazards like property crimes, accidental fires, severe storms, strong winds, hail, heavy snows, and freezing temperatures. Fortunately, your commercial property insurance is designed to cover against all of these hazards.
There are additional property coverage products that may also be necessary in order for your business property to be fully covered. These include:
- Commercial flood insurance: This is important because flood damage is specifically excluded from commercial property insurance coverage. Businesses located near waterways like the Hudson River, Poesten Kill, and Wynants Kill are most at risk, but when winter snows melt and heavy rains fall, flash flooding can occur just about anywhere in this city.
- Inland marine insurance: This can cover your company’s portable property during the times that it is in transit or is being stored away from your place of business, such as at a job site or in a warehouse.
- Boiler & machinery insurance: This can cover the cost of repairing or replacing your company’s essential machinery and equipment if it breaks down or malfunctions. It can also cover associated business losses.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your business’s custody, care, or control, such as if you are providing repair, maintenance, or alteration services on it.
Your local insurance agent can explain these coverage options in greater detail and can help you be sure that all of your business assets are suitably covered.
How Does Business Interruption Insurance Help Companies in Troy, NY?
The worst disaster ever to happen in Troy occurred in 1862 when sparks from a train engine set the wood-covered Green Island Bridge on fire. As it was a very windy day, these flames quickly spread to the city where more than 600 buildings were destroyed at a cost of close to $8 billion in today’s dollars.
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
While a disaster as bad as The Great Fire is unlikely to happen again in Troy, hazards like structure fires and severe storms do have the potential to impact your business. If this happens, commercial property insurance alone may not be enough to save your company from experiencing expensive losses.
This is because property damage isn’t the only loss it is likely to face. Serious damage has the potential to force your business to shut down for several weeks while repairs are made. Without an ongoing stream of revenue, many small businesses can be forced into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to shut down because of damage caused by a covered event.
This insurance can provide the funds needed for your company to pay regular expenses like bills, loan installments, and salaries until you can get back to normal operations. Talk to a local independent insurance agent to learn more about how business interruption insurance can protect your Troy business.
Are Employers in Troy Required to Carry Workers’ Compensation Insurance?
With few exceptions, all employers in New York are required by law to carry workers’ compensation insurance.
This insurance is designed to cover your employees’ medical treatments, hospital stays, follow-up care, prescriptions, and other related expenses if they suffer a work-related injury or an occupational illness. It can also provide workers with disability pay and other compensation for serious injuries.
The cost for workers’ compensation coverage is based mainly on the types of jobs your employees do and the likelihood that they will sustain significant injuries while doing them. The greater the risk, the higher the price. Therefore, it would cost much more to cover a worker at a textile mill than it would to cover an instructor at Rensselaer Polytechnic Institute.
You may qualify for discounts on your coverage if your business has a long-standing record of employee safety.
A local independent insurance agent can help you compare policies and quotes from a few competing providers. That way, you can be sure that you are getting this mandatory coverage at a good price.
Are You Looking for Insurance Products for Your Employee Benefits Package?
Some businesses offer their workers benefits like health insurance, life insurance, paid vacation, sick time, 401(k) plans with an employer match, and other perks. This helps them to attract and retain a talented pool of employees.
If you are looking to put together a benefits package for your employees, you may need some help finding affordable insurance products to include in it.
When it comes to health insurance products, there are a wide range of policy types and options available to you. Each has pros and cons, and the cheapest policy is not necessarily the best policy. This can make it hard to choose.
You may therefore find it beneficial to have the guidance of an experienced insurance professional when you are shopping for coverage. Talk to a local independent agent for help deciding which policies are the best to include in your employee benefits package.
Why Work with an Independent Insurance Agent in Troy, NY?
Insurance companies offer a wide range of policies and options so that business owners can fully customize their policy packages. Independent insurance agents in Troy can help you choose appropriate products to meet all of your company’s specific coverage needs.
Because they do not work for a particular insurance company, independent agents can shop around to help you find the best policies at the most competitive prices. Find an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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