Your Complete Guide to Yonkers, NY Business Insurance

More than 18,000 businesses can be found in the New York City suburb of Yonkers. The biggest industries in this city include retail trade, construction, and healthcare and social assistance. If you own a business in this bustling city, you will want to be sure that your investment is suitably protected with a comprehensive business insurance plan.

A local independent agent can help you identify your company’s various exposures and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to start comparing customized quotes.

Liability Insurance for Small Businesses in Yonkers

Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if you are sued for a covered event. All business insurance policies include commercial general liability insurance (CGL).

CGL includes premises liability insurance to cover third-party injuries, illnesses, or damage caused by an accident on your business property, and product liability insurance to cover third-party injuries, illnesses, or damage caused by a defect in a product your business produces, sells, or promotes.

Many companies have liability risks that go beyond what CGL insurance can cover. Your local insurance agent can help you identify your business’s other liability exposures and can recommend the right insurance products to cover against them. Examples of some of the many commercial liability insurance policies you can choose from include:

Employment practices liability insurance (EPLI): This covers your business if a current or former employee accuses your company of illegal business practices such as discrimination, harassment, or wrongful termination.
Liquor liability insurance: This covers businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that an intoxicated patron causes injury or property damage to others.
Environmental liability insurance: This covers clean-up costs and damages if your company accidentally pollutes the land, water, or air .
Professional liability insurance: This covers individuals in professional positions if errors in judgement or other professional mistakes cause third-party damages. This type of insurance covers professionals from doctors to real estate agents.

Talk to your independent insurance agent to learn more about these and other liability products that may be right for your Yonkers business.

Cybercrime Insurance for Yonkers Small Businesses

Cyber liability insurance is still another commercial liability product, and it is one that all Yonkers business owners who use computers should be aware of. It was created to defend companies against the increasing 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

All businesses that electronically manage or track their customers’ personal and financial data are at risk. Hackers may be able to find a way to access this information, and can then use it to commit identity theft and fraud.

If your company experiences a data breach, it will be liable for the resultant damages, which can be extremely costly. Cyber liability insurance can help by absorbing these costs. Be sure to ask your insurance agent for more information about how cyber liability insurance can protect your Yonkers business.

Property Insurance for Small Businesses in Yonkers, NY

Your commercial insurance policy also includes property insurance. This is designed cover loss or damage of your company’s assets, including merchandise, inventory, machinery, tools, furnishings, outdoor signs, and more. Businesses in Yonkers are most likely to experience loss or damage due to property crimes, structure fires, and severe storms.

Your independent insurance agent can help you determine whether additional specialized policies like inland marine insurance or boiler & machinery insurance are necessary in order for your all of business property to be fully covered. Also, some businesses in Yonkers are prone to flooding, so you may also want to supplement your coverage with commercial flood insurance.

Business Interruption Insurance for Yonkers Businesses

Damage to your business-owned property isn’t the only risk you face during a catastrophic event. Your business may also need to remain closed for weeks—or even months—while repairs are made. Without a stream of revenue during these times, many small businesses could find themselves facing bankruptcy.

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

An F2 tornado touched down just three miles from the Yonkers city center in 1970. And Hurricane Sandy caused a great deal of damage in this city in 2012. These severe weather events had a major impact on area businesses.

Business interruption insurance provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance enables your company to pay expenses, like loan payments and salaries, until you can once again resume your normal business operations.

Workers' Compensation for Yonkers Businesses

Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other associated expenses if they are hurt or become ill while doing their jobs. It can also pay out death benefits to family members in the unfortunate event that a workplace injury proves fatal.

Most businesses in the state of New York are required by law to carry workers’ compensation insurance. The state does allow for a few exceptions, most notably for sole proprietors with no employees, but exemptions for businesses with employees are rare. The cost for this coverage is based on the likelihood of serious injury according to the types of jobs your workers do.

Your independent insurance agent can help you obtain an appropriate policy, either through a commercial provider or through the State Insurance Fund (SIF), whichever is the better choice. If approved, your business also has the option to self-insure.

Employee Benefits for Small Businesses in Yonkers

Health insurance may be expensive, but providing it to your employees can have money-saving benefits. Studies by human resource managers have shown that workers who have health insurance tend to take fewer sick days. Other studies have demonstrated that offering an attractive benefits package helps companies attract and retain ideal employees.

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

If you are considering including health and life insurance in your employee benefits package, you will find that there are many different policy types and options available for you to choose from. You may therefore be glad to have the guidance of an experienced insurance professional.

Why Work with an Independent Insurance Agent?

There is no such thing as a one-size-fits-all business insurance plan. Fortunately, insurance companies offer a wide variety of products and policy options to enable business owners to fully customize their company’s commercial insurance portfolio. Independent insurance agents can help you choose the right coverage to meet your company’s specific needs.

Because they do not work for a particular insurance company, these agents are free to shop around for the best business insurance policies at the most competitive prices. Contact an independent insurance agent with an office in or near Yonkers to get started.

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