In some cases, you may have a legal obligation to purchase certain types of business insurance. The federal government requires that all companies with employees have workers' compensation, unemployment and disability insurance. Some states also require additional insurance. Remember that when you select a carrier, you should base your decision not only on the plan they offer, but also on their reputation, stability, and track record serving the small business market.
Even when not required by law, business owners may need to purchase commercial insurance to sign a lease, attract customers, or obtain a license for their profession. If you've formed a corporation, limited liability company, or other business entity, you may not realize that you still need insurance. A personal injury lawsuit can make you struggle to pay legal fees, and yet many small business owners don't take the time to assess their needs and get the right coverage. This policy provides protection if a customer or customer files a lawsuit for business errors or carelessness that caused financial losses.
Many insurance companies have determined that certain companies are eligible for a specifically designed insurance program. Companies that have provided the Department with the names of the contact persons have indicated their intention to accept new business in accordance with their subscription guidelines. Protecting your business from a financial disaster will not only preserve all your hard work and long hours, but it will also allow you to sleep better. Selecting the most appropriate insurance program for the needs and resources of your small business is a complex task.
It offers fire coverage and extended coverage, as well as coverage against vandalism, intentional mischief and sprinkler leaks to consumers who cannot purchase this type of insurance with individual insurance companies. The Health Care Reform Act of 2000 introduced the Healthy NY program to provide more affordable health insurance to New Yorkers who need it most. For example, a furniture store has different needs than a restaurant; an accounting office for two people has liability risks that are different from those of a retail company with a lot of customer interaction or a builder with a contractual obligation to build a building. Your insurance agent should be able to guide you in choosing an amount of coverage that gives you peace of mind.