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Business & Commercial Insurance Information
Business & Commercial Insurance
Albany, Schenectady, Troy, Saratoga Springs, NY
Running a successful business requires extensive time, effort, resources and energy. For this reason, it is crucial to protect all of that work by properly implementing a comprehensive business insurance program.
A responsible business owner is one who compiles an extensive insurance portfolio to protect them from risks. With the right coverage, you won't have to worry about recovering from unexpected losses. Contact the Ten Eyck Group today. We can help you select and enroll in a policy package that is best for you.
Why Does My Business Need Insurance Coverage?
With business insurance, your risk of severe financial loss can be kept to a minimum. A business policy will help to provide financial security against losses caused by physical damage to the business, theft, legal fees, and judgments, as well as other challenges that may arise as the result of a claim. The business you have worked so hard to establish will be protected from incidents that are often beyond your control.
The Coverage Options You Need
A complete Business Insurance Program is not just one all-encompassing policy. To effectively cover your business, you'll need to invest in multiple types of protection. Some of the most-essential might be:
- Property Coverage: To cover your business' structure or other physical property, as well as its tangible contents, as a result of damage from covered hazards. Covered events may include fires, severe weather, theft, vandalism and related incidents.
- Business Interruption Coverage: To cover expenses associated with a property loss in order to continue operating the business. This could include moving costs, employee wages and maintaining your current finances.
- General Liability Insurance: To cover expenses in the event of a 3rd party claim against your business with regards to Property Damage or Bodily Injury:
- Bodily Injury Liability: To cover physical harm caused to others. This coverage may help in settling lawsuits, paying medical bills, supplementing the injured party's income and even providing death benefits in worst-case scenarios.
- Property Damage Liability: To cover damage caused to someone else's property. This coverage will pay to repair or replace the damaged items.
- Personal Injury Liability Insurance: This coverage can apply to non-physical damage caused to someone else. This coverage may pay if someone sues the business for libel, slander or advertising injury.
- Errors & Omissions (E&O) Coverage: Many businesses offer professional services or advice. Mistakes made during these services could personally or financially harm customers, leaving the business liable. This coverage can help to repay affected clients in such cases.
- Directors & officers (D&O) Coverage: Liability lawsuits can personally impact a business' directors, officers or governing boards. This coverage can help to protect them and their assets if a lawsuit is filed against them.
- Product Liability Insurance: If an item you make and sell causes someone harm, they have the ability to sue you. This coverage can help you settle with the client for the damage that results.
- Cyber Liability Coverage: This covers damage to electronic data resulting from a cyber-related event or attack. This policy can provide for your loss as a business, as well as, the costs associated with properly notifying your clients, regulatory fines and penalties, and any resulting 3rd party claims.
- Umbrella Liability Coverage: General liability insurance comes with limits. In the event you exceed those limits, this coverage can help you receive extra liability insurance limits on top of the general liability limits in place.
- Commercial Auto Insurance: Whether a business owns a vehicle or employs drivers to operate a company vehicle, the business has Commercial Auto exposure. This coverage is for the business' liability and can include physical damage coverage to repair a vehicle the business owns.
- Workers Compensation Insurance: Most states, including New York, require employers to carry this coverage. If an employee were to be injured on the job or fall ill as the result of a job, they have the right to file a Workers Compensation claim. This coverage can cover medical bills or provide supplementary income during the employee's recovery process.
- Business Crime Insurance: This policy can help to pay for damage caused to the business if an employee steals from the employer or employer's customer while working for the business. Covered incidents can include theft of company funds, employee dishonesty and certain other liabilities as a result of the crime. Coverage can also be provided if someone from outside the organization were to steal funds using a computer or by falsifying checks.
Ask About BOP Options
A business will be required to pay for several different insurance policies in order to get enough coverage. However, there are various policy packages that can help combine coverages in a convenient and efficient way. One of the most widely available options is the Business Owners Policy (BOP) package.
BOPs can contain a number of coverages in one place, such as:
- Property and contents coverage
- General liability insurance
- Business interruption coverage
Certain BOPs may also cover cyber liability insurance, E&O protection and more. This allows the business to keep numerous different coverages in one place. Keep in mind, a BOP is not necessarily all-inclusive coverage and the business will likely have to supplement this package with other policies to ensure proper coverage.
Here When You Need Us
At the Ten Eyck Group, we pride ourselves on helping business owners to find the appropriate coverage, at the right price. Don't hesitate to contact us today for a quote! We look forward to hearing from you.