5 Must-Have Business Insurance Policies

Looking for business insurance in Rochester, NY?

There are many options for you, but first of all, congratulations for taking the right step. Choosing business insurance is the first important decisions. It is even mandatory by law to have certain business insurance policies. Whether you are starting a new business or you are a seasoned businessman, it is important to spend time on your business insurance decisions.
Here are some business insurances that you should seriously consider:

  • Professional Liability Insurance: When we talk about our professional fields, the question of errors is inevitable. There are several instances of professional errors that have led to serious lawsuits. Protection from such lawsuits can come from Errors and Omissions Insurance. No one wants to be held liable for professional miscalculations but there is no escape when this happens. These lawsuits are generally expensive and having professional liability insurance can ease business owner stress when errors occur.
  • Commercial Property Insurance: Depending on where your business property is located, it is prone to elements such as floods or earthquakes. This can put you in a position of risk. Having proper commercial property insurance can help you in these situations. Commercial property insurance is one of the most sought after business insurance policies in Rochester, NY considering the location and risks present there. Make sure you ask your insurance agent about the types of commercial property insurance you will need to stay protected.
  • Workers’ Compensation Insurance: This is one type of business insurance that every employer must have. Workers’ compensation insurance will allow your employees to claim benefits when injured on the job. When an employee is injured at work, the employer is responsible for the employee’s injuries, and workers’ compensation insurance will cover those medical expenses.
  • Commercial Vehicle Insurance: This can be one of the most important business insurances to add to your business insurance package. There is a chance that you will use a vehicle to carry out commercial transportation. In the case of a mishap on the road while on duty, the vehicle’s automobile insurance would cover limited areas. However, the goods that might be damaged due to the incident might not be covered by general automobile insurance. This part is generally covered by your commercial vehicle insurance. Hence, it is important to add commercial coverage to your insurance package.
  • Industry Related Insurance: There are certain industry specific insurance policies that are available and important. These policies vary from industry to industry and state to state. Ask your agent for up to date information to help you with making the right decisions based on your industry and location.Your insurance agent will be aware of the insurance policies available in your state, the limits, advantages and costs, and whether it is mandatory.

These are the major insurance policies that you should take into account when considering business insurance in Rochester, NY. Insurance is important and can reduce business risks and losses. Business insurance keeps your business financially backed up and offers peace of mind to you and your staff. Whether you are a start-up or an established business, these insurance policies are a must-have and should be taken into consideration.