Types of NY Commercial Insurance for Business Owners
Types of NY Commercial Insurance for Business Owners
NY commercial insurance is more commonly referred to as business insurance and covers the insurance needs of small businesses and large corporations. There are several different policy types when referring to commercial insurance and the types in which you should purchase will depend entirely on the industry you serve as well as your potential exposures. While there are several types of business insurance to choose from, the most basic forms found today are commercial auto insurance, property insurance and professional liability. While you do not need to have in-depth knowledge on each of these policy types to receive quotes and bind coverage, it is important to know the basics to walk into an agency or brokerage prepared.
Commercial Auto Insurance
New York commercial auto insurance is necessary when you have vehicles used for commercial and business purposes. These vehicles can range from standard private passenger vehicles and pick-ups to large vans and trucks. A commercial vehicle is a vehicle that is used to transport materials, goods, tools or equipment related to your business. Like a personal auto insurance policy, a commercial policy comes equipped with similar coverages including liability, uninsured motorist, comprehensive, collision, and damage to business equipment. Because a personal auto insurance policy will exclude certain uses, it is important to check with your agent whether or not you need a commercial policy.
Property Insurance
NY commercial insurance covering a property is referred to as building and contents coverage. It is very similar to a renters or homeowners policy, however it is designed to cover commercial properties and will be rated depending on what type of business you are conducting. If you are running a manufacturing plant, for example, your premiums will be far higher than if you have an office building. Property insurance will cover the dwelling for those who own the property, or strictly business property if you are a tenant. Most property managers will require their tenants to carry a tenant's commercial property insurance policy to protect against liability lawsuits that may arise on the premises.
Professional Liability
Professional liability is a coverage that is excluded from all other commercial policy contracts. It is designed to cover damages arising due to your negligence or failure to act as a professional. Because a customer can sue if they are able to prove you are negligent, it is important to carry Professional Liability coverage if you provide advice and services on a professional scope. Those needing this coverage include insurance agents, real estate agents, contractors and IT professionals.
NY commercial insurance is a very broad topic that includes a plethora of different policy forms. It is important to build a comprehensive insurance portfolio when you are running your own business. Consult a knowledgeable broker and discuss gaps in coverage and recommendations to ensure you are protected. St. Louis Personal Injury Attorney Why Hire Them? Hamilton Personal Injury Lawyers - Insider Secrets Of A Personal Injury Law Case Professional Indemnity Insurance: Protect yourself for just £165 p.a Why it is important to work with local personal injury lawyers? New York Personal Injury lawyer – Shapiro law offices How to Get a Good Missouri Personal Injury Lawyer beside You How to Find a Personal Trainer in Victoria, BC Get Personal Protection With The Help Of Personal Injury Attorney A third type of HGV insurance known as the haulage exchange policy Why Hire a Personal Shopper? Cleaning Out Your Personal Closet For 2011 Personal Daily Planner Get Your Own Set Of Personal Checks