subject: Types Of Insurance Your Business Needs [print this page] Types Of Insurance Your Business Needs
Business insurance NY business owners should consider needs to be put in place in order to keep the business safe from financial ruin due to something that is out of the owner's control. If you are one of these owners, you should really think about this today before it is too late. Insurance is the only thing that can protect you against a fluke accident, something that happens to your building, your employees, or visitors to your business. There is no other way to be prepared for such an event, to be prepared for the monetary impact that this type of event can have upon you, your business, and your total revenue.
The first type of insurance that you need to consider is insurance on the building itself. If a fire burns down your building and you have no way to get it rebuilt or repaired again quickly, you could lose all of your customers. They could turn to someone else while you are trying to get your business going again. Then, even if you do get things running at the same level, you will be out of customers. Having insurance in place will get you back on your feet in no time.
The next type of business insurance NY owners should consider is liability insurance. This will protect you if something unfortunate happens to someone while they are on your property. If they slip and fall or have something fall on them, they could sue you. They could claim that your place of business was unsafe and say that you need to pay their medical bills. This type of insurance will cover the costs if you are in fact liable for the thing that has happened.
Finally, you need to think about getting error and omission insurance. This will protect you from the simple mistakes that anyone can make, mistakes that can end up costing you and your business dearly. If you make a mistake that costs one of your customers a lot of money, they will come after you to get this money back. If you do not have any insurance in place, you could have to pay for the mistake out of your own pocket. The policy will make sure that you do not have to do this, which you do not have to lose out based on such a small mistake.
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