The 4 Different Types of Commercial Insurance Plans

Every business owner needs to protect their investments. And what better way to do it than through commercial insurance? This type of insurance offers protection against risks that are faced by businesses, such as property damage, liability, and business interruption. There are four main types of plans: property, liability, automobile, and workers’ compensation. Each has its own set of benefits that can help business owners stay protected in case of an accident or other unforeseen event.

Consult with VAC Insurance Agency in Brooklyn, NY for expert insurance advice. Stay safe and secure with the right commercial insurance plan for your business!

Here are four types of plans and what each one offers:

1. Property Insurance

Property insurance protects business owners against loss or damage to their property. This can include the building itself, as well as any equipment or inventory inside. In the event of a fire, theft, or natural disaster, property insurance can help cover the cost of repairs or replacement. This type of insurance is essential for all businesses, as it can help protect against unexpected events that could cause significant financial loss.

2. Liability Insurance

Liability insurance protects a business from claims arising from injuries or damage caused by the business’s employees or products. It helps a business pay for medical expenses, legal fees, and property damage caused by the company’s negligence. This insurance is essential for companies of all sizes, as it can help protect the business’ assets in case of a lawsuit.

For example, if a customer slips and falls in your store, liability insurance would help cover the cost of their medical expenses and any legal fees that may arise from the incident.

3. Automobile Insurance

Automobile insurance protects businesses against losses resulting from accidents involving company-owned vehicles. This insurance can cover the cost of repairs and any medical expenses incurred by employees or customers injured in an accident. If you have company-owned vehicles that you use for business purposes, such as delivery services or sales reps who travel to meet with clients, it is essential to have this type of insurance in place to protect your business in the event of an accident.

4. Worker’s Compensation Insurance

Worker’s Compensation is a type of commercial insurance that compensates workers who become sick or are injured due to their work. The compensation may include death benefits, income replacement, and medical expenses. Worker’s compensation is generally obligatory in most jurisdictions across the country. Hence, employers are legally required to provide this policy for their workers. However, even if it’s not required by law, it’s still essential coverage for businesses. Worker’s Compensation Insurance protects businesses from lawsuits resulting from employee injuries and helps ensure that employees receive the care they need if they’re injured on the job. Any company that has employees should consider carrying Worker’s Compensation Insurance.

Get the Right Commercial Insurance Coverage Today

Commercial insurance is an important way to protect your business from potential risks such as property damage, liability, and business interruption. If you’re looking for the best commercial insurance plan for your business, VAC Insurance Agency in Brooklyn, NY can help. We offer a wide range of insurance plans that can be tailored to meet the specific needs of your business. Contact us to learn more about our commercial insurance options and get a quote!

Do you need to get a commercial insurance plan?

The Brooklyn, NY area is densely populated and has a strong local economy. Those that want to be business owners will find that this could make the area a great place to run a company. If you want to be a business owner here, having the right insurance is very important. There are various reasons why you should get a commercial insurance policy when in this region. 

Why should you get a commercial insurance plan 

Comply with Requirements

One of the top reasons that you should get a commercial plan when in this part of New York is so you can comply with obligations. A business is going to have a lot of requirements for insurance. This will include requirements set by their lenders, investors, and even their clients. When you have this coverage, you will remain in compliance with these requirements. 

Protect Organization

Another advantage of having a commercial insurance plan is that it will help protect your organization. A proper commercial insurance policy offers support that will protect all of your business assets and can provide liability coverage. Having this insurance will prove to be helpful during some difficult situations that would otherwise result in a loss. This coverage can ultimately help to keep your business in good financial standing and will offer you peace of mind. 

If you want to be a business owner in the Brooklyn, NY area, it would be wise for you to speak with someone that you can trust when shopping for insurance. As you are looking for coverage, it would be helpful to start your search by calling VAC Insurance Agency. The professionals of VAC Insurance Agency understand the value of this coverage and can help you build a plan that will meet your needs and properly cover your business. 

Why New York Business Owners Should Look Over Their Commercial Insurance Policies Carefully

VAC Insurance Agency is proud to serve the Brooklyn, NY community. We are an independent agency. Working with multiple carriers in the region allows us to offer flexible policies that adapt to any situation. We strive to establish long-term relationships with our clients.

Why New York Business Owners Should Look Over Their Commercial Policies Carefully

The Brooklyn, NY economy thrives on a competitive marketplace. As a local business owner, you are constantly searching for ways to stand out from the competition. Obtaining a strong commercial insurance policy can give you a competitive advantage. Commercial insurance covers any damage to your products and inventory if a disaster occurs. You are protected in the event of an accidental fire, theft, or vandalism. Liability coverage protects your business if you face allegations that your products caused harm. You’re also covered if one of your customers gets injured while visiting your business. Workers’ compensation is another significant part of your policy. You rely on your employees to help your business function properly. Workers’ compensation protects you if one of your employees is injured in the workplace. Look over your policy carefully.

If you are planning to expand your business in the future, you may need to amend your commercial insurance policy. You can add cyber liability coverage. Thousands of online transactions take place in the marketplace every day. Cyber liability protects your business if you suffer a data breach and hackers access sensitive information. If you plan to add remote services, consider commercial auto insurance. This type of coverage protects your business vehicles if an issue arises. Professional liability insurance covers your employees against allegations of negligence on the job.

VAC Insurance Agency Will Help You Protect Your Assets

Contact our office to learn more information about commercial insurance.

Commercial Insurance Options for Your New Business

New businesses deserve a high level of protection that keeps them safe from various risks. If you’re in this category in Brooklyn, NY, and you aren’t sure where to turn, you can contact us at VAC Insurance Agency right away to learn more. 

Insurance Types to Debate Getting 

Finding commercial insurance can seem like a major headache and is something that impacts many new and struggling businesses. As a result, you need to narrow down your options to those that make the most sense for you, including:

  • General Liability Protection – General liability protection protects you from claims of bodily injury and property damage from your customers. This option helps to keep you safe from lawsuits. 
  • Professional Liability Coverage – Did your employees make mistakes that caused an error or omission in service? You need this type of liability to protect yourself from disappointed customers. 
  • Income Coverage – When you’re a small business, any type of interruption can impact your success and even drive you out of business. Thankfully, this coverage can protect you. 
  • Property Insurance – If your property or facility gets damaged as a small business, you’re going to end up suffering. Thankfully, this protection will keep you from suffering too much. 
  • Compensation Policies – You need to pay for workers’ compensation policies for your employees, even if you’re a small or new business. It’s against the law not to do so. 
  • Other Insurance – Don’t neglect commercial auto insurance, data breach protection, employment practices liability, a business owner’s policy, or umbrella liability protection. 

New Businesses Need Help 

If you’re a new business, and you want to avoid long-term complications, it may be necessary to contact us at VAC Insurance Agency to learn more. We serve Brooklyn, NY, and many of the surrounding Burroughs and will do what we can to help you get great coverage. 

Why do Brooklyn business owners need commercial insurance?

Anyone that is a business owner in the Brooklyn, NY area knows that there are a lot of opportunities to be successful. If you want to run a good business here, it is important that you find ways to mitigate your risks. One way that this is done is by getting the right insurance. A typical Brooklyn business is going to need to have a commercial insurance plan for a few reasons.

Businesses Need to Protect Assets

A reason that you will need to have a commercial insurance plan is that it can be used to protect your assets. Businesses today are going to need to invest in many assets to get their company off the ground. This includes major equipment, inventory, and a variety of other assets. If you purchase a commercial insurance policy, you are going to have the coverage that is needed to protect your assets.

Commercial Coverage is Often a Requirement

You will also need to have a commercial insurance plan as it is often a requirement. Those that are going to start and grow a business can find that raising money from the outside is quite helpful. However, when you do bring in outside capital, you often need to meet different insurance standards. Lenders, investors, and other interested parties will often have specific insurance requirements. 

When you are looking for a new business insurance plan in the Brooklyn, NY area, it is always a good idea to speak with the VAC Insurance Agency. There are always going to be a lot of decisions that need to be made as you are looking for commercial coverage. The insurance professionals with the VAC Insurance Agency will offer the support that is necessary for you to build and choose a new insurance plan. 

Required Commercial Insurance in New York

Every state has laws about what types of commercial insurance are required for most businesses. While there are many other types of coverage recommended for certain types of businesses, only two are required. If you need required commercial insurance, contact us at VAC Insurance Agency in Brooklyn, NY.

Workers’ Compensation

This insurance type is required by state law for every business of every kind with any number of employees. This is in effect whether they are part-time or full-time. This coverage pays for the medical bills that become due after an employee is injured at work. This protects them by making these funds available to them after an accident, but it also protects your company. It pays those bills so that your business isn’t sued to recover them. 

Commercial Auto

Every business that owns a vehicle must cover it with commercial auto insurance. There are a lot of different types of commercial auto coverage that are required under New York law. These include specific monetary amounts in coverage that cover both one person who is injured and another for everyone who was. The coverage must also include a set minimum amount for death liability for one person and another amount for the death liability for everyone who dies in the accident. Another minimum amount is set for personal injury protection, which covers your own injuries in an accident. There is also coverage required for property damage that you are liable for. There is another minimum amount set for coverage for accidents with an uninsured motorist. This includes an amount for one person injured and another for everyone injured. 

Get Commercial Insurance Coverage

When you own a business in New York, it’s important to have the right kinds of commercial insurance to keep your company running legally. If you need commercial coverage, call us at VAC Insurance Agency in Brooklyn, NY.

 

Three commercial insurance features to take advantage of

As a business owner, investing in commercial insurance is essential. You need to have insurance coverage for your business to protect your commercial ventures financially. We are a provider of commercial insurance in Brooklyn, NY at VAC Insurance Agency.

The following are three commercial insurance features you should definitely take advantage of. 

Commercial umbrella coverage

You might already be familiar with how personal umbrella insurance policies work. A commercial umbrella coverage feature is similar. With commercial umbrella coverage, you’ll enjoy added coverage above and beyond the maximum coverage limits of your commercial insurance policy. 

If you’re in an industry that puts you at risk for high expense lawsuits, it’s definitely a good idea to add commercial umbrella coverage to your business insurance policy. 

Automatic payments

Automatic payments mean that commercial insurance premiums will automatically be debited from your company’s account.

Automatic payments are a convenient way to make sure that your commercial insurance premium is covered every month. If your company misses a payment, your policy could be canceled, and you might not get the coverage you need in the event of an accident. That’s why automatic payments are such a great feature of a commercial insurance policy. 

Business interruption coverage

Your business revenues could be cut off completely if an event comes up that puts a halt to normal business operations.

If you purchase business interruption coverage, you could file a claim if some incident or scenario comes up that prevents your company from continuing business as usual. It could be worthwhile for your company to invest in business interruption coverage for financial assistance in this type of scenario. 

Ready to find the optimal commercial insurance policy for your company in Brooklyn, NY? We can help you find that policy at VAC Insurance Agency. Visit our website and contact us to learn more about the commercial insurance solutions we provide. 

Commercial Insurance Requirements in New York

Business owners in New York, as long as they have at least one part-time or full-time employee, are required to carry state minimum commercial insurance coverage. While having commercial insurance may result in an additional cost for the business owner, it’s a no brainer. Not only does commercial insurance provide coverage in the event of a disaster, but also it has auxiliary benefits that few think of, such as potentially improving your bank and supplier credit because you will be seen as a safer option to lend money too.

At the core, commercial insurance consists of two central tenets – workers’ compensation insurance and commercial auto insurance. Workers’ compensation insurance offers benefits to both you and your employees by providing monetary coverage – up to your policy limits – for workplace injuries and illnesses. Additionally, commercial auto insurance is required for any enterprise that has company-owned vehicles. If you require your employees to use their personal vehicles for company use, it is imperative to give serious thought to augmenting your commercial auto insurance policy with hired and non-hired insurance. 

In addition to workers’ compensation and commercial auto insurance, your business may also want to consider additional coverage depending on the type of work done. For instance, companies that store consumer data or have a heavy online presence may also want to purchase commercial cyber insurance, which helps pay for the monetary loss associated with a data breach or cyber attack.

At VAC Insurance Agency in Brooklyn, NY, our trained and professional agents will take the time to learn about your business so we can make personalized policy recommendations and develop a tailored policy that meets your needs. Give us a call today to schedule your no-obligation and complimentary insurance consultation. 

Protect Your Business with Commercial Insurance

Opening up your Brooklyn, NY based business is an exciting and scary time. Uncertainty, hope, and nervousness vie for supremacy in your thought process as you prepare to open your doors to the public. While natural, perhaps one of the best course of action, as an entrepreneur, is to ensure that you have commercial insurance that will help give you the peace of mind knowing that you have coverage against an array of potential liabilities. For detailed commercial insurance information regarding your Brooklyn business, you will want to sit down with an agent from VAC Insurance Agency to discuss your options.

Protect Your Business with Commercial Insurance

Commercial insurance policies are designed to protect your business from the uncertainties of an uncertain world. Specifically, a commercial insurance policy underwritten by VAC Insurance Agency offers protection against a range of potential liabilities.

In general, commercial insurance will cover not only your business property such as cars, building, or equipment but also against business liability, as well as providing Workman’s Compensation should you or an employee suffer an injury.

The first step in getting the Brooklyn commercial insurance that you need is having a conversation with one of our knowledgeable and licensed team members here at VAC Insurance Agency. We understand that your business is unique, so there is no such thing as a one-size-fits-all commercial insurance policy. Indeed, our goal is to learn as much about your business, so we can craft a commercial protection policy that you can rely on for your Brooklyn-based business.

Call Our Team at VAC Insurance Agency

When it comes time to shop around for your commercial insurance policy, we invite you to come to speak with us regarding your specific needs. Building a business can be scary, but getting commercial insurance in Brooklyn, NY shouldn’t be a harrowing experience.

Here are the essentials of commercial insurance

There are many elements associated with starting and maintaining a business in New York. Commercial insurance is one of the essential tenets of entrepreneurship. The agents at V.A.C. Insurance Agency in Brooklyn, NY can help you understand the details of commercial indemnity policies. Read on to learn the basics of commercial insurance!

What is commercial insurance?

Commercial insurance is an indemnity plan that many business owners use to cover their assets when the unexpected happens. There are many types of commercial insurance in Brooklyn, NY, which include:

  • Property Insurance

  • Business Income Insurance

  • Umbrella Insurance

  • Business Auto Insurance

  • Workers’ Compensation Insurance

Depending on the situation, commercial insurance may be optional. Businesses with employees, however, must obtain at least workers’ compensation insurance. In addition, those business owners who rent locations may have to obtain property insurance as a part of their lease agreement.

Umbrella insurance is not just for businesses, entrepreneurs stand to benefit from a policy. Under this plan, business owners receive compensation for losses that their initial policy fails to cover. An umbrella insurance policy can be a lifesaver when your losses exceed the limits of your standard policy. An umbrella plan fills in the gap so that you do not have to pull out of your pocket to pay for expenses.

Business income is another indemnity option that serves as a lifesaver. This commercial insurance plan compensates for income lost during a power outage or other unexpected incident that impedes your ability to earn money during a workday.

Business income is especially ideal for small business owners whose company operates online. A power outage could lead to detrimental effects in the area of finances. Business income assurance provides a safety net so that you can move forward without feeling the need to make up for lost earnings.

How much commercial insurance do you need?

The type and amount of commercial insurance you need depends on the size of your company as well as the nature of your business. An agent at V.A.C. Insurance Agency can help you find the plan that works best for your situation. Call today to get started with a quote!