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.