Business & Commercial Insurance
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Business & Commercial Insurance Information
Insurance For Businesses Across New York
New York is a state always teeming with businesses both old and new. Entrepreneurs often look to New York for their practice, but all practices require certain types of business insurance. To protect your business and its assets, you will need a business insurance policy tailored for your industry.
Paris Kirwan Associates, Inc. is a locally owned and operated insurance agency in Rochester, New York dedicated to working with business owners across industries. We will evaluate your risk and help you tailor a policy specifically for your insurance needs.
What Does Business Insurance Cover?
General liability insurance covers non-professional negligence and accidents that may occur through everyday activity in your business. This includes bodily injury, property damage and personal and advertising injury.
For example, if someone is injured on your business’ property, general liability insurance can cover the victim’s medical bills as well as protect your business from a possible lawsuit resulting from the accident.
Personal and advertising injury doesn’t cover physical damage. Instead, it covers incidents such as libel, slander, theft of advertising ideas, copyright infringement and wrongful conviction.
Additional liability coverages you may add to your policy include:
- Products Liability Coverage: This covers bodily injury and property damage that may be caused by a product provided by the business.
- Liquor Liability Insurance: This protects businesses who serve alcohol in case a patron causes bodily injury or property damage to someone else.
- Professional Liability Insurance: This covers professional negligence that may cause a client to lose money.
- Umbrella Liability Insurance: This fills in the gaps left by other liability insurance policies. If your general liability insurance policy reaches its limit for a single claim, for example, umbrella insurance can step in to cover the remaining costs.
Workers compensation insurance covers injuries your employees may suffer on the job. This insurance can cover medical bills, wage replacement, disability expenses and, in extreme cases, death benefits.
If an employee is injured on the job, a workers compensation claim should be field to cover their medical expenses and protect the business against a possible lawsuit. As a rule, all businesses in New York must carry workers compensation insurance. Even a single employee may benefit from workers compensation insurance, however.
Commercial auto insurance covers vehicles owned or used by a business. A full-coverage commercial auto insurance policy may include a lot of the same coverages as a personal auto insurance policy, such as:
- Comprehensive Coverage: This provides compensation for damages to the vehicle due to fire, wind, hail, lightning, theft and vandalism
- Collision Coverage: This provides compensation for damages to the vehicle due to a collision with another vehicle or object.
- Liability: This covers bodily injury and property damage the driver may cause while operating the insured vehicle.
- Medical Payments: This covers the medical bills of the driver and their passengers after an accident, no matter who caused the accident.
- Uninsured/Underinsured Motorist: This insurance covers accidents involving drivers who are not carrying insurance.
Additional coverage is also available. If your business hires, rents or borrows vehicles, you may need Hired and Non-Owned Auto Insurance.
Protect Your Business
Running a business is hard work. Protect it with Paris-Kirwan Associates by calling (585) 473-8000 or fill out an online quote form today.
Common Business Insurance Questions
When a business owner purchases a business insurance policy, they typically bundle coverages and pay monthly premiums. So long as the coverage is active, the business can file a claim for loss or damage due to covered incidents.
Every business’ insurance needs are different. Requirements and needs can change depending on the industry and other factors, so speak with an insurance agent about how much coverage you need.
Business insurance is crucial for protecting various aspects of your business from financial and physical loss. Without insurance, you could face huge losses and lawsuits out of pocket, or even risk your business going under without a safety net.