NY Business Insurance: The Small Business Insurance Basics ...

When insuring your business, Insurers often combine a number of insurance coverages into a single package sold as a single contract. The most common policy for small businesses insurance policies is the Business Owners Policy (BOP). Business Owner Policies combine coverages for all major property and liability insurance risks, which only small to medium-sized businesses that meet certain criteria are eligible for.

Major Coverages

1. Property Insurance

Property insurance is designed to compensate a business if the property used in the business is lost or damaged from fire or theft. Property insurance covers not only the structure, but can also personal property, meaning office furnishings, inventory, raw materials, machinery, computers and other items vital to operation.

2. Liability Insurance

Your business can be sued. Anything from a defective product, an error in a service or disregard for another person?s property can result in a lawsuit. Liability insurance pays damages for which the business is found liable. It also pays the medical bills of any people injured by, or on the premises of, the business.

3. Commercial Auto Insurance

A commercial auto insurance policy provides coverage for autos owned by a business. The insurance pays any costs to third parties resulting from bodily injury or property damage for which the business is liable.

4. Workers Compensation Insurance

In every state but Texas an employer must have workers compensation insurance. Workers compensation insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury.

MHB Insurance has worked with a broad spectrum of small businesses in New York.? This includes contractors, property owners, distributors, manufacturers and service providers.? This is why we are the Peekskill insurance experts.

Whatever your need for Peekskill New York business insurance, whether in the Peekskill, New York area or throughout the NY state, call 914-737-3430. We look forward to getting you the coverage you need at a price that you can afford.

Source: http://www.mhbinsurance.com/2012/02/ny-business-insurance-the-small-business-insurance-basics/

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