What Insurance Does Your Business Need?

by | Apr 3, 2012 | Uncategorized

Business insurance Monticello, NY covers a very broad subject. The types of insurance you will need will depend greatly on the type of business you are running. But there are some basic things all businesses will want covered.


If you own the building in which you are doing business you will want building coverage as part of your business insurance Monticello, NY. When insuring your building you want to remember the value of your building includes everything above ground, not the ground, and anything that is permanently attached to the building. You will have the option of insurance your building for actual cash value or replacement cost. Unless your insurance company will not allow you to, picking replacement cost will likely be the better choice.


The next property type coverage of your business insurance Monticello, NY will be your business personal property. This will cover the contents of your building. Depending on your type of business you may or may not need some additional inland marine coverage as well. Your insurance agent would be the best person to discuss this with.


Within your property coverage you could also have time element coverage. This coverage pays you for revenues you would lose if your business was unable to open and run in the event of a loss. Depending on how much you are willing to pay, you can also have this cover loss wages of your employees.


Liability coverage for your business is the coverage that will protect you in the event that someone is injured on your property. This is also the coverage that comes into play if someone files a lawsuit against your company.


Business insurance Monticello, NY is very different from personal insurance because each business is so different. Businesses that are doing the same type of business can require very different coverages. The only way to make sure your business is adequately covered is to talk to an insurance agent that can not only write business insurance but is familiar with your particular type of business. Have your agent visit your business and do a walk through with you. They should also be able to tell you if there are things you can do to help reduce your premium. There is a good chance your insurance company will send out a loss control person to make recommendations.

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