The majority of new businesses fail within their first few years. This statistic doesn’t have to include your business, though, if you plan properly for the risks that could derail your operations and force you to close your doors prematurely. Small Business Insurance in Nassau County NY may provide you with the protection you need to stay in business long enough to get established as a leader in your industry. There are several different lines of insurance designed for small businesses and your agent can help you choose which is appropriate for your company.
Most small businesses should have a general liability policy. This kind of insurance protects you against costs that you would have to pay out of your pocket should someone get hurt in relation to your business. You’ll be covered against slip and fall accidents, discrimination or other employment practices lawsuits and professional errors and omissions. Your insurance will cover the costs to defend you against the charges and will pay the damages if you lose in court. Without general liability coverage, the costs of one lawsuit may put you out of business.
If your business has employees, you will also need worker’s compensation insurance. Worker’s compensation pays the medical expenses of employees who are hurt on the job. By providing worker’s compensation benefits to your employees, you won’t have to worry about losing your business due to a lawsuit brought by an injured worker. Your insurance will pay their medical bills and, if they are unable to work, it will also pay for their lost wages until they are medically able to return.
When it comes to Small Business Insurance in Nassau County NY, there is no single coverage that is best for everyone. That’s why it is important to consult with an experienced agent to assess your needs and recommend appropriate insurance for your company. Whenever possible, work with an agent who has experience insuring businesses in your industry. After you have all the insurance you need, you can focus on running and growing your business instead of worrying about unexpected events that you may not be able to control.
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