NYC Insurance Blog

5 Types of Insurance Besides Workers Comp Coverage

There are numerous insurance options that business owners can purchase. Insurance policies are essential because they help protect you and your business from potential risks. Choosing the right insurer and insurance policy is overwhelming, especially for first-timers. However, knowing where and what to look for, you can make the right choice. For starters, you should consider the following insurance policies:

General Liability Insurance (GLI)

Also known as business liability insurance, GLI protects a business from claims that result from normal business operations, for example:

• Property damage (damage to another person’s property)
• Defense costs (court and legal fees)
• Physical injury (injuries to other people who aren’t your employees)
• Personal injury or reputational harm
• Advertising injury
• Medical payments

Your specific business needs determine the cost of purchasing business liability insurance. Some factors that determine how much general liability insurance costs include the number of employees, business location, and type of work.

Professional Liability Insurance (PLI)

Professionals who provide services, for example, lawyers and accountants, should purchase professional liability insurance, also known as errors and omissions. The policy protects a business from professional negligence, errors, or malpractice claims initiated by clients. Professional liability insurance may have different names depending on the profession. For example, in real estate, professional liability insurance is referred to as an errors and omissions, while in the medical profession, the policy is known as medical malpractice. Give us a call today to find out if you have the right coverage for your business.

Commercial Property Insurance

Commercial property insurance covers commercial property from risks like fire, vandalism, theft, and natural disasters. The policy comes as:

• All risk policies – cover numerous perils except the ones written/noted in the policy
• Peril-specific policies – cover only the perils written/noted in the policy 

As natural disasters increase, commercial property insurance rates also increase, especially for properties located in high-risk areas. For example, California commercial properties near areas prone to wildfires attract higher insurance rates. 

Home-Based Business Insurance

If you run your business from home, consider purchasing home-based business insurance. Homeowners insurance does not protect your business property, such as files and equipment. Therefore, purchase home-based business insurance to protect your business assets. Remember, using your home for activities your home insurer is unaware of may nullify your homeowners insurance policy. Reviewing your insurance with a Broker, makes the process alot easier, give us a call today!

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