Garden City and Syracuse, NY insurance coverage attorney

Different types of Insurance Coverage for a Business

Accidents happen – they are part of life.  If you own a business, be it a video game store, a pet store, or a grocery store, you need insurance coverage.  In order to properly protect the owners assets a business needs many different types of insurance coverage.  Below are a few types of insurance any business needs:

1. Professional Liability Insurance – Professional liability insurance, which is also referred to as Errors & Omissions (E&O) Insurance, covers a business against negligence claims due to harm that results from mistakes or failure to perform.  For lawyers, accountants, architects or engineers, it may be called professional liability.  For doctors, dentists it is called malpractice insurance.

2. Property Insurance – Every business must have property insurance – even if you rent your space.  Property insurance coverage includes equipment, signage, inventory, and furniture in the event of a fire, storm, or theft.  However, events such as floods, earthquakes, and terrorism are not included in property insurance.

3. Workers’ Compensation Insurance – Even if you only have one employee you need workers’ compensation insurance.  If your employee slips and falls, or even strains their back lifting a box, the medical bills could become very expensive.

4. Product Liability Insurance – Any business that manufactures product must have product liability insurance.  Even if you take extreme measures to ensure your products are safe, being sued for damages caused by your product can destroy your business.
5. Automobile Insurance – If you own a company vehicle it should be fully insured to protect businesses against liability if an accident should occur.  If employees are using their own cars for business, their own personal insurance will cover them in the event of an accident.
6. Business Interruption Insurance – If a Hurricane, massive flood, or terrorism occurs you need business interruption insurance.  When the business is closed you will suffer loss of income.  Business interruption insurance will compensate your business for these losses.

When you have insurance coverage issues you need the help of an experienced insurance coverage attorney. Hagelin Spencer LLC specializes in this kind of law.  To consult with one of their experts, call their offices located in Buffalo, Rochester, Syracuse, and Garden City, New York.

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