Must-Have Commercial Insurance Types Every Small Business Owner Needs

From the very first day you start a business in Westchester, NY, as an entrepreneur, you expose yourself to certain risks. Because your business is exposed to risks, it’s crucial to have the right insurance in place even before you hire your first employee – one catastrophic event or lawsuit could have a devastating effect on your business and finances. It could be enough to wipe out a business before it even has a chance to hit the ground running. 

The good news is that there is a wide range of commercial insurance policies available to protect yourself and your new business from danger! Here are some must-have insurance types that a small business should have in place from the beginning. 

Property Insurance 

Whether you own your own space or lease from others, protecting your property is paramount in the event of losses due to theft, storm damage, or fires. While a standard property insurance policy will protect you from basic losses, natural destruction events such as earthquakes and floods will require separate policies. If your business is located in an area prone to these issues, check with ASZ Internationa, Inc. for information about a separate policy. 

Professional Liability Insurance

Professional liability insurance, or as it is also called, “errors and omissions” insurance will cover your new business against claims of negligence due to failure to perform or simple mistakes. Your policy will be custom-tailored to meet the concerns of your specific industry. 

Workers’ Compensation Insurance 

Once you’ve hired your first employee, you’ll need to add workers’ compensation insurance to your business’s insurance policy. Workers’ compensation insurance covers the disability, medical treatment, and death benefits for employees in the event they are injured or die as a result of their work with your business. Even low-risk employees can suffer from carpal tunnel syndrome or suffer from a slip-and-fall accident that results in a claim. 

Product Liability Insurance

Product liability insurance protection is crucial if your new business manufactures products or provides products for sale on the general market. You can take every measure possible to ensure your products are safe yet still find your business named in a lawsuit due to claims of damage caused by one of your products.  

Home-Based Businesses 

Many entrepreneurs begin their small businesses under their own roof. Still, your homeowner’s policy doesn’t cover your home-based business and protect your inventory and equipment the way a commercial property insurance policy does.  

Small Business Insurance 

If you have the right insurance in place, you can avoid a significant financial loss due to a catastrophic event, claim, or lawsuit. Call ASZ International, Inc. in Westchester, NY today to find out what insurance is advised for your industry or type of business.