Most business owners think of insurance as a tax, an expensive necessity to be kept at a minimum. It isn't. It is a form of risk management essential to all businesses. As risk takers, entrepreneurs test their abilities in the marketplace every day. By reducing the financial consequences of fires, accidents, thefts or other unforeseen events beyond the entrepreneur's control, insurance improves a risk taker's odds.

 

TYPES OF COVERAGE

Insurance coverage is available for just about every conceivable risk you might face as a business owner. But the cost and specific coverage of policies vary widely among insurers. The types of insurance available and how you can use it to manage your business's risk should be carefully discussed with a trained professional agent, broker or consultant. 

 

Property Insurance covers the gamut of possible loss of property from a multitude of perils such as fire, smoke, explosion and vandalism. 

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Liability Insurance covers your legal liabilities from accidents and other injuries. In addition to bodily injury, you can be covered for personal injuries as well--libel, slander, etc.

Auto insurance covers your liabilities for injury and the cost of repairing a car or truck in case of an accident. It doesn't cover loss of cargo, which you have to insure separately.

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Worker's Compensation and Disability Insurance are required by New York State, if you have any employees.