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Commercial Insurance in Saratoga, NY

Commercial Insurance in Saratoga, NY

As a business owner, there are different coverages for you to consider. The most common commercial insurance types are worker’s compensation, liability and property insurance. In most cases, property insurance covers damage to your business’ property, and liability insurance covers third-party claims. Worker’s comp covers workplace injuries to your employees. Below is some additional information on the different types of business insurance.

Property insurance: It pays for damages and losses to personal and real property. For instance, property insurance would cover a fire in your office. You can buy additional coverage such as:

Machinery insurance: This coverage is sometimes called breakdown coverage, and it pays for the accidental failure of machinery and equipment. Machinery insurance usually reimburses you for losses due to business interruption and property damage.

Debris removal coverage: This coverage pays the cost of cleanup after a hurricane, fire, flood or other disaster. For instance, if a fire burns your business down, you’ll need to remove the debris. Property insurance will pay for the cost of rebuilding, but not the cleanup beforehand.

Builders’ risk coverage: This insurance add-on covers buildings that aren’t complete. For instance, a builder’s risk policy would pay for damages if a wind storm ruins your partially-built apartment complex.

Law insurance: It covers the cost of demolishment and rebuilding so that the construction is up to code. For instance, if your 100-year-old building is more than 50% destroyed, local law requires that it be torn down and rebuilt to modern code. Property insurance pays the replacement value of the building, but not for the upgraded construction.

Fidelity bonds: Here, losses due to bonded employees’ theft of money and property are covered.

Malpractice insurance: Also known as professional liability insurance, it pays for injuries to third parties when a business’ conduct falls below a reasonable standard of care. For instance, if a doctor makes an error, malpractice Insurance in Saratoga, NY will pay for the doctor’s defense and any judgment against them.

Worker’s comp: This kind of insurance pays for injuries to workers on the job. Businesses with more than a certain number of employees are required by law to carry worker’s comp coverage. In most cases, worker’s comp laws prohibit the employee from suing their employer for an injury sustained at work.

 

   

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