startups business insurance scotia new yorkWhat Kind Of Protection Does Your New Business Need?

You know that starting a business takes much more than just having an entrepreneurial spirit. There is hard work, not to mention paperwork, that goes into getting your business off the ground. You know that you need a business location. You know that you need to build a customer base. You know you need to perfect your service or product. Do you know, however, what kind of insurance coverage you need to protect your hard work?

To guide you, here is a quick overview of the coverage each business owner should consider when starting a business.

  • Liability Insurance: Unfortunately, the world of business today is filled with lawsuits. Protect yourself from the huge expense of a legal battle if a client or employee is unhappy with your business by carrying liability insurance.
  • Property Insurance: In the same way you need homeowners insurance to ensure the money you have invested in your property does not suddenly disappear, you need property insurance to protect your place of business and the equity you have in it. This coverage will also cover your business equipment.
  • Workers’ Compensation: Not only will this coverage protect your employees by covering their medical expenses and lost wages if they get injured on the job, it also protects you. By coming under your workers’ comp, your employees waive the right to sue you for a work-related injury.
  • Business Interruption Insurance: If something happens that forces you to close your doors for a period of time, would your business be able to survive without that income? With business interruption insurance, you do not have to worry about that, as it will reimburse you for lost income if you are forced to temporarily close due to a covered cause.

Do not worry that you need to figure out the ideal coverage on your own. To get an insurance expert on your team, contact Scautub Agency in Scotia today. We are here to help you get the right New York business insurance to safeguard your startup.