Business Insurance is meant for higher risk business types like wholesale, manufacturing, retail, and service. Policies consist of 3 types of coverage, Business Owner, Worker Compensation, and Disability insurance.
Worker compensation covers workplace injuries and illness. NY State mandates that all businesses must carry Worker Compensation policies. It includes death benefits, disability benefits, medical expenses, lawsuits, and lost wages.
Disability insurance covers non work related injuries or illnesses, such as accidents, muscle, back and joint disorders, cancer, and spine and nervous system disorders, and complications from childbirth and pregnancy. Disability insurance will pay out an amount similar to your take home pay for as long as you have coverage or are able to go back to work.
A Business Owner’s Policy (BOP) combines property and liability insurance into one policy. Business property insurance helps cover property, like machinery, furniture, fixtures, and equipment, from loss caused by incidents like fire, theft or other covered disasters. Regular Business Owner policies do not cover the building, but can be modified. The general liability portion protects against lawsuits that could arise from your business operations, including customers’ bodily injury or property damage claims. They also include claims related to personal and advertising injury. Businesses can still be sued even when it’s not entirely clear who is at fault. Business Owner policies protect against lawsuits and reduce out of pocket fees in the event of a covered disaster. There are also additional coverages like professional liability and data breach.