Business Insurance in Rockville Centre, NY

Risk is an unfortunate aspect of owning and operating your own business. Business insurance can protect your intellectual property, physical property and business assets from costly losses that have the potential to bankrupt your business.

We’re here to help you understand your risk exposures. Contact J.A. Faccibene & Associates, Inc. in Rockville Centre, New York, to learn more about business insurance coverage.

How Does Business Insurance Work?

Business insurance, also called commercial lines insurance, refers to a range of coverages that can protect your business from liability claims, property damage and other business-related claims. It’s crucial that you understand the unique risks your business faces to ensure you have sufficient protection.

Call J.A. Faccibene & Associates, Inc. to speak to an insurance agent today.

What Does Business Insurance Cover?

You will likely be able to choose from numerous lines of business insurance coverage. Depending on the type of business you own, your insurance agent may suggest the following coverages:

• Data breach insurance may cover costs arising from cyberattacks (e.g., notifying customers).

• General liability insurance may pay for costs (e.g., legal fees, medical bills) arising from allegations that your business caused third-party property damage or bodily injury.

• Commercial property insurance can pay to repair or replace your property if it’s damaged by a covered peril.

• Professional liability insurance can cover your business from liability claims that your business made professional mistakes or was negligent in the services you provided.

• Workers’ compensation insurance may cover costs associated with an employee’s work-related injury or illness (e.g., medical expenses, lost wages).

• Employment practices liability insurance can cover allegations that your business exhibited unlawful employment practices with prospective, current or former employees.

• Business income insurance may cover lost income (e.g., rent, employee payroll) if your business closes temporarily due to property damage.

• Commercial auto insurance can cover costs associated with a car accident you or your employees are in during your everyday business functions.

Does Business Insurance Cover Natural Disasters or Business Interruptions?

A well-sculpted business insurance portfolio can cover a wide array of incidents. When considering natural disasters, your business may require endorsements of additional policies, as many common perils, such as floods and earthquakes, are explicitly excluded from standard commercial property insurance policies. Fortunately, tailored solutions, such as insurance for floods, earthquakes, hurricanes and windstorms, may be readily available.

Regarding business interruptions, your company can enjoy financial relief and peace of mind through business income insurance. Also known as business interruption insurance, this type of coverage can help recoup lost income and pay for ongoing expenses following a covered incident.

Are Cyberattacks and Data Breaches Covered?

Your business insurance can also be customized to address a rising threat across many industries: cyber incidents. Phishing, malware, ransomware and other types of cyberattacks can cause devastating damage, but you can access aid for financial ramifications by securing appropriate cyber liability insurance. Specifically, policies may help pay for business interruption losses, legal expenses, noncompliance fines and costs related to responding to the incident, such as notifying affected parties and hiring IT contractors.

What Drives the Cost of Business Coverage?

When calculating a business insurance quote, carriers may need to consider a vast variety of factors. Insurers’ analyses may often look at the following:

• Location

• Industry

• Workforce size

• Value of insured assets

• Estimated annual revenue

• Claims history

• Types of insurance needed

• Policy details (e.g., endorsements, deductibles and limits)

When Is Business Insurance Required?

Most types of business insurance aren’t legally required. However, many states require you to purchase workers’ compensation insurance if you have employees. Depending on the type of business and your location, you may also be required to purchase commercial auto insurance, liquor liability insurance or professional liability insurance.

Contact J.A. Faccibene & Associates to determine if your business has the coverage it needs.

When Should I Get Business Insurance?

Getting business insurance before your business opens is generally considered a good idea. Be sure to check with your insurance agent for any business insurance requirements in your area.

Additionally, it may be beneficial to reevaluate your insurance needs after the following events:

• You relocate your business.

• You hire, fire or lay off employees.

• Your business income changes dramatically.

• You begin offering a new product.

• You purchase new equipment.

How Do I Get Business Insurance?

We’re here to help you find the right business insurance coverage for your company. Contact J.A. Faccibene & Associates, Inc. for a business insurance quote and to learn more about the protection we provide.