Buffalo Business Liability Insurance

Buffalo business liability insurance is a necessary expense for your small company. New York business liability insurance coverage protects your business from third-party claims related to advertising injury, personal injury and property damage. If you're lucky, you only need Commercial General Liability (CGL), but you probably also need property insurance, and you may need product liability coverage or malpractice.

Also, your Buffalo business liability insurance won't cover commercial cars, unless there's an add-on in your policy. So, if you're using cars for work, or your employees drive for business purposes, you probably need a commercial auto policy, too. Don't assume that your personal auto insurance will cover you if you're driving to visit a client.

Is CGL Sufficient for my Business?

Few businesses can get away with having exclusively Buffalo business liability insurance. Most New York companies need at least one other policy, called property and casualty insurance. Your Buffalo business liability insurance does cover property damage, but it doesn't cover the property damage itself. Rather, it covers claims related to property damage.

So, if someone else claims that you damaged their property, your buffalo business liability insurance will cover the legal fees and the potential damages or settlement. However, if your company experiences a natural disaster, say, a fire in your Buffalo, NY building, you need to have an additional policy to cover your own damage. If you have absolutely no assets, you may be able to get away with a limited policy, but even home businesses need property protection.

Luckily you may be able to get something called BOP, or business owner's policy, to have affordable property and Buffalo business liability insurance. A BOP is an affordable way to cover your Buffalo, New York company. Many small businesses can get away with having having only a BOP, since it is designed to cover most of the risks for small to medium-sized companies. Depending on what your buffalo business does, you may or may not be eligible for a BOP.

If you're an auto company, for example, you probably aren't eligible for BOP. Even if you're running a simple car wash, car companies simply aren't eligible for BOP policies. You can ask your Buffalo business liability insurance agent as to whether or not your small company is eligible for BOP. If so, you're in luck, because it's a much more affordable way to get coverage.

You may also need product liability insurance, if you're producing, selling, or manufacturing any kind of item. Your basic liability insurance won't cover you for claims related to your product. So, if your Buffalo, NY company could potentially get a claim regarding one of your products (and, unfortunately, almost all products are susceptible), you need a policy to cover your products.

Also, if you're Buffalo company is giving an opinion, offering advice, or anything along those lines, you may need malpractice or errors and omissions. Buffalo business liability insurance won't cover you for claims related to professional negligence. Malpractice isn't just for lawyers and doctors, it's for technology specialist, architects, therapists, and many other professionals.

New York Commercial Auto Policy

If you're driving your car to visit clients for business purposes, don't assume your personal auto policy will cover you. It probably won't. Unfortunately, unless you confirm with your personal auto insurance that you are covered in driving your car for work purposes, most likely, you aren't. Even artists driving to craft shows, risk being refused protection by their auto insurers.

It may sounds unnecessary, but as you probably know, some insurers are guilty of trying to shirk responsibility. You may have a trustworthy and reliable Buffalo insurer that won't do that, but, it's definitely a risk to drive your car for work-related purposes on personal auto policy. Commercial auto coverage will include medical payments, collision coverage, comprehensive coverage, auto liability, coverage for employee autos, coverage for rented or borrowed cars and uninsured or underinsured motorists.

You can get a commercial auto policy catered to your company and your auto-related risks. It's important not to skimp on this coverage. Like a financial disaster or lawsuit, a car accident could easily ruin a small company. Accidents can be extremely expensive, and if a commercial car is uninsured, your company could take the brunt of the expense. Of course, if you don't use cars for work purposes (besides driving to and from work), you have nothing to worry about.

Consulting with a Buffalo business liability insurance agent can help you assess your various risks and understand which policies you need. An agent can also help you find a trustworthy insurer knows your industry well. Again, insuring your company is essential to your success, because an accident could easily knock you off the playing field. It's tough to pay that premium, but you simply can't go without it.

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