Rochester Business Liability Insurance

Rochester business liability insurance is a must for your small company in regards to your New York liability insurance needs. Legal fees can be outrageously expensive, and a small New York lawsuit could easily put you out of business. So, even if you think you're very unlikely to face a lawsuit, you need a Rochester business liability insurance in place to protect you.

Rochester business liability insurance will protect you from third-party claims related to personal injury, advertising injury and property damage. However, Rochester business liability insurance won't help you in the case of property damage itself. So you need an additional policy to protect your property in the case of a natural disaster. You may be able to get both liability coverage and property insurance in a package called a business owner's policy or BOP.

Business Owner's Policy

Many small to medium-sized businesses in Rochester, New York are eligible for what is called a BOP. A BOP may be a more affordable way to purchase appropriate insurance for all your risks. A BOP is also an easy way to get comprehensive coverage for both property damage and potential liability concerns. Almost all businesses need to have both property coverage and liability protection, so a BOP can be quite helpful.

Eligibility depends on the size and industry of your Rochester company. Most businesses in the automobile industry are not eligible for a BOP. While small convenience stores are usually eligible, gas stations typically aren't able to qualify for a BOPs. Restaurants may or may not be, depending on the size and the amount of alcohol served. To find out if you're eligible for BOP, you most likely need to speak with a Rochester business liability insurance agent.

Furthermore, it's important that you understand that the Rochester business liability insurance limits in a BOP are typically low. So, if you're running a high risk business in Rochester, NY, you may need to purchase your liability coverage separately. It really depends on your potential risk, and the likelihood of a lawsuit.

Of course, if you do purchase Rochester business liability insurance as a separate policy, you still need to buy New York property coverage as well. If you're opening an antique store in Rochester, NY, and you may need to insure your assets, too. you can insure your assets for the replacement value or the actual cash value.

If you insure your assets for the replacement value, you will receive the cost of the replacement. If you insure your assets for the actual cash value, you will simply receive the market value. Of course, as you might expect, insuring for the cash value is typically less expensive than insuring for the replacement value. You should carefully consider the future value of the items you're insuring when deciding what kind of property insurance you'd like.

Also, regardless of the type of insurance you choose, you should make sure to check the values as time passes. The cost of that computer, for example, will probably go down, and you don't want to pay higher premiums. Your Rochester insurance agent can help you update your inventory, if you wish.

Other Types of Liability Insurance

Your basic Rochester business liability insurance won't cover all of your liability risks, and you need to take this into consideration if you're purchasing a BOP. For example, if your Rochester business involves offering advice, you need to have malpractice. Your basic coverage won't protect you for claims related to professional negligence.

Malpractice isn't just for attorneys and doctors, it's for technology specialists, architects, and many other professionals who may face claims related to professional error. Even if you never make mistakes it's important to have malpractice coverage, because you may receive a meritless claim from an unhappy client.

If your business involves producing or selling products, you need an additional policy that protects you from claims regarding these products. Your basic commercial coverage won't protect you from product-related claims. So, regardless of what you're selling or manufacturing (whether it's ovens or vinyl records), you need to have the appropriate coverage in place.

You also need to have a commercial auto policy, if you or any of your employees will be driving for work related purposes. If you have company cars, your personal auto policy won't be sufficient. Certainly, if there's an accident, the last thing you want is to be arguing with your insurer as to whether it's a company or personal car!

A good Rochester business liability insurance agent can help you figure out what your risks are, and guarantee the appropriate coverage. It's more difficult to insure a company than it is to insure an automobile. Companies have specific risks, and your policy must be designed to cover all potential gaps. So, finding an agent with experience in your industry is a good idea.

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