Small Business Insurance Checklist

Learn About Insurance Coverage to Protect Your Small
Business

When it comes to running a business, small business owners know firsthand the labor
of love that goes on behind the scenes to keep things operating smoothly.
Whether you’re serving food or drinks from a restaurant or
café, selling retail products from a storefront, or providing a service from an
office, running a successful business comes with many responsibilities.
Unfortunately, it also comes with many risks that can threaten the enterprise
you’ve worked so hard to build.

That’s where business
insurance comes in: a Comprehensive Business Owners Policy (BOP)
offers broad coverage and is designed to protect your business from almost
everything life can throw at it. From property damage and loss of business
income to general liability suits and cyber threats, business insurance can
provide you with peace of mind so that you can focus on what you do best: running
your business! Continue reading to learn about insurance for small businesses.

Does My
Small Business Need Insurance?

Every business owner who wants to protect their property and profits against
unforeseen events should consider purchasing a BOP. Additionally, a BOP’s liability coverage can help protect a business
owner from incurring financial losses if a lawsuit is raised stemming from
their business (For example, a slip and fall by a patron).

If you run an online business out of your home, or any
business from your home, you should consider purchasing a BOP.
While a home
insurance policy protects your home, it may not protect business
operations occurring within your home. In fact, your home insurance may even
exclude business activities and all business property.

NYCM Insurance
is proud to offer insurance coverage for over 200 classes of business, with a
focus on “Main Street” business types. Some examples include:

●      
Office: Real Estate Agents, Accountants,
Medical Offices, Attorneys

●      
Service: Nail Salons, Barber Shops, Beauty
Salons, Tailors, Photographers

●      
Retail: Clothing Stores, Furniture Stores,
Antique Stores, Grocery and Convenience Stores, Knick-knack stores

●      
Restaurants: Fast food to Fine Dining, Delis,
Bakeries, Coffee Shops, Café’s

●      
Building Owners (Owners of a building who don’t have a business
within the building): Commercial Tenants, Mix of
Residential and Commercial Tenants

●      
Residential Buildings: Apartment Buildings, Condominium
Associations, Bed & Breakfasts (and even Airbnbs)

What
Kind of Business Insurance Do I Need?

A Comprehensive Business Owner’s Policy provides
essential insurance coverage to address the needs of small businesses,
including:

• Business
Property

• Business
Income

• Commercial
General Liability

• Cyber
Coverage (e.g. Data Breach)

In addition to these general coverages, additional coverage options are available to meet the needs
of each individual business. Additional coverages can be purchased including
professional liability insurance, liquor liability, computer fraud, water back-up and sump overflow, outdoor property and signs,
food spoilage, and more. Depending on your line of work, you may want to
purchase some of these additional coverages to protect your business.

How
Much Does Business Insurance Cost?

The cost of business insurance can vary from
business to business. When determining price, an insurer may take many
different factors into account, including location, property value, fire
protection, deductible, sales, and business type. At NYCM Insurance, our
Compass BOP is a comprehensive business owner’s policy personalized to your
business’s needs.

Why
Should I Invest in Business Insurance?

Running your own business is a massive undertaking
that requires a significant percentage of your time, energy, and headspace.
Without the protection offered by business insurance, the fruits of your labor
can be left vulnerable to everyday risks and unforeseen events. By investing in
a BOP, you can rest assured that you’re doing everything in your power to
protect everything you’ve worked hard to build.

Where
Do I Get Business Insurance?

Getting covered with business insurance
doesn’t have to be a big hassle. We’re proud to make the process of purchasing
business insurance both personalized and easy.

Click below to access our Find
an Agent tool, where you can input your zip code and connect with an
NYCM Agent near you to discuss your coverage options.