Types of Commercial Insurance and Their Benefits

The excitement fills you when you open your first business. A bit of trepidation probably sneaks in, too. You can handle it best by ensuring you have the proper insurance. Windgate Insurance Agency, Inc. wants you to understand the policy types your Highland Falls or New Windsor, NY business might commonly need. 

When it comes to commercial insurance, you will need more than one type of policy. Commercial insurance refers to a range of policy types that include commercial property, liability, and workers’ compensation. 

If you own your building, you need property insurance to cover typical perils like the type you’d find in a homeowner’s policy. You’d choose a renter’s policy to include contents if you lease your office space or storefront space. A liability policy pays damages to third parties. Commercial auto covers your fleet vehicles from damage and your liability to others should you or your employees cause an accident. Finally, if you hire employees, not independent contractors, you will need a workers’ compensation insurance policy to cover workers who sustain on-the-job injuries. 

Aside from those main types of insurance policies for a business, you may also find yourself in need of various specialty policies.

  • Boiler and machinery insurance, which also gets called equipment breakdown or mechanical breakdown coverage, that pays for the repair or replacement of boilers, machinery, and other equipment. A manufacturing plant would need this type.
  • Debris removal insurance reimburses your costs to remove debris from an act of God, such as a fire or tornado.
  • Builder’s risk insurance is the policy you need if you build your own office or construct another building or structure. This includes coverage of condo or apartment complexes.
  • Glass insurance pays for repairs to broken windows and plate-glass on any commercial building. Many storefront businesses need this if in a neighborhood known for vandalism.
  • Inland marine policies insure other people’s property while in transit and on your business’ premises. A dry-cleaning business or shipping service would use this policy type.
  • Malpractice insurance provides coverage every medical practitioner needs. It covers losses that result from injuries to a third-party due to the professional’s conduct missing the profession’s standard of care. It also pays for the insured’s attorney and court costs.
  • Business interruption policies reimburse the insured for lost income and expenses that result from property damage due to a named peril like fire or tornado. It would cover any salaries, taxes, rents, or net profits the business would have earned while forced to close.

The category of commercial insurance includes many other types of policy, and many are much less common. To learn which policies your business needs, you should meet with a knowledgeable insurance professional at Windgate Insurance Agency, Inc. of New Windsor, NY. Let us help you find the right policy set for your business.

Why a New York Homeowner Needs to Have Home Insurance

One of the biggest decisions that someone in the New Windsor, NY area will ever have to make occurs when they buy a home. For those that want a stable place to live, owning a property is often the ideal option. If you are looking to buy a home, you will be much better off if you get a home insurance policy. There are several reasons why having this insurance is a necessity.

Ensures Contractual Compliance 

If you buy a property, there likely will be a variety of legal agreements that will require that you have home insurance. Anyone that purchases a home with a mortgage will be required under their loan agreements to carry home insurance at all times. Further, anyone that lives in a home association will be required to carry a full home insurance policy.

Property and Liability Coverage 

The main benefit of having insurance on your home is that it will provide you with very valuable coverage. This insurance will give you protection if your home is damaged by a fire, bad storm, or another type of casualty. With the policy, you will also get very important liability coverage. This will ensure you are covered if you are found liable for an injury or other accidents that occur on your property.

No matter what your personal situation is, it is very important that you have insurance on your New York property at all times. Those that are in the New Windsor, NY area and want to buy a home should call the Windgate Insurance Agency, Inc. to learn more about home insurance. The team at Windgate Insurance Agency, Inc. can explain to you all of your insurance options to make sure that you get the right insurance for your home and situation.