Guide to Business Insurance

Charles Goodman Group: Professional Insurance Agency in Armonk NY

Business owners have a wide range of assets to insure, and taking out individual policies for each asset can cost quite a bit more than purchasing a bundled policy, also called a business owner’s policy (BOP). Talking to an Armonk insurance agent can give you the information you need to fully assess the risks of your business and decide on a policy that adequately covers those risks. For example, if you feel relatively comfortable about fire safety in your building, you can pay a lower premium by raising your deductible. However, bear in mind that if a fire does destroy your property, you will have to pay more of the repair costs out of your pocket before your insurer begins to cover the costs. Balancing these risks helps you decide on an affordable policy that doesn’t leave you under-insured in the case of a disaster.

One asset you might not have considered insuring is the proprietary data stored in your database software. A study conducted in 2013 by the Small Business Subcommittee on Health and Technology of the U.S.

An insurance agent from the Charles Goodman Group of Armonk NY would be happy to answer any question you have about property insurance or umbrella insurance.

House of Representatives revealed that small businesses with fewer than 250 employees are targeted by 20 percent of all cyber attacks and that 60 percent of these businesses were forced to close within six months of an attack. This risk can be decreased by implementing adequate Internet security, and your insurer may offer discounts for protecting your data when underwriting your policy. This type of insurance is called data compromise coverage.

When your business expands, your liabilities increase, and you should reassess your risks and your BOP each year to be sure you’re not exposing yourself and your business to more risk than you realize. Remaining under-insured as your business grows is one way to end up paying more than you anticipated in the event of an accident or disaster. It’s important to speak with a licensed broker when you discuss your liabilities and coverage needs because it helps prevent paying higher premiums than necessary and receiving too little protection.

Finding a good broker is as important as finding a good accountant or lawyer for your business. These professionals are specialists in assessing policy requirements so that business owners don’t have to. It’s still a good idea to understand the needs of your particular business in case you have unusual risks, such as employees or customers who dive underwater or handle dangerous objects. Ideally, you will never have a disaster that requires coverage, but you have to be ready in case it happens.