Limiting Business Liability

Charles Goodman Group: Professional Insurance Agency in Armonk

Starting a business without purchasing the necessary insurance is a surefire recipe for disaster. There are many options available along with many government-mandated requirements for business insurance. This can make the process of selecting the right type of business insurance a challenge. Speaking with an Armonk insurance agent is an excellent way for a business owner to make sure that the insurance they are purchasing is right for their circumstances.

The goal of purchasing insurance is to get complete protection for a business, its assets and its investments without spending more money than is necessary on a policy. The first step in doing this is taking stock of the assets a business has as well as any potential risk it may face. Once this has been determined, the process of selecting the right insurance agent and finding the best rates can begin.

To start, purchase policies that cover legal requirements for business insurance. These requirements will vary from state to state. Once this has been accomplished, a business owner can look at insurance options that are not required by law but might be a good way to minimize their risk. A responsible business owner will make sure that their investment is properly protected.

Government mandated insurance includes workers’ compensation.

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

This protects employees from any injury they may sustain connected with their work. Even if it was not required by law, workers compensation insurance is a good idea. It protects businesses from expensive lawsuits that families would bring against them in the case of injuries or wrongful death, providing that the employer was not negligent in creating a safe work environment.

Commercial auto insurance is another government-mandated form of insurance for businesses. In the same way that privately owned vehicles must be insured, commercial vehicles and their drivers must also be insured. The requirements for insurance and the type of insurance needed are going to vary depending on the vehicle and the usage of the vehicle. State requirements can be found at the Department of Motor Vehicle’s website.

Disability insurance is required by some states. It provides compensation for employees and business owners who become disabled and are no longer able to work.

While not mandated by the state, property and liability insurance is something that business owner should look into. One of the major investments business owners make is property and furnishings for property. Property liability insurance will protect against theft and fire, and will provide insulation from lawsuits by individuals injured while visiting the insured property.

Running a business requires an investment of time, energy and financial resources. Business insurance protects this investment from unforeseen risk.