Most business owners already know that commercial insurance in Nassau County NY is important, since it is often required by either your business mortgage provider, or by local laws. While you may have decided to get commercial insurance coverage simply to comply with the rules about having at least a minimum level of coverage, you may be surprised to learn just how much valuable coverage this really provides to your business.
Commercial Insurance in Nassau County NY covers several different things, but liability is one of the most important. One single lawsuit against your company could potentially result in a judgment against you for as much as millions of dollars. Such a situation could result in the loss of your company, since damages are not limited to the physical. For example, a person who broke their spine on your property because of a stray rock causing them to trip could claim huge medical bills, psychological damages due to depression, and even damages that are totally intangible. Liability coverage is designed to prevent such losses.
While the main role of liability is to provide funds for people who have legitimate damages and claims resulting from something that your business, you, or your employees did, it really helps you as well. Liability commercial coverage allows you to have peace of mind when you welcome visitors to your business or when your employees are interacting with the public. Overall, the level of protection that you get with liability commercial coverage is huge when compared with the small investment the policy usually requires.
In most cases, liability coverage is coupled with property coverage for a well rounded commercial insurance policy. While the liability coverage is great protection against financial losses due to legal actions, it won’t do anything to provide protection from actual damage to your property. This is where the property damage coverage comes in. It will protect the business building, the contents of the building, any business supplies on property, and the whole property including additional buildings. If the building is struck by lightning, destroyed by fire, damaged by hail, or damaged in any type of natural disaster this coverage will usually provide for repairs. Typically, it will also cover theft-related losses and damages.
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