Business Insurance

If you are a business owner or are considering owning a business, one of the most important things you will need is business insurance. Business insurance is useful for many reasons, but it mainly protects businesses from financial losses and damages like theft or lawsuits. Business insurance or commercial insurance is not only useful when it comes to losses to the business itself, but it can be used to cover wages for workers that have an injury on the job.

The common belief that most people have when it comes to insurance, is that it’s better to have it and not need it, than to need it and not have it. This is the reason people choose to invest in a policy, even if they have a great history of not using their previous policies. Also in the United States, when it comes to commercial insurance, it is most likely going to be required if you own a business. Commercial insurance along with workers’ compensation insurance is going to help you sustain your business even if you do not think it’s important when you first start your business.

If you do not have liability insurance and own a business, you will have to pay out of pocket if your company is involved in a lawsuit and that could take down your business before it’s even off the ground. Commercial insurance can also be used to cover damages in the event of fire, vandalism, or theft for example. If you do not have insurance, these repairs could make it near impossible for your business to succeed if it has a higher likelihood to be involved in these types of events.

Types of Insurance

You will typically need at least one type of insurance if you own a business. You will need commercial insurance, liability or business income coverage insurance. Depending on the size of your business, you might be able to bundle a deal with a company.

Commercial property insurance can help cover your losses if they are damaged or destroyed. This type of insurance is important because most businesses own a large amount of property and even small damages can be costly without insurance.

General liability insurance is useful when accidents happen, as they often do when they are least expected. It can help to protect your business if someone is injured while in your business.

Business income insurance will come into play if you have to shut down your period for an extended period of time and can help to cover routine expenses while the business is shut down.

Reach Out Today!

Depending on the type of business you own, your insurance needs will vary from, so you’ll want to do your research as well as discuss your options with an expert. It may be possible to bundle different types of insurance to make sure you are getting the best coverage for your personal needs. Feel free to reach out to us at Willoughby Insurance in Buffalo, NY so we can discuss your options today!

Business Insurance

At Willoughby Insurance, we understand that business owners have to make difficult decisions regularly that affect both customers and employees.  One of the most important decisions you can make as a business owner will be the insurance policies and coverage you select to adequately protect your business. There is insurance available for every risk that your business could potentially face. Some types of coverage are required by law, while there are a number of coverages that are optional, yet very valuable. As with all insurance regulation, it is important to remember that what is required does not always offer an adequate level of protection. At Willoughby Insurance, we will work closely with you to understand your businesses needs and goals to determine which options will offer the coverage and protection that is needed.
Commercial or Business Insurance are blanket terms that encompass a number of insurance options. Typical coverage provided in a business insurance program can offer protection for:

  • Damage or loss to a business location and its contents.
  • Commercial vehicles.
  • Lawsuits resulting from injury or property damage to others.
  • The interruption of normal business operations.
  • Benefits for employees who are injured on the job.

Worker’s compensation, liability, and property insurance are three of the most common business insurance programs available. Just about business insurance policy will include these types of coverage.
Worker’s Compensation Law ensures that employees who are affected by a work-related injury or illness receive prompt medical treatment and adequate compensation for wages lost. This coverage is a requirement for all businesses in the state of New York with a limited number of exceptions. Worker’s Compensation also protects you as an employer from lawsuits that could arise from employee injury or illness.
Liability insurance protects businesses against negligence and/or injury to clients or other third-parties. This can include bodily injury, property damage, and personal injury (damage to a person’s reputation or rights). Attorney fees, damages, and medical expenses that you could incur as the business owner would be covered under liability insurance. 
Property Insurance is designed to protect against unexpected damages from fire, hail, strong storms, and other natural disasters. Physical assets including the building and its contents, such as inventory and furniture, are covered under property insurance. This may also cover outdoor items such as landscaping or signs.  Property insurance will allow you to get your business back up and running quickly to prevent loss of income.   
A variety of other business insurance programs exist, but how do you know which make sense for your business? At Willoughby Insurance, it is our goal to understand your business needs and goals so that we can provide you with meaningful options and sufficient coverage for anything you may encounter. Some other commercial insurance options include:

Business insurance is key to protecting your business, your employees, and your customers.  Contact Willoughby Insurance at 716-855-8100 to speak with one of our knowledgeable experts about the commercial insurance options needed to protect your unique business. We offer business insurance solutions throughout Buffalo, Niagara Falls, Tonawanda, Blasdell, Williamsville and the surrounding New York communities.