Your insurance needs will obviously depend in part on the type
of business you operate. However, all business owners should
consider at least four types of insurance.
One, you may need business property insurance to cover your
assets against various losses that result from natural and man-made
causes. Check the policy to determine what assets and
events it covers, and purchase riders for any additional coverage
you feel is necessary. You may want to cover any building you
own and its contents (e.g., furniture, office equipment, inventory,
and supplies). If you lease space, you may still want to purchase
property insurance; your landlord’s building insurance will not
cover your business possessions. If you run your business from
your home, you should consider purchasing separate business
property insurance. In most cases, your homeowners policy
does not cover the use of your home for business purposes.
Two, you may also need liability coverage to protect against
lawsuits that could arise if the services or products you provide
injure or harm your customers or their property. Liability
insurance pays the cost of these damages, as well as attorney
fees and costs. A similar type of protection for professionals is
called Errors & Omissions insurance.
Three, you may also need commercial auto insurance for your
company owned vehicles to protect your business and your
employees in the event of an accident or loss. If you have a loan on one or more of your vehicles, you are required to carry
physical damage (comprehensive and collision) as well as auto
liability.
Four, if you have employees, you may have a requirement to
purchase workers’ compensation insurance. This insurance
covers medical expenses and at least a portion of lost wages for
employees injured or taken ill as a result of their employment.
Your state’s laws determine the maximum number of workers
you may employ to be excluded from mandatory coverage, and
the types of employees (e.g., independent contractors) that you
may exclude from coverage.
With CNB Insurance Agency, we shop and compare rates, and
you pick the quote - online or by phone. Let us customize an
insurance plan based on your needs. That way you can rest easy,
knowing your business is protected.
CNB Insurance Agency
Canandaigua National Bank & Trust established the CNB Insurance Agency in 1996 as part of the bank’s mission to provide total financial services to people and businesses in our community. I can be reached at (585) 249-4980 ext: 41034 or via email at [email protected]. We are happy to meet with you and review all of your insurance planning questions.
Source: ©2016 Broadridge Investor Communication Solutions, Inc. This material provided by Margaret M. Whelehan.
CNB Insurance Agency is a wholly owned subsidiary of Canandaigua National Bank & Trust. Investments and insurance products offered through CNB Insurance Agency are not FDIC insured, not bank deposits, not obligations of, or guaranteed by Canandaigua National Bank & Trust or any of its affiliates. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with Canandaigua National Bank & Trust, any of its affiliates, or CNB Insurance Agency. Canandaigua National Bank & Trust will not condition an extension of credit on either the consumer’s purchase of an insurance product or annuity from Canandaigua National Bank & Trust or any of its affiliates, or the consumer’s agreement not to obtain, or a prohibition from obtaining, an insurance product or annuity from an unaffiliated entity.