Rochester, NY Business Insurance

Rochester, NY is a great place for businesses owners. Several well-known companies started here, including Bausch & Lomb, Kodak, Xerox, and Western Union, started here. Today, nearly 16,000 companies are operating in this city. Those in the manufacturing and healthcare industries do especially well in Rochester, but businesses of all types can find success here.

If you are among Rochester’s many business owners, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent agent can help you identify your company’s various exposures, and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to learn more.

Liability Insurance for Small Businesses in Rochester

If your business is on the wrong end of a lawsuit, having the right liability insurance can save it thousands of dollars. This insurance is designed to absorb associated expenses like court costs, legal defense fees, and damages. All business insurance policies include commercial general liability insurance (CGL).

CGL covers third-party injuries, illnesses, or damage, whether they are caused by an accident on your business property (premises liability insurance) or because of a defect in a product your business produces, sells, or promotes (product liability insurance).

Many businesses have liability risks that go beyond what CGL insurance will cover. Your independent insurance agent can help you identify your company’s other exposures and can recommend the right commercial liability products to cover against them. Examples of some of the many liability insurance policies you can choose from include:  

• Employment practices liability insurance: This covers your business if a current or former employee accuses you of illegal business practices such as discrimination, harassment, and wrongful termination 
• Environmental liability insurance: This covers clean-up costs and damage if your company accidentally pollutes  the land, water, or air 
• Liquor liability insurance: This cover businesses that sell or furnish alcohol if an intoxicated patron causes injury or property damage to others
• Professional liability insurance: This covers individuals in professional positions if errors in judgement or other professional mistakes cause third-party damage. Medical malpractice is a well-known example of this type of insurance.

Talk to your insurance agent to learn more about these and other liability products that may be right for your Rochester business.

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Cybercrime Insurance for Rochester Small Businesses

Cyber liability insurance is yet another commercial liability product, and it is one that all Rochester business owners should be aware of. It was created to defend companies against the growing threat of cybercrime. 

• Number of identity theft complaints in New York per year: 15,959
• Ranked 17th highest for identity theft complaints in the US
• Only 22% of businesses have a cyber/data breach response plan

If your business manages or tracks your customers’ personal and financial data electronically, it is at risk. If hackers find a way to access this information, they can then use it to commit identity theft and fraud. 

Companies that experience such a data breach are liable for the resultant damages, which can be extremely costly. Cyber liability insurance can help by absorbing these costs. Be sure to ask your insurance agent for more information about how cyber liability insurance can protect your Rochester business.

Property Insurance for Small Businesses in Rochester, NY

Your business insurance policy also includes commercial property insurance. This is designed cover loss or damage of your company’s assets, including merchandise, inventory, machinery, tools, furniture, and more.  

• Number of federally declared disasters in NY since 1953: 93
• Most common reasons for declared disasters: Severe Storm, Flood, Heavy Snow

Businesses in Rochester are most likely to experience loss or damage due to property crimes, accidental fires, or severe storms. Fortunately for residents and business owners in this city, severe weather events are less likely in Rochester than in most of the country.

Be aware that some commercial property requires specialized coverage. Your independent insurance agent can help you determine whether additional policies like inland marine insurance or boiler & machinery insurance are necessary for all of your business property to be fully covered.

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Business Interruption Insurance for Rochester Businesses

Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. A major disaster could potentially force your businesses to remain closed for weeks—or even months—while repairs are made. Without a stream of revenue during these times, many businesses could sink into bankruptcy. That is why business interruption insurance is so important.

Take, for example, the great Rochester windstorm of 2017. Heavy wind in the area toppled trees and power lines, making many roads impassable and leaving more than 100,000 homes and businesses without power for days. Some businesses had to remain closed for several days, since there was no way to access them and no power to run them.

Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance enables your company to pay expenses, like loan payments and salaries, until you are able to resume your normal business operations.

Workers' Compensation for Rochester Businesses

Workers’ compensation insurance (or “workman’s comp”) is designed to cover your employees’ medical treatment, lost wages, and other miscellaneous expenses if they are hurt or become ill in the course of doing their job. It can also pay out death benefits to family members in the unfortunate event that a workplace injury is fatal.

Most businesses in New York are required by law to carry workers’ compensation insurance. A few exceptions are made, most notably for sole proprietors with no employees, but exemptions are rare. Costs for this coverage are based on the likelihood of serious injury inherent to the types of jobs your workers do.

 Your independent insurance agent can help you obtain appropriate coverage for your business, either through a commercial provider or through the State Insurance Fund (SIF), whichever is the better choice. With approval, your business also has the option to self-insure.

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Employee Benefits for Small Businesses in Rochester

Healthcare coverage may be expensive, but providing it to your employees can have money-saving benefits. Studies by human resources managers have demonstrated that workers who have health insurance tend to use fewer sick days. Other studies have found that offering an attractive benefits package helps companies recruit and retain ideal employees. 

• Average amount spent on healthcare coverage by NY businesses: $1,568,586
• Ranked 3rd for highest medical insurance costs in the US
• Average annual cost of health care in NY: $6,086/person or $17,530/family

If you are thinking about including health and life insurance in your employee benefits package, you will find that there are many different policy types and options available for you to choose from. You may therefore find it advantageous to have the guidance of an experienced independent insurance professional. 

Why Work with an Independent Insurance Agent?

There is no such thing as a one-size-fits-all business insurance plan, which is why insurance companies offer a wide variety of products and options. This enables business owners to fully customize their company’s commercial insurance portfolio. Independent insurance agents can help you choose the right coverage to meet your company’s specific needs.

Because they do not work for a particular insurance company, independent agents are able to shop around for the best business insurance policies at the most competitive prices. Contact an independent insurance agent with an office in or near Rochester to get started.