Your Guide to White Plains, NY Business Insurance

White Plains is home to more than 8,300 businesses. Companies operating in the professional, scientific and technical services and retail trade industries are most abundant in this city, but businesses of all types have found success here. As a White Plains business owner, you will want to be sure to protect your investment with suitable commercial insurance.

Choosing the right businesses insurance can be complicated, but you do not need to go it alone. Independent insurance agents in White Plains can help you build a comprehensive coverage portfolio by identifying your company’s specific risks and advising you about which policies can best cover against them. Find an insurance agent near you to learn more.

Liability Insurance for Small Businesses in White Plains, NY

Liability insurance is one of the most important aspects of your commercial insurance policy. It is designed to cover court costs , legal fees,and damages if you are sued for a covered event. All business insurance policies include commercial general liability insurance, which is also referred to as CGL. Your company’s CGL has two main coverage components:

Premises liability insurance: Covers third-party injuries, illnesses, and property damage that have occurred on your business property.
Product liability insurance: Covers third-party injuries, illnesses and property damage that were caused by products your business produces, sells, or promotes.

An independent insurance agent can identify other liability risks your business may have that are not covered by CGL, and can recommend the appropriate policies to cover them. Examples of some of the many commercial liability insurance products available to you include:

Liquor liability insurance: Covers businesses that sell or serve alcoholic beverages in the event that an intoxicated patron causes injury or property damage to others.
Employment practices liability insurance: Covers businesses against lawsuits related to alleged illegal practices such as discrimination, harassment, and wrongful termination.
Environmental liability insurance: Covers businesses against accidental pollution of the ground, water, or air, including the cost of clean-up.
Professional liability insurance: Covers individuals in professional positions against lawsuits for damages caused by errors in judgment and other professional mistakes.

You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.

Cyber Liability Insurance Protects White Plains Businesses

If your White Plains business uses computers, you may want to take a closer look at yet another liability product: cyber liability insurance. This relatively new coverage was designed to protect businesses from the growing threat of cybercrime.

Cyber liability insurance provides coverage in the event that hackers break into your business’s computer system and access sensitive customer data that your company has stored electronically. This data can be used to commit identity theft and fraud, and your company can be sued for the resultant damages.

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

Firewalls and passwords can slow a determined hacker down, but these criminals are always devising new ways to get around security features. Be sure to ask your insurance agent for more information about how cyber liability insurance can provide your business with a layer of protection in the event of a data breach.

Property Insurance for Small Businesses in White Plains

In White Plains, businesses may experience property loss or damage due to such hazards as accidental fires, property crimes, and severe weather events. All business insurance policies include commercial property coverage. It is designed to compensate your business for loss or damage to your commercially owned property.

Some commercial property needs to be covered by specialized insurance like inland marine insurance, or boiler & machinery insurance. Furthermore, floods are a significant hazard in White Plains, but business insurance does not cover flood damage, so a commercial flood insurance policy may also be necessary.

Your local insurance agent will be able to help you be sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, as necessary.

Business Interruption Insurance for White Plains Businesses

Major disasters can do more than just damage property. They also have the potential to force businesses to remain closed for an extended period while repairs are made. A closure that lasts for several weeks, or even months, can be financially devastating for a small company. Business interruption insurance provides a solution to this problem.

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

In White Plains, businesses are most likely to be affected by hurricanes and severe storms. Also, while the risk of tornadoes is not especially high, it does exist. In 2006, an F2 twister touched down just 6 miles from the White Plains city center and caused more than $12 million in damage to area businesses and homes.

Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. That way, you can continue to pay monthly expenses and employee salaries even while your business is unable to generate revenue. This coverage is usually limited to one year.

White Plains Businesses Need Workers’ Compensation Insurance

Workers’ compensation insurance (sometimes referred to as “workman’s comp”) was created to cover the cost of medical treatment, lost wages, and other expenses related to workplace injuries and illnesses. This insurance can also provide family members with financial compensation in the unfortunate event of a fatal injury.

In the state of New York, virtually all businesses are required to cover their employees, both full-time and part-time, with workers’ compensation insurance. Exceptions are made for sole proprietors with no employees and a small handful of other specific cases. Failure to carry this coverage can result in fines and prosecution.

The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. You can expect it to cost more to cover a tree-trimmer than a research assistant. You can purchase your coverage through a commercial provider or through the state insurance fund. Your local insurance agent can help you find the best policy.

Employee Benefits for Small Businesses in White Plains

Studies by human resource management professionals have shown that when businesses offer benefits like vacation time, sick time, life insurance, and healthcare coverage, they are better able to attract 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

There are many different life and health insurance products available for you to choose from. This can make it difficult to decide which plans are the best to include in your employee benefits package. Your local independent agent can explain the pros and cons of each of your various options and answer your insurance-related questions.

Why Work with an Independent Insurance Agent?

Every business has it is own specific risks and exposures. That is why insurance companies make it possible to fully customize your commercial coverage. An independent agent can guide you in your search for the best and most affordable insurance to cover your White Plains business.

Contact an independent insurance agent with an office in or near White Plains to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.

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