If you have a business, you need to get Commercial Insurance to meet the terms of your lease and your business property loan in most cases. While meeting those legal contractual obligations is naturally very important, there are a number of other more personal reasons that having commercial insurance in Nassau County NY is a very smart thing to do for your business.
The property damage coverage is a big part of commercial coverage. There are many different ways in which your property could sustain damages, and in most cases the property damage part of your commercial policy will pay for the required repairs. Property damage coverage usually includes damage like: Fires, winter storms, vandalism damage, and any number of other natural (or unnatural) disasters. Essentially, if your commercial building was seriously damaged or even completely wrecked through no fault of your own, your property damage coverage will typically pay for rebuilding or repair.
Liability coverage is also a very significant part of most commercial insurance policies. This is that coverage which is designed as a legal protection, primarily from lawsuits. If people are hurt or killed while on your commercial property, they may file a lawsuit against your company. If the court awards them damages, this money would normally be taken from your company funds – but insurance coverage will pay for these damages instead.
One of the best features of commercial insurance policies is that they are quite easy to customize. If you want special coverage for your equipment in case of mechanical failure, for example, you can have that added to your policy for a small extra fee. In this case, if your equipment broke down and caused the loss of income, the insurance would typically compensate you for lost income until the equipment can be repaired.
You can even get Commercial Insurance in Nassau County NY policies that cover business interruption due to repair. If you have a major disaster on your commercial property and it will be some time until the building and property are safe to use again, you are losing business. This business interruption coverage can be applied to virtually any situation that shuts your company down, so this can be a helpful extra type of coverage to have!
