What kind of insurance do store owners need?

What types of insurance do I need for my business? Owning your own brick-and-mortar store, for business owners, can be a rewarding proposition. With all of the hard work you’ve put into making your dream a reality, you’ll want to make sure to adequately protect your store with these tips for ensuring you get the proper business insurance coverage for your business.

The standard commercial policy is called a BOP (Business Owner’s Policy). Depending on whether you own your building or rent it, you will want either building coverage, business personal property coverage, or both, along with many other coverage options you can endorse to your policy.

Building Coverage

Where can I get the best insurance for my commercial building? If you own the building in which your business is conducted, you will want coverage for the real property, which includes permanent features of the store, such as the building, outdoor fixtures, sheds, garages, and permanently installed machinery. Each insurance company will determine the value of your property through a variation of cost estimating.

Business Personal Property Coverage

Is my personal property covered on my insurance policy? Business personal property coverage includes coverage for all of the belongings housed in your store, including inventory, equipment, and furnishings. There are two kinds of property coverage:

  • Replacement Cost: Covers you for the amount it will cost to replace your property with new materials of like kind and quality. For example, if your 10 year-old commercial freezer were to be destroyed in a covered loss, a replacement cost policy would provide you with the funding to purchase the same kind of freezer brand new, less your policy deductible.
  • Actual Cash Value: Covers you for the amount it will cost to replace your property, less depreciation. In the case of your freezer, you would be reimbursed for your loss in the amount it would cost to purchase commercial freezer, less 10 years of depreciation in value rather than a brand new one.

Business Liability Protection

What is business liability insurance and how does it affect my business? Liability coverages protects you in the event a customer or other non-employee is injured on your insured premises, or as a result of using one of your products, or sustains damage to his or her personal property. Business liability insurance covers your business in the event of a lawsuit, and can also contribute towards legal fees.

Commercial Auto

What is the best commercial auto insurance coverage? If you own a company vehicle or fleet, you will need commercial auto coverage to ensure that your property and employees are protected in the event of an on-the-job accident. Capital Gate offers a wide variety of commercial vehicle coverage options, so it is a good idea to have a licensed agent review your commercial auto policy today. Contact the agents at Capital Gate for a quote!

Coverage for your employees in the event of a work-related illness or injury

Why is New York workers’ compensation insurance so important to me? New York store owners are required by law to carry both workers’ compensation and disability insurance on all their employees, whether part-time or full-time. Workers’ compensation covers employees essentially hurt on the job and disability offers coverage for employees essentially hurt or out of work when the event occurs off the job. Let our licensed agents walk you through a complete review of all the insurance policies and coverages you will need unique to your business; and get your insurance AT THE BEST PRICE!

And more!

Every business is different, so it’s important to customize your coverage to make sure your business property, personnel, and profits are adequately protected. Call the professional insurance experts at Capital Gate Insurance at (518) 389-2610 for a free and comprehensive coverage review today!

We will work hard for you, so make Capital gate Insurance your one-stop-shop when it comes to insurance.