Many have said that businesses, both big and small, compromise the backbone of the American economy. Especially in the younger and smaller business in which people are applying innovation, ingenuity, and originality in order to help jump start and progress forward. As these growing industries represent hope for change and progression when a business fails it can have a devastating effect on many levels. Including the loss of jobs, income and business owner’s investments all take a turn when the business fails. In this post, Long Island Insurance Executive, Gregg S. Marcus will lay out the basics of business insurance and fully explain everything you need to know regarding policies for both large and small offices.
There are several variables that go into play when attempting to predict whether or not your business venture may fail. It can even involve a product or service that the public isn’t interested at the time in which you put all your money into. Situations could become even worse, such as if a company is being sued for unfortunate accidents or incidents that happened in or even surrounding you place of operations. This will translate to great legal costs and expenses which could severely hurt or even bankrupt your business.
Professional liability insurance is just one policy that can be very helpful to you and your business. Professional liability insurance is also commonly known as errors and omissions insurance, this is a plan that is meant to be a safety measure against any form of lawsuit that may occur during your business’ course of operations. This covers any kind of malpractice, errors, negligence, and other business related instances. Legal costs can be incredibly costly, without liability insurance you will be forced to find other means to pay for court and lawyer fees, which could render you in due course, broke.
Commercial property damage insurance is another form of business insurance that is quite common and highly recommended. It is similar to property loss and damage insurance that is generally available with policies however it can be specifically arranged for certain scenarios such as fires, floods, storms and more.
If are a business owner in Nassau or Suffolk County on Long Island, New York, and are interested in attaining insurance or have any questions regarding a business insurance policy, Contact Gregg S. Marcus today!