What are the main types of commercial insurance?

Your New York business is everything that you could have imagined. Do you have the right commercial insurance to protect it from significant financial loss, though? The experts at XL Brokerage Inc. can help you find the indemnity policy that works best for your company.

Professional Liability Insurance

Professional liability insurance is also known as Errors and Omissions (E&O) assurance. This type of plan covers your business in Selden, NY when a consumer claims that your negligence led to damages. Errors and Omissions coverage is meant to cover the financial cost of your mistakes so that you do not have to worry about being sued for telling or giving someone the wrong thing.

Professional liability insurance is common among lawyers and medical practices. The policy covers any advice given that may prove to be incorrect or reckless. Those who sell homemade goods may also consider investing in such a plan. You do not want an allergic reaction to ruin your reputation in Selden, NY.

Property Insurance

Another important commercial insurance plan is property insurance. Contrary to some beliefs, this type of policy is not just for those who own land. Property insurance in business covers the structure as well as goods inside. You need a property assurance plan, for instance, if you use computers for daily operations. You may find yourself out of pocket if a pipe bursts and ruins your equipment if you lack property insurance.

Workers’ Compensation Insurance

Workers’ compensation insurance is required the moment that you decide to hire an employee. It is against the law for employers to have workers on the books without this type of commercial indemnity plan. Workers’ compensation pays when one of your employees suffers an injury on the job. The coverage also pays for damages if your employees are hurt while away from the work site so long as he is on company time.

The experts at XL Brokerage Inc. can help you find a commercial insurance policy that fits your situation. Call them today to get started with a quote!