Your insurance needs will obviously depend in part on the type of business you operate. However, all business owners should consider at least four types of insurance.

One, you may need business property insurance to cover your assets against various losses that result from natural and man-made causes. Check the policy to determine what assets and events it covers, and purchase riders for any additional coverage you feel is necessary. You may want to cover any building you own and its contents (e.g., furniture, office equipment, inventory, and supplies). If you lease space, you may still want to purchase property insurance; your landlord’s building insurance will not cover your business possessions. If you run your business from your home, you should consider purchasing separate business property insurance. In most cases, your homeowners policy does not cover the use of your home for business purposes.

Two, you may also need liability coverage to protect against lawsuits that could arise if the services or products you provide injure or harm your customers or their property. Liability insurance pays the cost of these damages, as well as attorney fees and costs. A similar type of protection for professionals is called Errors & Omissions insurance.

Three, you may also need commercial auto insurance for your company owned vehicles to protect your business and your employees in the event of an accident or loss. If you have a loan on one or more of your vehicles, you are required to carry physical damage (comprehensive and collision) as well as auto liability.

Four, if you have employees, you may have a requirement to purchase workers’ compensation insurance. This insurance covers medical expenses and at least a portion of lost wages for employees injured or taken ill as a result of their employment. Your state’s laws determine the maximum number of workers you may employ to be excluded from mandatory coverage, and the types of employees (e.g., independent contractors) that you may exclude from coverage.

With CNB Insurance Agency, we shop and compare rates, and you pick the quote - online or by phone. Let us customize an insurance plan based on your needs. That way you can rest easy, knowing your business is protected.

CNB Insurance Agency

Canandaigua National Bank & Trust established the CNB Insurance Agency in 1996 as part of the bank’s mission to provide total financial services to people and businesses in our community. I can be reached at (585) 249-4980 ext: 41034 or via email at [email protected]. We are happy to meet with you and review all of your insurance planning questions.

Source: ©2016 Broadridge Investor Communication Solutions, Inc. This material provided by Margaret M. Whelehan.