Business & Commercial Insurance

All businesses face risks and exposures that could lead to significant financial losses. Incidents may be inevitable regardless of how safe you believe your workplace is. Certain circumstances that lead to damages may even be entirely out of your control. With that in mind, your business must implement loss control practices, including an adequate insurance portfolio. 

What Is Business Insurance? 

Insurance for your business may be an invaluable investment. Business insurance is not a specific type of coverage but refers to the collection of policies that a company may need to protect itself from various risks and exposures. While the particular insurance needs of businesses vary, in general, the following coverages may be advisable: 

• General liability—If your business is liable for the damages of a third party, such as a guest or customer, this coverage can provide financial assistance for the following incidents:
  • Bodily injury
  • Property damage
  • Personal and advertising injury
• Commercial property—If property your business uses to function is damaged, lost or stolen, this coverage, also known as business property insurance, may be able to help pay for repairs or replacement costs. This type of insurance may include coverage for the following:
  • Structures
  • Equipment
  • Inventory
  • Furniture
• Business income—If your company is forced to pause its regular operations, this type of coverage, also known as business interruption insurance, may be able to cover resulting losses and expenses, including the following:
  • Rent/mortgage payments
  • Lost income
  • Payroll
• Workers’ compensation—If an employee is injured on the job or develops a work-related illness, your insurance can help pay for various expenses, such as the following:
  • Medical treatment
  • Vocational rehabilitation
  • Disability/death benefits
  • Legal costs
• Professional liability—If another party alleges that services or products provided by your business were late, incomplete or unsatisfactory, this coverage, also known as errors and omissions insurance, can provide financial assistance for the following:
  • Damages
  • Legal defense costs
  • Disciplinary proceedings
  • Loss of earnings
  • Subpoena assistance
• Employment practices liability—This type of insurance can help pay for legal expenses if a prospective, current or former employee sues your business for inappropriate workplace practices, such as the following:
  • Discrimination
  • Wrongful termination
  • Improper hiring practices
  • Harassment 

Your business should also take the time to consider its operations and determine if additional insurance may be necessary. For example, if your company regularly uses motor vehicles, you should have a commercial auto policy. 

Get the Right Coverage 

Regardless of your business’s size or what industry it is a part of, some level of insurance is necessary. Even the most diligent and responsible companies may be unable to neutralize all risks and hazards. A single incident could lead to high out-of-pocket costs and disastrous economic consequences without adequate insurance. 

With over 50 years of collective experience, the insurance experts at James V. Funaro Agency make it their mission to help businesses in the Bethpage and Levittown areas protect themselves. We will work with you to analyze your insurance needs and craft optimal coverage. Contact us today to get started. We offer coverage for several different types of industries, including florists, barbers, retail clothing stores, auto repair shops, and medical offices!