What is business interruption insurance for my Buffalo, NY business?
What would you do if you couldn’t conduct business for an extended period of time? Would you be able to survive if damage occurred and you were out of business for several weeks or months?
The answer for most small business owners is no.
Business interruption insurance can be as vital to your survival as a business owner as fire, flood, or any other type of business insurance. Most people would never consider opening a business without buying insurance to cover damage due to these types of risks.
Unfortunately, too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises to the point where they were temporarily unable to conduct business.
Business interruption insurance covers you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire.
It also covers the revenue you would have earned, based on your financial records, had the disaster not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.
How do I buy workers compensation in New York?
Here are some sample pricing for workers compensation in New York: When your employees are taken care of, your business is taken care of.
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Workers Compensation coverage provides you and your employees with lost wages, medical payments, hospitalization and more.
Workers Compensation Pricing in New York:
*Restaurant rate $1.46 per $100 of payroll, Payroll at $380,000 payroll = $3,800 (with Safety Group 25% discount)
*Wholesaler rate $4.47 per $100 of payroll, Payroll at $12,000 = $536
*Carpentry rate $6.30 per $100 of payroll, Payroll at $120,000 = $7,679
*Roofing rate $17.54 per $100 of payroll, Payroll at $67,000 = $11,751 (with a Safety Group discount of 25%)
Do I need flood insurance on my homeowners policy?
No it is not included, flood insurance is a separate policy. It used to be the only place you could get it was through the NFIP, National Flood Insurance Program but many, many insurance companies now offer it. Every homeowner should have water & sewer back up for any basement water issues (you can add it on to a homeowner policy) but that isn’t considered flood insurance.
Who offers High-Valued homeowners insurance in Buffalo, NY?
Did you know that most $1,000,000+ homes in Buffalo are severely under-insured?
This is because many insurance consumers are unaware that there are insurance companies and products out there specifically designed for high net worth individuals and high valued homes in and around Buffalo & Western New York!
Don’t just rely on any brand name policy for your insurance needs!
The truth is, high net worth families have different needs when it comes to their insurance coverage, which is why Larsen Insurance Agency offers concierge level service, and fully customizable insurance policies to meet the unique, and often demanding needs of higher net worth households.
How do I buy underground utility coverage, also called service line coverage for my home in Clarence, NY?
The underground utility coverage is part of a homeowner policy and not a separate insurance policy. Many insurance companies in Western New York do offer it at an annual rate of $40-$60 for $10,000 of coverage and a $500 deductible. Even if your homeowners deductible is $1,000 or $2,500 this is a separate one. Not all insurance companies in New York offer this added coverage.
What does comprehensive coverage on a Buffalo, NY auto insurance policy cover? Does it cover theft of personal property in or around your vehicle, such as a laptop?
Theft of personal property is always a homeowner or renters insurance policy claim – even if it happened in your car. Comprehensive insurance coverage is for fire, theft, any glass claim and believe it or not, collision with an animal, like a deer. Glass coverage usually has a separate $0 deductible, unlike the other 3 claims would be at whatever deductible you carry.
Why does an employer in Buffalo, Rochester or other New York State cities have to carry disability insurance?
Employers in New York State, like Buffalo, Rochester & other’s, need to cover employees whether hurt on the job or off the job, hence a disability policy. Workers Compensation covers the employee while on the job and disability covers them if they get hurt off the job. But now there is a 3rd coverage that comes in too – Paid Family Leave Act or PFL, which is now part of a disability package. Taking care of an elderly parent or child’s doctors appointments are now covered by Paid Family Leave, so you don’t lose your job over taking care of a relative’s needs.
How do I know if I am getting the best insurance rate for my pizzeria in Buffalo, NY?
Depends on the way your particular insurance companies rates are filed with New York State. The first part of a pizza shops rate, is how much in equipment & inventory do you have? That will determine the property rate portion of your insurance policy. The second factor is liability rate and that is usually done one of three way: 1) Square footage 2) Annual sales or 3) Flat charge. I don’t like #2 because if your business is growing, the better your business, the more you pay for insurance. We happen to recommend $3 quite a bit because as you grow, it doesn’t become more and more expensive.
How can I get a good business insurance policy for my hair salon in Buffalo, NY?
Insurance for a hair salon in Buffalo is pretty easy to obtain from an independent insurance broker like us. Unless you also offer microblading or chemical peels or eyebrow weaving, lots of standard insurance companies will cover your on a BOP or Business Owners Policy. Just make sure you also include professional liability coverage for any scalp, cuts or bruising that could occur in any hair salon.