Category: Commercial Insurance

Your business is unique, and it needs commercial insurance to cover its unique things. Different businesses need different types of business insurance depending on many factors. Whether you have employees, how many of them you have, where your business is located, and what you sell are all important factors in determining the types of commercial insurance you need. To learn more about commercial insurance for your business, call us at M&K Dignum Insurance Agency Inc. in Albany, NY.

Workers’ Compensation Insurance 

If you have employees, you need to have this type of insurance coverage. It protects your business by paying for the expenses that are due after an employee gets sick or injured on the job. Injuries can be caused by just about anything, so you still need this insurance even if you don’t have any dangerous equipment in your business. It also protects your employees, making sure that their accident-related expenses will be paid. 

Cyber Insurance 

This type of commercial insurance protects your business from mishaps that happen online, such as data breaches. It can be valuable coverage in case of a major problem that you’re liable for. Data breaches often lead to spending a lot of money to mop up the situation. Cyber insurance can be provided to you when you need it. 

Product Liability 

If you sell a product of any kind, there’s always the chance that it could harm someone. With product liability insurance, your business is protected against many lawsuits that can result from someone getting hurt. You need this coverage for your own peace of mind and financial protection. 

Get Commercial Insurance

To discuss the types of commercial insurance you may need, call us at M&K Dignum Insurance Agency Inc. in Albany, NY. 

Unexpected changes are inevitable in the fast-paced business world. Savvy business owners in Albany, NY are turning to commercial insurance to secure their business fortunes from unforeseen risks. M&K Dignum Insurance Agency Inc. can help you understand the basics of how commercial insurance works. 

Commercial Insurance Basics 

The terms commercial insurance and business insurance are interchangeable. Business insurance is designed to protect business owners from the devastating financial losses associated with unexpected events like natural disasters or theft that can cause indefinite shutdowns. 

Today’s business owners get general liability insurance to protect their business finances from legal claims for bodily injury, property damage, and personal injury that occur during the course of business. Get commercial property insurance to protect your physical business assets, including buildings, equipment, and inventory, from fire damage, theft, or natural disasters that can lead to flooding. 

Business interruption insurance can help to cover losses related to indefinite business shutdowns.  Talk to a trusted insurance agent at M&K Dignum Insurance Agency Inc. To learn how business interruption insurance can help your business recover lost revenue and operating expenses in the event of a disaster. 

New York business owners who get errors and omissions insurance are protected from claims related to professional liability. This insurance helps protect business owners of all sizes from negligence or quality of service claims. 

Reach Out To Us

Don’t wait until it is too late to protect your business. Reach out to a trusted insurance agent at M&K Dignum Insurance Agency Inc. in Albany, NY to learn about the benefits of commercial insurance in New York. 

Sad to say, some people make a living out of doing this; they spill some water on the floor at a place of business and take a pratfall. They pretend to be badly hurt and threaten to sue the business. Let’s say you have commercial insurance. (You really should)! 

Here’s how to protect yourself from such fraud:

How to Smell a Rat 

When a person is legitimately injured, their first thought is to make the pain stop or at least prevent it from getting worse. Are they assigning blame and threatening to sue before even dealing with their "injury"? Beware when someone injured at your business declines medical attention or won’t provide medical records. If this person has a record of frequently suing for injury, you may be the latest in a line of suckers. Don’t be fooled by witnesses. They may be in on it. The surest way to prevent being taken by these con artists is video surveillance and lots of it. The camera never lies.  

How to Report a Fraud 

You have both a right and an obligation to report and prevent fraud. Doing so may grant you civil immunity. This means you will have a legal defense against any lawsuit for libel or slander barring the event that it can be proven that you made the report with malice, fraudulent intent, or bad faith. (We’ll kindly assume that you didn’t.) If you believe a claim against you is fraudulent, contact your insurance company immediately and work with them. They should give you advice on what to do. You may not have to go to court, but make it clear that you’re not afraid to take it that far. 

Looking for Insurance in Albany, NY? M&K Dignum Insurance Agency Inc. is Here to Assist!

As a business owner, you know how important commercial insurance is. M&K Dignum Insurance Agency Inc. serves the greater Albany, NY community and we are committed to seeing that you are treated fairly. 

Owning your own business can be exciting and rewarding, but you have to make sure you’re protecting it. That will add to your peace of mind and help you focus on your customers, too. Most businesses need commercial insurance policies, which help protect the company, its employees, and clients who come to your location. If you’re in the Albany, NY area, M&K Dignum Insurance Agency Inc. is here to help your business with its insurance needs.

What about if you have a home-based business?

Does your home insurance or renters insurance protect you, or do you need a commercial policy? While every situation is different, it most likely depends on what kind of business you’re operating. A fully online service business is a lot different from an in-person company where clients or customers are coming to your home.

The best way to find out if you need a commercial insurance policy for your at-home business is to work with a trusted insurance agent who can give you good information. Working online in customer service, for example, isn’t going to require the same kind of insurance as someone who’s cutting hair or selling items from their home.

If clients are coming to you in person, you might have liability risks if one of those clients gets injured on your property. That could mean you need a commercial policy to protect your business and reduce your risk as a homeowner, as well. Finding out for sure can help you and your agent work together to get the best coverage for your situation.

Reach Out To Us

If you’re in the Albany, NY area, reach out to us at M&K Dignum Insurance Agency Inc., and let us help you find the right policy for your needs. Whether that’s a commercial policy for your at-home business or another type of coverage, we’re here to help.

Small businesses face risks every day, including just staying financially viable. Commercial insurance can protect your business from many of those hazards, but in spite of that, most will not survive more than ten years. At M&K Dignum Insurance Agency Inc. we will sit down with you to assess the risks that your small business faces and make recommendations for the correct types of insurance to protect your Albany, NY business.

Why Commercial Insurance?

Commercial property insurance

It is very difficult to do business if all the things that you need to carry out your business have been destroyed by a hazard. Many of those hazards would be covered by commercial property insurance. It can save your small business if you have the means to replace the items you have lost quickly and without hassle. That is what insurance will do for you. If your business doesn’t have the cash to replace things without insurance, you might have to close your doors. 

Commercial liability insurance

No one likes to think about being sued, but when you own a business, it is likely to happen to you since one-third of all businesses are sued in any given year. A judgment against you could use up all your assets, and maybe even more if you don’t have commercial liability insurance. 

Business interruption insurance

Bad things happen even to good businesses and if a bad thing happens to you and you are not able to do business for a while, you could end up not being able to remain in business. Business interruption insurance can make all the difference. It provides the funds you need to make your normal business expenses when your income has dried up to nothing. 

Contact Us Today

For more information about commercial insurance, call M&K Dignum Insurance Agency Inc. in Albany, NY. 

You must be adequately insured if you’re running an online business in Albany, NY. Although many policies are available to help cover your business and assets, knowing which types best fit your needs is essential.

Here are three types of insurance you should consider for your business from our team of insurance experts at M&K Dignum Insurance Agency Inc.

3 Types of Online Business Insurance 

General Liability Insurance

As an online business, you are susceptible to lawsuits and other risks. Without general liability insurance, you could be sued for damages caused by your business, such as if your product accidentally causes damage to a customer’s property. This insurance can help protect your business from these risks.

General liability also covers you in reputational harm cases, such as when a customer claims a poor interaction with your business damaged their personal or professional reputation. You may also use a general liability policy to protect your intellectual property from theft or other misuse.

Product Liability Insurance

You may be held responsible for the products you sell, even if you didn’t make them. Product liability insurance can help protect your business from costly lawsuits. If a customer is injured by a product you sell, they may sue you for damages. Product liability insurance can help cover the costs of these lawsuits, including legal fees, settlements, and judgments.

Professional Liability Insurance

Professional liability insurance will protect you financially if you are sued for negligence or for giving bad advice. It will also cover you if one of your clients suffers a financial loss because of something you did (or didn’t do). Without professional liability insurance, you could face a substantial financial burden if something goes wrong. The cost of defending yourself in court can be astronomical; if you lose, you could be ordered to pay damages and legal fees.

These are just some examples of insurance that can benefit an online business. Others that might be of interest include cybersecurity insurance and business interruption insurance.

Contact Us Today

Our team at M&K Dignum Insurance Agency Inc. is happy to serve clients in Albany, NY and surrounding areas. We offer insurance services to help protect your online business. We are here to help you find the right coverage, and we will work with you to find a policy that fits your needs.

If you own a business in New York, chances are that you need at least one type of commercial insurance to stay legal. There are two types of commercial insurance that the state mandates, but not every company will need them both. It’s important to know what they are so that you know if you need to get them to protect your company.

To get started with commercial insurance, call us today at M&K Dignum Insurance Agency Inc. in Albany, NY.

Required Commercial Insurance

Workers’ Compensation Insurance

This type of insurance pays for the medical bills and other expenses such as lost wages for employees who are injured while working or who contract a work-related illness. It also pays disability benefits when necessary. This type of insurance is important for protecting your business from these expenses after an accident. It’s also important for employees to know that it’s there in case an accident should happen. In New York, if you have any number of employees working any hours, even part-time, you must have this insurance for those employees. 

Commercial Auto Insurance

If your business owns any type of vehicle, it must be covered by a commercial auto insurance policy. There are several types of coverage that have to be in this policy to keep it legal. There are several amounts that are required to be included in these policies. There is an amount required for bodily injury liability for a single person injured in an accident, and other is required for all of those who are injured. There is an amount required for one person’s death and another amount for everyone who has died. There is an amount required for property damage liability and one for personal injury protection. Then, there are amounts required for one person injured by an uninsured motorist and another for all of those injured. 

Get Insurance Coverage

To get your commercial insurance, contact us at M&K Dignum Insurance Agency Inc. in Albany, NY.