Launching a New Commercial Venture in NY? Consider This…

In the age of the Internet, many business-minded folk are finding it possible to launch a small business venture while working from home; with a website as their business front. Sometimes these micro-businesses grow and graduate to larger, commercial premises, while others can continue to evolve without leaving home. The entrepreneurship is astounding, however there’s a problem emerging – many of these businesses are just getting started, on a ‘shoestring’ budget.

It’s important that as a young business owner, you recognize the risks involved and take a close look at the benefits associated with securing commercial insurance in NY before your new home-based company “opens its doors”.

What type of coverage might your new commercial venture need? It always depends on the nature of the operation but here are a few common business aspects to consider:

• If you’re providing a professional service from home (for example graphic design) or you’re offering advice (for example, you’re a nutritionist) then you may want to take out indemnity or errors and omissions cover. Whether you’re in commercial premises or not, the risk of being sued over your services is present.
• Do you use a vehicle to deliver products or travel between clients? Depending on how you use your vehicle your insurer may require you to have commercial auto insurance.
• Do you store products or property belonging to clients at home? There’s a good chance it won’t be covered under your home insurance.

Don’t place your dream of building a business at risk by failing to first proactively protect it with comprehensive commercial insurance. NY entrepreneurs are encouraged to research the risks associated with their new commercial investment and work with a professional to develop a commercial insurance package tailored to your unique needs.