Small Business Insurance Checklist - NYCM Insurance Blog

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Jul 5, 2023

Small Business Insurance Checklist

Learn About Insurance Coverage to Protect Your Small Business


When it comes to running a business, small business owners know firsthand the labor of love that goes on behind the scenes to keep things operating smoothly. Whether you’re serving food or drinks from a restaurant or café, selling retail products from a storefront, or providing a service from an office, running a successful business comes with many responsibilities. Unfortunately, it also comes with many risks that can threaten the enterprise you’ve worked so hard to build.


That’s where business insurance comes in: a Comprehensive Business Owners Policy (BOP) offers broad coverage and is designed to protect your business from almost everything life can throw at it. From property damage and loss of business income to general liability suits and cyber threats, business insurance can provide you with peace of mind so that you can focus on what you do best: running your business! Continue reading to learn about insurance for small businesses.

Does My Small Business Need Insurance?


Every business owner who wants to protect their property and profits against unforeseen events should consider purchasing a BOP. Additionally, a BOP’s liability coverage can help protect a business owner from incurring financial losses if a lawsuit is raised stemming from their business (For example, a slip and fall by a patron).

If you run an online business out of your home, or any business from your home, you should consider purchasing a BOP. While a home insurance policy protects your home, it may not protect business operations occurring within your home. In fact, your home insurance may even exclude business activities and all business property.

NYCM Insurance is proud to offer insurance coverage for over 200 classes of business, with a focus on "Main Street" business types. Some examples include:


       Office: Real Estate Agents, Accountants, Medical Offices, Attorneys

       Service: Nail Salons, Barber Shops, Beauty Salons, Tailors, Photographers

       Retail: Clothing Stores, Furniture Stores, Antique Stores, Grocery and Convenience Stores, Knick-knack stores

       Restaurants: Fast Food to Fine Dining, Delis, Bakeries, Coffee Shops, Cafés

       Building Owners (Owners of a building who don’t have a business within the building): Commercial Tenants, Mix of Residential and Commercial Tenants

       Residential Buildings: Apartment Buildings, Condominium Associations, Bed & Breakfasts (and even Airbnbs)


What Kind of Business Insurance Do I Need?

A Comprehensive Business Owner’s Policy provides essential insurance coverage to address the needs of small businesses, including:


Business Property

Business Income

Commercial General Liability

 Cyber Coverage (e.g. Data Breach)


In addition to these general coverages, additional coverage options are available to meet the needs of each individual business. Additional coverages can be purchased including professional liability insurance, liquor liability, computer fraud, water back-up and sump overflow, outdoor property and signs, food spoilage, and more. Depending on your line of work, you may want to purchase some of these additional coverages to protect your business.


How Much Does Business Insurance Cost?

The cost of business insurance can vary from business to business. When determining price, an insurer may take many different factors into account, including location, property value, fire protection, deductible, sales, and business type. At NYCM Insurance, our Compass BOP is a comprehensive business owner’s policy personalized to your business's needs.


Why Should I Invest in Business Insurance?

Running your own business is a massive undertaking that requires a significant percentage of your time, energy, and headspace. Without the protection offered by business insurance, the fruits of your labor can be left vulnerable to everyday risks and unforeseen events. By investing in a BOP, you can rest assured that you're doing everything in your power to protect everything you've worked hard to build.


Where Do I Get Business Insurance?


Getting covered with business insurance doesn’t have to be a big hassle. We’re proud to make the process of purchasing business insurance both personalized and easy.


Click below to access our Find an Agent tool, where you can input your zip code and connect with an NYCM Agent near you to discuss your coverage options.