If you own a small business that is considered an essential during the coronavirus pandemic, your sense of relief over your business remaining open may come with a dose of anxiety about how you will move forward during these uncertain times.

Some of the small business and services that have been deemed as essential by New York State include:

• grocery stores including all food and beverage stores
• pharmacies
• convenience stores
• farmer's markets
• gas stations
• restaurants/bars (but only for take-out/delivery)
• hardware and building material stores
• trash and recycling collection, processing and disposal
• mail and shipping services
• laundromats
• building cleaning and maintenance
• child care services
• auto repair
• warehouse/distribution and fulfillment
• funeral homes, crematoriums and cemeteries
• storage for essential businesses
• animal shelters 

It's being widely reported that many industries are set to take a tremendous hit over the coming months. Now more than ever, small business owners should protect their assets with quality commercial insurance offered by a trusted source like AAA.

Commercial insurance is the term used to describe insurance policies that protect businesses, their owners, and their employees. Major corporations use commercial insurance, but the Insurance Information Institute reports that even small, home-based businesses may require additional insurance to protect against business property loss or liability. 

Small businesses with less than 100 employees – like many local restaurants, auto shops, and construction companies, for example – may need what’s commonly called a BOP, or Business Owners Policy. This type of policy can offer affordable protection against many of the most common risks associated with business ownership.

There’s no such thing as a one-size-fits all commercial policy, though. Just like your own personal home and auto insurance coverage, the specific commercial policy you need is as unique as your business. Ask yourself: 

• What inventory and equipment does your business require?  
• Does your company own any vehicles? If so, who drives them and how are the vehicles used? For example: Do they haul heavy equipment, or are they used for the driver’s daily commute? 
• What types of risks do you face in your specific industry? For example, a medical office and a retail store may need different types of liability insurance.
• Are there any changes you can make to lower your insurance cost? For example, you might be able to lower your premiums by offering risk-management training or by electing a higher deductible.

Keep in mind: Your needs change as your business grows! Be sure to set a reminder on your calendar to review your commercial policy each year.

A licensed AAA insurance agent can help you compare all your coverage options to make sure your personal and professional interests are covered. Request a quote today.

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