Q&A with Brian Madgett, VP of New York Life on Small Business Insurance Coverage Gap

Many small business owners view business insurance as the necessary evil, and thus they are reluctant whether they should take more coverages or not. In reality, nobody really knows (except the insurers, perhaps) until the disaster happens; in that case, it’s all too late.

The result of the reluctance is the gap between the coverage they have and the amount they actually need.  But how bad is the gap? What should small business owners do in response to the gap?

Brian Madgett, New York Life VP

We converse with Brian Madgett, Vice President of New York Life – the largest mutual life-insurance company in the U.S.…

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7 Essential Types of Insurance for Every Small Business Owner

As a business owner, you might be wondering what kind of insurance policy you should get. Here are the 7 essential types of insurance for every small business owner:

Business insurance

1. General Liability Insurance

This insurance is a necessity for all businesses—whether big or small, home based or mainstream. It can protect you and your small business from a variety of claims such as bodily injury, property damage, and any other problems that you, your employees, or your products or services have caused or are alleged to have caused.

2. Commercial Auto Insurance

This kind of insurance covers vehicles owned by your company and anything inside it—your employees, products, or equipment.…

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