As a small business owner, there are certain bases you need to have covered before you can safely operate. In this guide, you’ll learn about the types of insurance you’re required to have, and some other coverage options to help you protect your business from potentially expensive claims. All business-owned vehicles in New York must be covered by commercial auto insurance. This policy, also called errors and omissions insurance (E&O), protects New York businesses that provide professional services or advice. Commercial general liability New York general liability is usually the first policy that small businesses buy.

The amount of risk that you face in your industry is used to determine your insurance costs. If your business is in an industry that is more prone to accidents and injuries, than you will typically pay more for insurance. Employment Practices Liability Insurance Employment Practices Liability Insurance for employers covers employment-related liabilities other than on-the-job injuries. This can include legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. If you have employees, Stork Insurance recommends considering this type of coverage.

Limited coverage for medical payments includes payments for injuries sustained by a non-employee caused by an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. This provides for prompt settlement of smaller medical claims without litigation. There is no defense or legal liability coverage—as there is with bodily injury and property damage and personal and advertising liability —since coverage is provided on a no-fault basis.

Businesses are typically rated on the exposures that are unique to their industry. High-risk professions like tree trimmers and manufacturers can expect to pay more for coverage. “”We needed quotes fast and coverage even faster. We received both. We appreciate your service. THANK YOU.””

If you live in New York state, you know that there are more people in the state than others. Because of the higher population, the risk of you having a claim as a business owner is higher than others. Bodily Injury – Have you ever had a customer come on a job site that you are working on?

You can file claims online, renew online, and manage your policies completely digitally. Simply put, CGL guards you, your business and your employees from claims involving bodily injury or property damage born out of your business operations. These policies cover the expense of out-of-court settlements, litigation and judgments awarded by courts. Small BusinessProtect your company and employees with NY commercial insurance.

It is the most common insurance for small businesses and self-employed professionals, and it’s typically the first policy purchased by new businesses. The standard business owners’ policy includes property insurance, crime insurance, vehicle coverage, liability insurance, flood insurance, and business interruption coverage. Small businesses usually pay around $2,100-$3,500 a year for commercial auto insurance coverage. New York is a high-risk commercial auto state, with annual premium as high as $10,000.

This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage. The insurance products on (the “”Site””) are underwritten by different carriers dependent on the relevant line of business – see huckleberry.com/carriers. Without professional liability coverage, you’ll have to pay legal defense costs out of pocket. Cyber insurance protects against incidents like data breaches and cyber attacks.

Commercial general liability can also help cover defense costs if you are accused of libel or slander. Many people who work in small business insurance say if you can only afford one type of insurance, you should get a general liability policy. It makes sense, because you don’t even need to have done anything wrong for someone to sue you these days. While the above insurance policies are a good place to start with protecting your business, they are not the only ones you may need.

Leave a Reply

Your email address will not be published. Required fields are marked *