Businesses in industries with a reputation for filing more claims, such as computer repair or other work involving other people’s property, will also pay more for commercial insurance. Combine general liability and commercial property into one policy to protect your business. Upgrade your general liability coverage to protect any gear that’s stolen, damaged or lost. Learn about general liability insurance with more frequently asked questions about our coverage. If you don’t find the answers you’re looking for, our licensed insurance advisors are standing by to help https://www.bayareacrosswords.org/
Be sure to get your vehicles insured properly, because you don’t want to end up having to pay for a claim out of pocket, especially if it is a severe accident. Also, if any of your employees are using their own vehicles be sure to add Hired and Non-Owned liability. Unfortunately, if your employee is at fault in an accident while working for you, you could be held liable. Please remember, this does not pay for their auto, just for your liability. Small businesses usually pay around $2,100-$3,500 a year for commercial auto insurance coverage.
For instance, if your employee hits a pedestrian while driving, this coverage can help pay for the pedestrian’s medical bills. General liability insurance is designed to protect you from the expenses from some of the most common lawsuits that arise from doing business. Coverage is dependent on actual facts and circumstances giving rise to a claim. Next Insurance, Inc. and/or its affiliates is an insurance agency licensed to sell certain insurance products and may receive compensation from insurance companies for such sales. Policy obligations are the sole responsibility of the issuing insurance company.
Professional liability insuranceisn’t, in general, required in New York, except malpractice insurance for doctors. However, your employers and/or your clients might require you to have it before they can employ you. New York actually has the most expensive malpractice insurance rate in the country. Even if you can get away without general liability insurance, you might have a difficult time getting clients without it.
You will even have the option to add additional insured’s as needed based on any contracts you sign for jobs. The type of insurance you will be required to have in New York will vary by the county you operate in. Contractors are required to be bonded if you work on public projects, like government-type jobs. Some counties will even require you to be bonded before you can get licensed. Contractors are also required to carry Workers Compensation insurance.
In addition to standard bodily injury liability coverage, New York also requires you to have uninsured motorist bodily injury coverage. The policy provides protection in the event of any actual or alleged error, misstatement, omission, misleading statement or breach of duty. Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm. NY general liability insurance protects your business against property damage, advertising injury claims, personal injury claims, and bodily injury claims.
Commercial general liability insurance protects your business in the event that someone makes a claim against it for bodily harm or property damage. On a daily basis, your company touches the lives of many people, including contractors, clients, customers and the general public. And, at any given point, one or several of these people could claim that your business has caused them bodily injury or property damage and initiate legal recourse. Travelers helps you prepare and protect against these types of risks with our wide range of general and business liability insurance solutions.
There are more than 450,000 small businesses in New York state, which make up over $950 million dollars in revenue. A small business is defined as having fewer than 100 employees and can include anything from coffee shops to IT services. If you are thinking about starting up a business in NY, it’s important for you to have an understanding of the status of the state, regarding its economy. It’s also important to know about the insurance requirements for business owners in the Empire state.