No matter what your business is, if you’re in New York, you’ll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a client’s property while working in their home, the last thing you need is to pay out-of-pocket for damages. Property damage – If you get into an accident in which you are at fault, your auto policy’s Property Damage Liability coverage insures the cost to repair or replace the other party’s vehicle.
Cyber New York general liability insurance protects against incidents like data breaches and cyber attacks. It includes first and third-party protection for things like investigative services, data recovery and legal costs. Businesses that store or manage credit card numbers should consider this coverage. Commercial auto provides liability and physical damage coverage for your business vehicles. Most personal auto policies don’t cover vehicles used for business, which includes transporting supplies or traveling between job sites.
Coverage is often required because it shows you will have the financial protection needed to cover expenses related to property damage or injuries related to your business at the leased space. General liability insurance, also known as commercial general liability , covers the risks that affect almost every business, no matter what your industry. It is the most common insurance for small businesses and self-employed professionals, and it’s typically the first policy purchased by new businesses. Taken at face value, a general liability insurance policy for your construction company sounds like it would protect against any accidents and injuries on company premises and customer property.
Digital assets, equipment, cash or furniture that could be lost, damaged or stolen. The potential for customers to file a lawsuit after getting injured at your store or workplace. “”Raynaldo made quick work of things. I told him what I needed, and ultimately I had a certificate of insurance in a matter of hours.””
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a severe loss or recovering with minimal business interruption and financial impairment to your company’s operations. Liquor liability insurance is business coverage that protects your business against loss or damages claimed as a result of a patron of your business becoming intoxicated and injuring himself or others. If your business manufactures, sells, serves or facilitates the use or purchase of alcohol, then your business will likely need this coverage. Liquor liability coverage may be sold as an add-on to a commercial liability policy or as a stand-alone policy.
Legal Liability or Fire Legal Liability – Covers your legal liability for loss or damage to real and personal property of others as the result of your negligent acts and/or omissions. The loss must be accidental and the coverage most often is purchased for tenants in commercial buildings. Your commercial lease might require general liability insuranceIf you plan to lease commercial space, your landlord could also insist on seeing your general liability insurance certificate.
While the law may not state it, there’s a good chance you need to carry other business insurance policies in addition to workers’ comp. Many contracts require a general liability policy and/or a professional liability policy. Even if your customers, clients, or partners don’t require you to carry specific policies, it’s recommended that you carry policies to cover any part of your business that could be at risk. Financially protecting your company is one of the smartest business decisions you can make.
Commercial insurance companies must follow the rules set out in the insurance code regarding commercial insurance cancellation and nonrenewal. If you are unclear as to your rights under the insurance code, then contact the CDI by any of the methods given in the “Talk to Us” section of this brochure. Although surplus line insurers must follow the Fair Claims Settlement Practices Regulations , the CDI has limited jurisdiction over the operation of surplus line insurers. If the company becomes insolvent , your only course of action will be through the courts.
Generally speaking, a specific code or codes are assigned based on exposures that are common to your type of business operation. The way a business risk is classified is the first step to determine premium and an important part to the rating formula. Commercial rating and premium computation will be covered later in this brochure. Inflation Guard – Automatically adjusts the limits of insurance to keep up with inflation. The adjustment can be tied to the construction cost index in a regional area or a specified percentage per year. This endorsement can be very important in helping to maintain adequate coverage limits, which can protect against potential coinsurance penalties in a property loss.
Throughout the brochure general information has been given on the greatest areas of concern when dealing with commercial insurance. If you desire further clarification on any commercial insurance topic, then please contact the CDI through the information given in the “Talk to Us” section. Also, this brochure has a “Resources” section as well as a “Glossary” that may be of further assistance to you in providing answers to questions you may have concerning commercial insurance. The basic rating equation most often utilizes other modification factors, which can include experience modifications, schedule rating, or judgment rating. Because rating formulas can range from simple to complex, depending on the line of insurance, it is important to discuss how your policy is rated and how the policy premium is calculated with your broker-agent.