The result is an increasing popularity of one-stop shopping policies, called BOPs, combining many coverages under one policy, usually at a competitive price. Legal Defense and Judgments– costs to defend against real and frivolous suits and judgments up to the limit of your coverage. Note this generally does not include punitive damages for negligence or willful misconduct.
In addition to these core coverages, professional liability New York commercial general liability insurance protects small business owners against claims arising from poor guidance that they give to clients. Commercial auto insurance covers damages resulting from a car accident caused by you or one of your employees when using a vehicle for business purposes. Damage to inventory or equipment when it’s in transit is covered by inland marine insurance. A commercial general liability insurance policy accounts for your business being at fault for bodily injury, property damage, personal or advertising injury. Professional liability insurance coverage, on the other hand, protects businesses and individuals against claims made by clients for wrongful acts resulting in economic damage. Liberty Mutual offers business insurance through independent agents across the country.
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage. The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation. Not having any insurance, or the right kind of insurance, for your New York small business may put you and your employees at risk. That’s why it’s recommended that you consult with a professional on the types of business insurance you need.
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. If you are an LLC in New York, you should know the business climate has some of the highest taxes in the nation, not to mention red tape and union workers. On the other hand, the workforce is educated and the unemployment rate is low. AGENT— Licensed producers , primarily representing the insurance company to the buyer.
If you have five employees or fewer, Hiscox may be perfect for you. They were specifically designed for very small businesses, and they operate in all fifty states, including New York. They have a full range of business insurance products, so if you need more than just general liability, they can accommodate you.
There are many different plans and options when choosing a General Liability plan, and our experienced agents at The Cesar Group, Inc can assist you in finding the right plan at the right budget. If you have the right liability insurance plan in place, you can be protected if you face a lawsuit. Certain Buffalo, New York businesses face more risk of accidents or injuries, so doing an analysis of your business can help in finding the best General Liability plan that fits your needs