This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage. To find the best insurance for you, it’s a good idea to get a general liability insurance quote from an insurance company, like The Hartford. This can help you find the right coverage for your business at the right price. The state of New York requires all businesses with employees to carry workers’ compensation.
An example of this would be you are working inside a client’s home replacing cabinets and damage the flooring. Or, you are pulling into a driveway of a client’s home and misjudge the distance to the neighbor’s mailbox and plow right into it. The State of New York is famed for industry, particularly Manhattan and the surrounding areas. As such, it’s no wonder why so many entrepreneurs look to do business in this state.
Errors and omissions New York commercial general liability insurance coverage is designed for professionals that provide a service to clients, such as contractors. Directors and officers liability coverage protects against allegations of wrongful acts. Excess liability options are great for strengthening your coverage, but they aren’t always required. The JMG Insurance Agency wants to see you adequately covered without you having to buy add-ons you don’t need.
In today’s litigious world, your business is in constant risk of a lawsuit. Even if the claim is unwarranted, the stress and the cost of the legal process can be enough to ruin some businesses. An employee in your painting or construction business accidentally leaves water running, causing substantial damage to a customer’s home. This form of insurance will provide you with protection should a disaster cause your business to halt operations for a period of time.
Stork Insurance recommends that all professional and technology companies have E&O coverage. If an employee suffers an injury or illness directly caused by work operations, workers’ compensation will kick in to provide coverage. This insurance policy includes coverage for fixed expenses, payroll, and the expense of temporarily relocating to continue business operations during a phase of recovery.
Workers compensation insuranceis required in New York if you have even just one employee. However, you can still buy workers comp coverage for yourself if you want to (you should!). Any small business owner should have general liability insurance at the very least before someone files a lawsuit against you. And there is no cap on damages in New York, a small lawsuit without insurance protection will easily bankrupt your LLC business. Builders’ Risk – As a contractor, you may be in the business of renovating a property. Commercial Property insurance only covers a structure that is not being renovated.
Owners and contractors protective liability insurance provides coverage for the insured against bodily injury or property damage sustained from work being performed by a designated contractor on their job site. As a small business owner, you run the risk of a person or another business claiming you, your product or your employees caused them injury or damage and initiating a lawsuit for damages. Without commercial general liability insurance, you would be liable to pay those expenses with your own business or personal assets. It is critically important that insurance holders consult the specific language of their policies. Policy holders may believe they are covered for losses or breaches stemming from the COVID-19 pandemic by reason of the “type” of policy they purchased, only to find that the policy in question is much narrower than they thought.
Protecting your premises from fire with good housekeeping, building code compliance, fire protection systems and alarms could help avoid claims. Injuries to others might be avoided by installing lights where needed, keeping walkways and steps in good repair, posting signs in hazardous areas, and eliminating other hazards whenever possible. Ten years ago, this coverage was virtually non-existent, but now it is widely available. You are protected if any employee sues your company for wrongful termination, job discrimination or any of the other increasingly popular claims alleging failures in your employment practices. Business Owners, General Liability, Professional Liability and Workers’ Compensation policies are underwritten by insurers that are affiliated with Progressive and with unaffiliated insurers.