Every State Farm agency is independently owned, so every agent understands the unique needs of small business owners—they are business owners themselves. Travelers offers commercial general liability protection for many types of small businesses. 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 New York commercial general liability insurance
If you own one of the many small businesses in New York, it’s important to understand the NY business insurance requirements. Shop for commercial insurance through The Progressive Advantage® Business Program. We’ll help you customize a New York business insurance policy based on your needs. The information provided on this website does not constitute insurance advice. All content and materials are for general informational purposes only.
Nationwide also received an A++ Superior rating from AM Best for financial stability. Though best known for auto and home insurance, State Farm has about 100 products including financial services, banking, and commercial insurance. Commercial insurance costs are higher for high-risk businesses – those with a large footprint or heavy foot traffic.
Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature. Businesses in New York are required to have workers’ comp insurance if they have employees. Workers’ compensation insurance helps pay for expenses related to employees becoming injured or ill while working for you. Business owners need an insurance company that they can partner with as they grow.
If you are negligent or make an error or omission that results in financial hardship to the customer, you could be held liable for the damages. 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. This is something you should carry anyway as it is essential coverage for your employees, regardless of what state you live in.
This form of insurance provides you with protection against liability risks such as products-completed operations, premises and operations, and indirect/contingent liability. In today’s litigious society, it is a mistake to forgo this vital form of security. Businesses that use any form of commercialized vehicles to conduct business operations must gain insurance protection.
For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk. Incidentally, if you already have general liability coverage, we’d be happy to give you a complimentary policy review to ensure that you’re not being overcharged for the coverages included in your existing policy. Our agents can assist you in considering all aspects of your General Liability insurance package to give you the most appropriate policy available. We will help you customize a specific plan that works for businesses in Buffalo New York including the Clarence, East Aurora, Hamburg, Lockport, and Williamsville areas. 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.
If you are thinking about doing business in the Empire State, one of the best industries to consider is finance. It is predicted that this sector will contribute largely to the economy in 2022, as well as in the coming years. Healthcare services and education are also expected to see growth, as are the transportation industry, and professional and business services.
Complete Insureon’s online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance needs. These policies are required everywhere in New York, from Rochester to New York City. One important thing for business owners to remember about BOPs is that, while they include multiple types of insurance, each coverage included in a BOP usually has its own limits, deductibles, and exclusions. The Hartford’s customers, as the company is the second-largest provider of workers’ comp insurance nationwide.
