In addition to these core coverages, professional 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. Limited coverage for medical payments includes payments for injuries sustained by a non-employee caused by an accident that takes place on the insured’s premises or when exposed to the insured’s business operations. This provides for prompt settlement of smaller medical claims without litigation.
It also can be used to provide continuity in operations during a period of ownership transition caused by the death or incapacitation of an owner or other key employee. This New York liability insurance helps protect your business if an employee is injured, contracts an illness, or dies as a result of an incident on the job. It can cover medical costs, legal fees, and lost wages due to the injury. When it comes to buying business insurance at the lowest rates, having a national insurance agency on your side can be a huge advantage. We’ve developed unique programs and coverage options for many types of businesses in New York, and throughout the U.S. Our agency works with each of our carriers to offer more flexible payment options designed to help improve business cash flow.
Our quote is for a home-based photography business with a sole proprietor and annual gross of $159,000. Your insurance cards must have the same name as the name on your vehicle registration application. The Department of Financial Services supervises many different types of institutions. Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more. UNAUTHORIZED/NON-LICENSED/ NON-ADMITTED— Insurance companies that are not licensed by New York.
Simply put, CGL guards you, your business and your employees from claims involving bodily injury or property damage born out of your business operations. These policies cover the expense of out-of-court settlements, litigation and judgments awarded by courts. There is a vast amount of insurance companies that do business in New York, so between that and the fact that each business is different, the cost of insurance will vary widely. Also, your insurance premiums will depend on the policy and each one will have a different rating basis.
Mental injuries and emotional distress can be considered bodily injuries, even in the absence of physical bodily harm. Small business insurance is designed to provide financial protection to a business and its business owners if there’s an accident involving the business’s owner, employees, customers, or property. The average claim for customer injury or property damage is about $35,000. If your business is ever sued or held legally responsible for some kind of damage or medical injury, then having general liability insurance can prevent the lawsuit from turning into a financial disaster.
Travelers is another storied company with a history that stretches back to 1864, when one of its founders started writing accident insurance for two-cent premiums. The company as it’s known today was formed in 2004 with the merger of Travelers and St. Paul Companies and has an A++ rating from AM Best. Nationwide traces its roots back to 1926 when it operated as Farm Bureau Mutual Automobile Insurance Company. The name was changed to Nationwide in 1955 during its efforts to expand coverage to all states from coast to coast.
The Hartford has provided business insurance for the last fifty years, and has many options for small business owners, including general liability insurance. You can report claims online, and they have plenty of positive online reviews. If you’re establishing an office in your home, it’s a good idea to contact your homeowners’ insurance company to update your policy to include coverage for office equipment and business liability. This coverage is not automatically included in a standard homeowner’s policy. If your company owns or leases vehicles, this policy protects the vehicles and drivers from any damage incurred during the course of business.