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    New York Business Owner's Policy

    Many of New York's 2.2 million small businesses require business owners' insurance to protect themselves from accidents and other mishaps involving their company vehicles. Personal auto policies typically do not cover business vehicles because they are subject to more liability than personal vehicles.

    Over 700,000 small business owners across the country rely on us to safeguard their work vehicles and livelihoods. Whether they run small cleaning service in New York City or a floral shop in Buffalo, each receives customized coverage to meet their specific needs.

    All business owner's policies in New York must have a minimum liability limit of $25,000 per person and $50,000 per accident for bodily injury, and $10,000 for property damage (25/50/10). Some policies are required to have higher limits based on the vehicle types listed on them. 

    Read on to learn more about the requirements, coverage, and other types of insurance you can acquire from insurance companies and providers for smart long-term business solutions. 

    Requirements For New York Business Owner's Insurance

    Unlike personal property, if you have employees in New York, you must carry workers' compensation and disability benefits insurance to address bodily injury and other liability losses properly. If you own a car or truck for business purposes, you must also have auto insurance which many businesses can avail of from various insurance companies. 

    As a condition of your lease, your landlord may require you to maintain a certain level of liability coverage. To protect their investments, your bank or investors may require you to maintain life, business interruption, fire, or other types of insurance.

    What Does New York Business Owner's Policy Cover?

    A Business Owners' Policy (BOP) combines commercial property and liability insurance into a single policy. Reliable BOP policies can help New York businesses and employees avoid claims of:

    • Physical harm
    • Property damage
    • Theft

    You can also tailor your BOP to your company's specific requirements by including additional policies such as:

    • Insurance for data breaches
    • Insurance for professional liability
    • Insurance for workers' compensation

    It is critical to consider a BOP policy if your company has:

    • A retail store, home office, traditional office, or rented space in New York.
    • The possibility of customers filing a lawsuit after being injured in your store or workplace.
    • Assets such as digital assets, equipment, cash, or furniture could be lost, damaged, or stolen.

    Is My Business Qualified For A Business Owner's Policy?

    Almost certainly, but not all types of businesses are eligible. Businesses that qualify for BOP savings must typically have:

    • A low-risk business
    • Fewer than 100 workers
    • Annual revenue of less than $1 million
    • A small commercial establishment

    Other Insurance Types

    Knowing the different types of individual business insurance and their carrying coverages is important in getting the right policy. If you want to cover your bases and address unforeseen property damage or equipment breakdown. 

    Here are some of the most common types of car insurance, how they work, and what they cover that you should know about:

    Reliable business owner's insurance remains competitive in small and large enterprises. However, finding the right business owner's policy can make a big difference in your business's future.

    To learn more about business owners' insurance, commercial property insurance, and proper business insurance coverage for your business in New York, read through our blogs at Assured Standard.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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