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.
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.
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:
You can also tailor your BOP to your company's specific requirements by including additional policies such as:
It is critical to consider a BOP policy if your company has:
Almost certainly, but not all types of businesses are eligible. Businesses that qualify for BOP savings must typically have:
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:
Below are some of the frequently asked questions regarding commercial auto insurance:
A BOP offers business owners protection from liability, risk, property damage, and business interruption. While insurance companies' coverage options differ, businesses frequently have the option to tack on extra protection against crime, item spoilage, forgery, fidelity, and other risks.
Professional liability, auto insurance, worker's compensation, and health and disability insurance are NOT covered by BOPs. You'll need various insurance plans to cover professional services, cars, and employees.
A coinsurance clause in a standard business property insurance policy ensures you have enough coverage to secure your belongings. Say the cost of your office building is $200,000. You would need property insurance coverage of at least $200,000 to safeguard that property for its full value.
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.
