There are 2.2 million small businesses in New York. This represents 99.8% of all New York companies. These small businesses employ around 4.1 million New Yorkers, roughly half of all state employment.
If you own one of the numerous small businesses in New York, you must be aware of the state's insurance regulations.
In New York, Commercial Liability Insurance is not required for businesses. Recent proposals for tort reform aside, New York does not impose a cap on awards for personal injuries. However, it does use a system of pure comparative negligence that reduces the amount awarded by percentage of liability. There are accidents and lawsuits in the Empire State. If your company owns property or other valuable assets, it would be prudent to invest in enough commercial general liability coverage to limit its risk exposure.
Commercial liability insurance (also known as business liability insurance and commercial general liability insurance) safeguards your New York business against financial loss resulting from claims of injury or damage caused by you or your workers to third parties. Usually, a policy covers:
|Bodily Injury||Physical damage to a non-employee at your place of business and injuries caused by you or an employee at a client's residence or place of business|
|Property Damage||You or an employee committed property damage to another individual|
|Personal Injury||Acts such as libel, slander, copyright infringement, invasion of property or privacy, unlawful eviction, and false arrest that cause harm to a person's reputation or rights|
|Advertising Injury||Losses resulting from your advertising|
|Legal Defense and Judgments||Costs to defend against legitimate and frivolous lawsuits and judgments, up to the coverage maximum. Note that this does not often include punitive damages for negligence or intentional misbehavior|
In the coming decade, four out of ten small business owners will certainly face a property or general liability claim. Claims range from unforeseen incidences, such as a break-in, to unexpected accidents, such as a client tripping and falling and becoming wounded.
Depending on a number of variables, the annual cost of your general liability insurance can range from a few hundred to a few thousand dollars. A major factor is the nature of your business. Higher companies incur higher general liability insurance premiums than lower-risk ones.
For instance, construction companies are likely to receive and pay greater insurance quotes and premiums than consulting firms. Other variables that can affect the price of liability insurance include:
The easiest approach to determine the cost of your commercial general liability insurance is to request quotations. You can customize your policy to your particular requirements. Find out how liability insurance may protect your business by requesting a quote from the insurance provider.