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    New York General Liability Insurance

    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.

    Requirements For General Liability Insurance In New York 

    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.

    What General Liability Insurance Covers In New York 

    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 InjuryPhysical 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 DamageYou 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 InjuryLosses resulting from your advertising
    Legal Defense and JudgmentsCosts 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

    Who Needs General Liability Insurance?

    Small Business Owners

    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.

    Cost Of General Liability Insurance In New York 

    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:

    • Location
    • Age
    • Number of employees
    • Policy details, like coverage limits and deductibles
    • Building condition
    • Insurance claims history

    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.

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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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