Is Commercial Insurance Required in New York?
In the state, businesses are required to have workers comp coverage for their employees. There are some limited exceptions to the rule. Workers comp coverage must be in effect for all employees, even part-time workers and family members employed by the company. If you have company cars, you are also required to have commercial auto insurance with the same minimum limits as personal policies.
Optional Commercial Insurance Coverage
Your business in New York may have various risks that other companies may not endure. So, an agent at Liberty Brokers Corp can help you find the right policies to suit your risk factors.
- General Liability Insurance: This insurance can help protect a business from claims that involve reputational harm, bodily injury, advertising errors, and property damage. If you make a mistake in your advertising or a customer slips and falls at your business, then you can have protection with general liability insurance.
- Property Insurance: Whether you lease or own the building your business operates in, you will need commercial property insurance. This helps you protect your office furniture, inventory, equipment, and personal items. This insurance can help you in getting your business up and running again quickly if an accident or disaster takes place.
- Business Owners Policy: For small businesses, this is a convenient option to combine liability insurance and property insurance in one policy.
- Business Income Insurance: This coverage will kick in when your business can’t generate revenue because operations have been interrupted due to a property loss or damage from a disaster. It will help to replace lost income while you are repairing your business to be back in service.
- Data Breach Insurance: This insurance will help cover costs associated with a data security breach. It includes items such as public relations, liability, and legal fees, depending on the coverage options you choose. If a cyber-attack victimizes your business, this insurance can help you move quickly to restore the public’s confidence.
Contact Liberty Brokers Corp to get a quote on commercial insurance.