We’ve already helped thousands of companies quote and purchase business liability coverage, making us your #1 choice for commercial general liability insurance quotes. Thimble is a new insurance alternative for small business owners who may only need New York general liability insurance coverage for a short period of time. Get on-demand coverage hourly, daily, or monthly in about a minute.
It’s often the most cost-effective type of commercial insurance for a New York business. Builders’ Risk – As a contractor, you may be in the business of renovating a property. Commercial Property insurance only covers a structure that is not being renovated. Once the renovations start, that can open up a huge gap in coverage unless you have Builders’ Risk insurance. This coverage will pay for damages to the property that is being renovated while construction is in progress. You also have the option to cover building materials that have not been installed yet, even for theft which is an unfortunately common occurrence in your industry.
It is designed for small to medium-sized businesses and allows for a little bit of savings since the two major coverages are combined on one policy. You will be able to cover a building you do business out of if you have one, your business personal property coverage, and your liability. You will even have the option to add additional insured’s as needed based on any contracts you sign for jobs. General liability insurance for contractors is very expensive in New York. The cost of general liability insurance in New York varies depending on several factors mentioned above. Even for the same policy coverage and the same company, different carriers will have different prices.
If you use your car or truck for business, it is recommended that you purchase a commercial vehicle policy. New York mandates that employers provide employee disability coverage to provide disability income for employee off-the-job illness or injury for up to six months, starting on the seventh day of an illness or injury. Legal Defense and Judgments– costs to defend against real and frivolous suits and judgments up to the limit of your coverage. Note this generally does not include punitive damages for negligence or willful misconduct. A small business is defined as any company with fewer than 500 employees. Of New York’s nearly 2 million small businesses in 2008 , 440,510 were small employers.
This insurance helps protect your business if an employee is injured, contracts an illness, or dies as a result of an incident on the job. It can cover medical costs, legal fees, and lost wages due to the injury. The Empire State boasts one of the largest economies not just in America, but the entire world. If you’re serious about starting your business in New York, take some time to consider what kinds of insurance coverage you’ll need. Being covered means you can focus on growing your company without worrying about expensive insurance claims.
On the other hand, the workforce is educated and the unemployment rate is low. Even if you can get away without general liability insurance, you might have a difficult time getting clients without it. And general contractors usually require subcontractors to have it before they will consider working with them. AGENT— Licensed producers , primarily representing the insurance company to the buyer. Few things in life are riskier than launching and running your own business.
You can apply online and within a few minutes get and compare several quotes in the same place. These companies are often non-admitted carriers , so special caution and procedures are required. Your agent or broker can assist you, and the NYSDFS requires him/her to carefully advise you of possible pitfalls. There are many different plans and options when choosing a General Liability plan, and our experienced agents at The Cesar Group, Inc can assist you in finding the right plan at the right budget. If you have the right liability insurance plan in place, you can be protected if you face a lawsuit.