If you are thinking about starting up a business in NY, it’s important for you to have an understanding of the status of the state, regarding its economy. It’s also important to know about the insurance requirements for business owners in the Empire state. Wholesale and DistributionRead informative articles on New York wholesale distribution New York liability insurance Manufacturers face many unique risks such as product liability and/or product recall exposures due to the nature of their business operations. No matter what your business is, if you’re in New York, you’ll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a client’s property while working in their home, the last thing you need is to pay out-of-pocket for damages.
It also provides disability benefits to injured workers, and protects New York business owners from liability over an injury. 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. On average, a general liability insurance policy costs in the range of $250 to $1,500 a year in New York.
Our commercial auto insurance policies are offered through a Berkshire Hathaway subsidiary. Coverage includes both mistakes on the part of your business and the failure to perform a service . Professional liability insurance should be considered if your business provides professional advice, offers a professional service, or has contractual requirements for the coverage. There is a vast amount of insurance companies that do business in New York, so between that and the fact that each business is different, the cost of insurance will vary widely. Also, your insurance premiums will depend on the policy and each one will have a different rating basis.
Workers’ compensation insurance helps pay for expenses related to employees becoming injured or ill while working for you. This package policy is perfect for medium-sized to larger businesses, as it addresses the complex needs of businesses that go beyond a business owners’ policy. PS If you think you’re paying too much, or just want to chat about construction insurance give me a call.
High-risk professions like tree trimmers and manufacturers can expect to pay more for coverage. 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.