Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
New York Carpet Store Insurance
New York Carpet Store Insurance. If you sell carpets, rugs or other types of floor coverings, then you likely have a successful business; floor covering is always in demand. While you work hard to serve your customers, it is also important to look out for your own interests by having a carpet store insurance policy in place that covers all of the potential perils that you face as a business owner - and as a seller of floor coverings in particular. If you also install floor coverings as part of your business, you may need even more New York carpet store insurance coverage.
New York carpet store insurance protects your store from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do Carpet Stores Need Business Insurance?
The U.S. is home to more than 19,500 floor covering businesses, as of 2015. Nearly 70,000 people work for floor covering businesses. Around $19 billion in revenue derives from the floor store industry yearly.
Because the sector is so huge, there is a number of ways that you can find yourself on the receiving end of a liability claim when dealing with customers, vendors, and others. Having a New York carpet store insurance policy in place can help you to mitigate any damages you experience as a result.
Coverage For Business Property Damage
Chances are good that the store you operate is your biggest asset, so protecting it is important. The inventory inside the store is part of the property your business owns, and as such it likely makes up the bulk of your business' assets by itself. Having adequate New York carpet store insurance in place is a smart move for you as the owner of a NY carpet business. You'll thank yourself a million times over if your business ever experiences a fire or other type of disaster that causes destruction to your property.
If you are the owner of the NY building in which you do business, then you need to have commercial property insurance on the premises. This type of coverage protects your business from financial fallout of damage caused to the structure from fire, severe weather and even falling objects.
New York carpet store insurance for contents or business personal property is also an important consideration. This covers the items that you have inside your business such as lighting, display units, inventory, computer equipment and other items. Discuss your coverage limits with your agent to ensure that you have fully protected yourself and your property against the loss you might experience should disaster strike.
Flood insurance is likewise important. A flood could cause severe damage to flooring inventory, rendering it worthless. Most business insurance policies do not offer coverage for flood damage. If your business lies in a flood-prone area, then talk with your agent to find out more about commercial flood insurance and how much protection your business needs. In many cases, it is available through the U.S. National Flood Insurance Program.
Finally, inland marine insurance helps protect your items when they are in transit. This occurs when your installers move from one installation site to another or back and forth from your store to the site, and so on. It can also provide protection when workers take your vans (or theirs) home at night with your equipment, tools, or other property inside.
Liability Coverage for Your Carpet Shop
Because a lawsuit can be filed at any time and devistate your business, protect yourself and your business with New York carpet store insurance liability coverage. This protection provides you with coverage when a customer slips and falls on your premises or when you are sued and need help paying the legal costs of the suit.
A commercial general liability policy covers a full range of most things that can become liability issues. This includes liability coverage for incidences such as:
- Third party injuries or property damage
- Damages resulting from flooring products that are sold by recommendation and that cause injury or illness to a third party
- Damages caused by employees working on your behalf off site
- Claims arising from installations
- Claims occurring due to auto accidents in your company vehicle
NY Carpet Store Insurance
To be certain that your business is fully covered, review your insurance needs with a licensed agent who is adept at determining the right levels, policy types, and coverages your business needs to be completely protected against potential liability and claims. Your agent can also help you review your risks and your tolerance for risk to determine which assets you need to protect and how to best address your particular requirements. Your agent can help you compare rates and find a New York carpet store insurance policy that fits within your budget and that completely meets your needs.
New York Economic Data And Commercial Insurance Requirements
The State of New York is famed for industry, particularly Manhattan and the surrounding areas. As such, it's no wonder why so many entrepreneurs look to do business in this state.
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.
Below, we offer a brief overview of New York's economic status, as well as the types of insurance policies business owners are legally required to carry, and policies that they should consider investing in.
The Economic Status Of New York State
While the economy is growing in the State of New York, it is lagging behind other states, in terms of growth. Overall, more jobs have been added in this state in recent years. In 2018, it is expected that this trend in job growth will continue; however, it will likely be at a slower pace than previous years.
If you are thinking about doing business in the Empire State, one of the best industries to consider is finance. It is predicted that this sector will contribute largely to the economy in 2018, as well as in the coming years. Healthcare services and education are also expected to see growth, as are the transportation industry, and professional and business services.
Insurance Requirements For Business Owners In NY
The New York State Department of Financial Services regulates insurance in the Empire State. Organizations that employ a staff of part-time or full-time workers that are either hourly or salaried are required to carry workers' compensation insurance. This type of insurance is required, no matter what size your staff is; even if it only consists of one W2 salaried person. You must also carry NY commercial auto insurance if you are using a vehicle to conduct any business affairs.
While there are no mandates surrounding commercial liability insurance, business owners in New York would be wise to invest in this type of coverage. Should a client or a contractor sue you for an accident or injury that happens at your place of work, or if a client claims you damaged his or her property, commercial liability insurance will protect you from having to pay the cost of legal fees and any settlements that may be awarded out of your own pocket.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Luggage Store
- Music Store
- Nursery And Greenhouse
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Request a free New York Carpet Store insurance quote in Airmont, Albany, Albion, Amityville, Amsterdam, Auburn, Babylon, Baldwinsville, Ballston Spa, Batavia, Bath, Bayville, Beacon, Binghamton, Briarcliff Manor, Brockport, Bronxville, Buffalo, Canandaigua, Canton, Cedarhurst, Chestnut Ridge, Cohoes, Colonie, Corning, Cortland, Croton-on-Hudson, Depew, Dobbs Ferry, Dunkirk, East Aurora, East Hills, East Rochester, East Rockaway, Elmira, Endicott, Fairport, Farmingdale, Floral Park, Fredonia, Freeport, Fulton, Garden City, Geneseo, Geneva, Glen Cove, Glens Falls, Gloversville, Goshen, Great Neck Plaza, Great Neck, Hamburg, Harrison, Hastings-on-Hudson, Haverstraw, Hempstead, Herkimer, Hilton, Hornell, Horseheads, Hudson Falls, Hudson, Ilion, Irvington, Ithaca, Jamestown, Johnson City, Johnstown, Kenmore, Kingston, Kiryas Joel, Lackawanna, Lake Grove, Lancaster, Larchmont, Lawrence, Lindenhurst, Lockport, Long Beach, Lynbrook, Malone, Malverne, Mamaroneck, Manorhaven, Massapequa Park, Massena, Mechanicville, Medina, Middletown, Mineola, Monroe, Monticello, Mount Kisco, Mount Vernon, New Hyde Park, New Paltz, New Rochelle, New Square, New York, Newark, Newburgh, Niagara Falls, North Syracuse, North Tonawanda, Northport, Norwich, Nyack, Ogdensburg, Olean, Oneida, Oneonta, Ossining, Oswego, Patchogue, Peekskill, Pelham Manor, Pelham, Plattsburgh, Pleasantville, Port Chester, Port Jefferson, Port Jervis, Potsdam, Poughkeepsie, Rensselaer, Rochester, Rockville Centre, Rome, Rye Brook, Rye, Salamanca, Saranac Lake, Saratoga Springs, Scarsdale, Schenectady, Scotia, Seneca Falls, Sleepy Hollow, Solvay, Spring Valley, Suffern, Syracuse, Tarrytown, Tonawanda, Troy, Tuckahoe, Utica, Valley Stream, Walden, Wappingers Falls, Warwick, Washingtonville, Waterloo, Watertown, Watervliet, Webster, Wesley Hills, West Haverstraw, Westbury, White Plains, Williamsville, Williston Park, Woodbury, Yonkers and all other cities in NY - The Empire State.
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