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 Commercial Insurance Quotes
New York Commercial Insurance Quotes. Considering the time, energy, resources and care you have put into your business, commercial insurance is important to protect it. Every business, small or large, has unique coverage requirements and the many different business insurance products on the market can be confusing.
So to help you decide, here is information that will help you compare New York commercial insurance quotes and find one that addresses your needs.
New York commercial insurance quotes can help find the best business coverage with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Commercial Insurance?
For starters, anyone can be sued, and judgments can be collected from bank account seizures and wage garnishments; indeed, the smaller your business, the more likely you will be held personally responsible for debts through personal assets. Your business should have commercial insurance to protect it against the many risks and threats that can derail continued and successful operation. Customized insurance policies protect you and your business from as much risk as possible.
Types of Commercial Insurance Products Available
Some of the main types of New York commercial insurance quotes you should be looking at include:
- Commercial general liability insurance
- Workers compensation insurance
- Commercial auto insurance
- Product liability insurance
- Employment practices liability insurance
- Cyber liability insurance
- Property and casualty insurance
- Business interruption insurance
- Life and disability insurance
- Health insurance
Factors Likely to Drive Your Commercial Insurance Rates Up
Insurance rates are determined by two main factors, these are the business' industry risk and claims history. Since your business' industry is a fixed factor, you may not have the ability to avoid some of the risks associated. However, your claims history is controllable to a certain point. When you fail to follow the practices below, the New York commercial insurance quotes you receive will feature higher figures instead of lower.
- Employees: Frequently training your employees will help reduce litigation, claims and potential increased insurance premiums. Proper training includes instructing on safety, customer service and employee procedures that keep your day-to-day operations running smoothly, limiting liability issues. Furthermore, the more people you have working for you, the higher your liabilities.
- Workplace safety: A safe working environment is critical for worker safety, as is full compliance with state and federal laws. Lack of workplace safety measures increases the risk of injuries happening, leading to more claims. When a business does not comply with the regulations or has a history of several claims, insurance rates increase.
- The state you operate in: Apart from meeting state regulations, coverage is likely to change in accordance to your state's laws. Some states tend to award more damages for personal injuries than others. If you operate in a "lawsuit friendly" state, you may pay a higher premium.
- Documentation: Everything you do in regards to your customers, employees and maintenance should be documented. Documentation on training and other critical business processes has the potential of reducing premiums, and may even result in rate discounts.
- Amount of sales: The more sales your business makes, the higher the possibility for a potential liability lawsuit.
How to Lower Business Insurance Premiums
While commercial insurance is expensive, the costs associated with a lawsuit, medical bills or accidents can run your business to the ground. Follow the tips below to reduce your premiums without sacrificing on coverage.
- Compare: Like any other substantial business purchase, shop around and compare New York commercial insurance quotes before you settle on a provider. Determine the coverage you require and ask insurance companies for quotes.
- Buy in bundles: In most cases, you can save a substantial amount of money when you bundle insurances into a Business Owners Policy. The BOP combines insurance premiums like income, liability, property and automotive into a single rate that is lower, compared to paying for the policies separately.
- Reduce risk: Decreasing the possibility of accidents and other mishaps occurring in your business is another way of reducing your monthly premiums.
- Increase deductibles: An insurance company may offer you lower premiums if you choose a higher deductible. Deductible is the amount for which you are responsible for should a qualifying event occur. In the insurance company's eyes, the higher the deductible you take on, the lesser they have to pay out.
- Seek out group rates: Depending on your industry, you may be a member of some professional organizations, rotary clubs, business associations or unions. Such organizations may have discounts or group rates on insurance premiums that you can take advantage of. So take a look at the benefits that come with joining such organizations.
NY Commercial Insurance Quotes
The best way to make an informed decision when comparing New York commercial insurance quotes is to understand your business needs; then find out a bit about the types of coverage you think are helpful in your industry before you talk to an insurance provider. Next, be ready for an open and forthcoming dialogue about your coverage.
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 2019, 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 Small Business Commercial Insurance Resources
Read informative articles on small business commercial insurance including costs and coverages.
- Best Business Insurance
- CGL Policy Coverage
- Cheap Small Business Insurance
- Commercial General Liability Insurance
- Commercial Insurance Brokers
- Commercial Insurance Premium Financing
- Commercial Insurance Quotes
- Commercial Liability Insurance Quotes
- Directors and Officers Liability
- Do I Need Insurance As A Subcontractor?
- Does My Business Need Commercial Flood Insurance?
- Fire Legal Liability Insurance
- General Liability Class Codes For Commercial Insurance
- General Liability Insurance Cost
- General Liability Insurance Coverage
- General Liability Insurance FAQ
- How Does General Liability Insurance Work?
- How Much Does General Liability Insurance Cost?
- How Much Is Insurance For Contractors?
- How To Comapre Small Business Insurance Policies
- How Will Artificial Intelligence Change Commercial Insurance?
- Liability Insurance
- Liability Insurance Quotes
- Non-Owned Hired Auto Liability
- Premises Liability
- Public Liability
- Understanding Primary And Non-Contributory Liability Insurance
- What Does It Mean To Be An Additional Insured?
- What Is A Waiver Of Subrogation?
- What Is An Additional Insured Endorsement?
- What Is Business Interruption Insurance?
- What Is Excess And Surplus Lines Insurance?
- What Is General Liability Insurance?
- Who Is An Insured Under A CGL Policy?
Get useful tips and information about how much commercial insurance costs, small business risks and exposures, how insurance regulations effect your businesses' and detailed descriptions of coverages and exclusions and more. Most small businesses need to buy the following four types of insurance at a minimum to cover their operations from every day risks:
Property Insurance: This policy covers a business if the property used in the business is damaged or stolen as the result of common perils like fire or theft. Commercial property insurance covers the buildings, structures and also business personal property - which includes furniture, inventory, raw materials, machinery, computers and other items.
Liability Insurance: Any company can be sued. Slip-and fall lawsuits are very common and be costly. Customers can claim you injured them or damaged their property - and lawsuits are very expensive. Commercial liability insurance pays damages and can include attorney's fees and other legal expenses. It also ca pay for the medical bills of injured third parties
Commercial Auto Insurance: For vehicles owned by the business. Commercial auto insurance pays bodily injury or property damage costs for which the business is found liable - up the the policy limits for liability and property damage.
Workers Compensation Insurance: In almost every state employers must provide workers comp when there are W2 employees. Workers compensation pays for the medical care of employees and can replace a portion of lost wages - regardless of who was at fault for the injuries.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.