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 Newsstand Insurance
New York Newsstand Insurance. News dealers distribute newspapers and advertisements for publishers. Products can be sold through retail stands, or vending machines. Others deliver directly to subscribing residential or commercial customers on established routes.
So selling periodicals, magazines, and the daily paper requires having a commercial insurance. In today's day and age the answer is yes. So newsstand operators and business owners should understand there is more than one form of coverage when choosing liability insurance to protect their earnings.
When choosing a policy and a provider for your newsstand New York newsstand insurance needs, these are a few of the coverage options to consider, to ensure you are fully protected.
New York newsstand insurance protects your shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Newsstand Insurance?
New York newsstand insurance offers protection from a wide range of risks and exposures that could potentially impact your business and ability to operate. Following are some of the most common coverages:
Commercial General Liability: General liability is a no-brainer for nearly any business, including the newsstand industry. What it covers are accidents stemming from third party claims. These can include the slip and fall, bodily injury claims, and other lawsuits which a client/customer may threaten against your business. So you need this New York newsstand insurance coverage as the "core" of your business insurance policy, in order to avoid those high court costs, legal fees, and out of pocket expenses which tend to stem from such lawsuits.
Commercial Property: This protects the physical property. From damage from fire, theft, burglary, or other acts, your newsstand is covered. Even though these businesses are typically smaller in size and operated outdoors, you still have to pay for repairs or replacement in the event of damage. With this New York newsstand insurance in place, not only will your policy cover a portion (or all) costs to do repair work, but even in the event of accidents, if your property is damaged in any way, you are shielded.
Hired/Non-owned Auto: As the name implies, if you hire drivers to deliver the paper, magazines, or other items you sell, and they are driving vehicles during commercial work, they are insured. In case business vehicles are being used for deliveries, meetings, or other commercial/business related matter, drivers are going to be protected from liability. This form of New York newsstand insurance coverage isn't required for all business owners in this field; only in the event you have delivery drivers or personnel that do drive routinely, for business related matter.
Commercial Umbrella: Typically this is the "catch-all" coverage you can add onto your New York newsstand insurance policy. This is basically in the event your general, worker's comp, auto, and other policies don't have full coverage amounts, you can purchase an excess level of coverage. So if damages are greater than what is covered by commercial liability insurance, you are protected under the umbrella portion of your coverage.
Worker's Compensation: Workers comp is required for any non-owner employees in most states. These can range from delivery drivers, those who set up the newsstands, replace and restock papers, or even cleaners to keep your newsstand looking good for customers. No matter how many employees you have working for you, injuries and accidents can and do take place. Especially in a fast paced environment, if there are plenty of customers, and if they are constantly on the move, accidents tend to occur.
You don't want to have to deal with paying for medical costs, doctor bills, medication cost, and even time off work to pay for employee wages during the time they can't work due to the accident. For these reasons, you want to have NY workers comp in place if you do have one or more employees who work on a full time basis for your business.
New York Newsstand's Risks & Exposures
Premises liability exposures are limited for those operations that have delivery routes or vending machines. For those with newsstands, shelving must be easily reached so that customers do not pull items down on themselves. Aisles must be adequate and free of debris with flooring in good condition, no frayed or worn spots on carpet, and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked.
Products liability exposure is very low as activities are limited to distribution of printed material from others.
Workers compensation exposures are from lifting which can cause back injury, hernia, sprains, and strains, and from slips and falls. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Stepladders should be available. Housekeeping in storage areas, especially during peak times, is vital to prevent trips and falls. Drivers of delivery vehicles can be injured in accidents.
Property exposures are usually very limited as there are few ignition sources and the short amount of time that newspapers and advertising are held on premises. Papers need distribution as soon as they are received. Any accumulation of old paper must be eliminated to prevent it from becoming a huge fire load.
Crime exposures are from employee dishonesty and theft of money and securities from holdup or burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. If route delivery persons collect subscriptions, customers may predominantly pay in cash. Receipts must be given to customers and reconciled with the payments received. Vending machines should have counting devices. There should be regular bank deposits during peak collection periods to prevent a large buildup of cash on premises.
Inland marine exposures are from accounts receivable and valuable papers and records for customers’ and suppliers’ records.
Commercial auto exposures can be very high if the news dealer picks up newspapers directly from the publisher or has employees delivering papers on regular routes which can include adverse driving conditions from weather, poorly maintained roads, and congested traffic. Residential areas may have children playing or waiting for school buses. Driving records must be regularly checked and vehicles must be maintained, with full documentation of maintenance and repair. If drivers are contracted, the news dealer should require a certificate of insurance from each driver showing adequate limits of coverage.
NY Newsstand Insurance
You never know when you will require commercial insurance as a business owner. Operating a newsstand might seem simple enough, but as any other business, you need to protect yourself, as there are always potential threats lurking around your business. When the time comes to decide which policy to choose, these are a few optional coverage terms to consider. In addition to shielding you from liability, they will help you stay in business, in the event major accidents, injuries, or if other issues arise at any time during the normal course of business.
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 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.
- Adult Novelty
- 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
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- 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
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. 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.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
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.
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