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 Sewing Store Insurance
New York Sewing Store Insurance. Often those who work in the craft industry aren't aware of which kind of insurance they need to ensure they're fully protected. In fact, many in the trade don't even know that they need any sort of insurance at all.
If you own and run a sewing store, it's particularly important to make sure you know exactly how you need to be covered and what type of New York sewing store insurance is the best fit for your business.
New York sewing store insurance protects your shop from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Do You Need Sewing Store Insurance?
When it comes to running a business, the temptation is always to keep costs to a minimum to reduce your break-even threshold. However, in a sewing store the cost of negligence can often far outweigh the cost of insurance, so it's well worth investing your money in protection. Also, the peace of mind that New York sewing store insurance brings is worth every penny you spend.
Types Sewing Store Insurance
To find the best fit New York sewing store insurance, you should ask yourself some questions:
Do you stock and sell products? If so, and someone gets injured as a result of using that product, you might well be liable for that injury. You'll need product liability insurance to cover yourself in this instance. Product liability claims are becoming increasingly commonplace; don't fall victim to one.
If you use expensive tools, equipment and machinery, you'll almost certainly need business property insurance. A business owners policy (BOP) insurance package can cover you for a wide range of potential damages. You'll be protected for you're premises, and anything that might happen on them. Any tools that are kept on the premises will also be covered, which is essential in a sewing store where you might be undertaking a high quantity of manual labor.
The other 'must-have' New York sewing store insurance policy is commercial general liability. If a member of the public incurs any injury relating to the practices of your business, you will be responsible. Similarly, if any property damage occurs in connection to your business, you will also be responsible. For instance, if you're holding a sewing class and one of your students injures their hand, or if you leave a bundle of thread on the floor in your shop which someone slips over, they will have the right to claim compensation.
NY general liability insurance protects you against these claims, and it absolutely essential for owners of a sewing store. Don't cut corners - get yourself properly covered.
If one of the services you offer in your sewing store is training and advice relating to sewing, you'll almost certainly need professional liability insurance. As the trainer, you're claiming a position of expertise and thus your students are placing their trust in your knowledge. Professional liability insurance, also know and errors and omissions (E&O) essentially protects your knowledge, so that if your students claim they have incurred an injury or financial loss as a result of your negligence, you are covered. You'll only need professional indemnity insurance if you offer paid advice.
If you're running a successful sewing store, chances are you have an employee or two assisting you. In this case, you'll need workers compensation insurance. NY workers comp that protects you from claims from your employees when they are injured or fall ill as a direct result of their role at the sewing store. In most states, workers comp is mandated for any non-owner employees, so you'll need to check to see where you stand on this.
NY Sewing Store Insurance
Those are the main insurance policies you should consider working in the sewing industry. With such a hands-on craft, it's absolutely essential that you're fully prepared for the worst possible outcome. "Prepare for the worst, but hope for the best" is a good mantra to adopt.
You might also want to take out NY commercial auto insurance if you have a vehicle that is central to the operation of your business. These policies protect you if someone driving the company vehicle hurts someone and your are sued.
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.
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