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 Travel Agency Insurance
New York Travel Agency Insurance. Travel agents make arrangements for airline or railway transportation, cruises, lodging, vehicle rental, and tours for clients. The agency may limit services to individuals and their families, serve commercial and business clients, or specialize in "event" travel, such as destination weddings, family reunions, mission trips for church groups, or sporting events. Services may be combined into one comprehensive vacation package.
Travel agents may be compensated for their services by the individual or company requesting the travel arrangements, or the travel service provider, either on a commission or on a flat fee basis. The agency may offer a money exchange or sell travel insurance. In some states, travel agents are required to be licensed and bonded.
Everyone needs to get away from it all now and then. Problem is, organizing a relaxing time for your clients could mean a stressful time for you. Holidays are expensive and if things don't go according to plan, your clients won't hesitate to point the finger at you. While years of training and experience can take the travel professional far, some things, like the weather and airlines, are uncontrollable.
Similarly, no travel agent is immune to mistakes that can occur doing business with countless travelers. Scheduled airlines, hotels and tour operators can fail to meet the high expectations of clients who may have been planning their trips for months. The threat of global terrorism is part of everyday life and natural disasters can strike sporadically. For this reason, New York travel agency insurance is a necessity.
New York travel agency insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Travel Agents Need Business Insurance?
Following are some of the key exposures that New York travel agency insurance covers:
- Carelessness in collection of payment for transportation and accommodations from customer.
- Failure to advise on visa or country entry requirements.
- Failure to book transportation and hotel reservations as agreed.
- Failure to examine carrier operating rules, employee qualification guidelines, or carrier training and testing programs for compliance with regulations or safety standards.
Types Of Coverage For Travel Agents
Uninsured catastrophic losses can threaten the very existence of the agency you have worked so hard to create. Although there are many types of insurance available, there are a number of New York travel agency insurance coverages that every agency should purchase:
Professional Liability Insurance: Also know as errors and omissions insurance (E&O). As a travel agent, you could face malpractice lawsuits about the travel services you provide if doesn't meet the promised results. Your customers could also sue you over:
- A travel experience different than what you advertised.
- Mistakes you made with someone's travel.
- Wrong bookings.
- Accommodations that were unsatisfactory.
- Negligence in professional responsibilities.
This New York travel agency insurance provides coverage for the costs of legal fees, judgments or settlements, and for lost wages. It is the surest way of protecting your good name.
General Liability Insurance: GLI for your travel agency is like liability insurance for your car. In case you have a wreck, vehicle liability insurance only pays for the other guy's damages but not for yours. Similarly, commercial general liability for your NY agency covers third party injuries and property damage - but not anything you suffered. GLI covers things like product liability or when someone slips and falls in your premises and sues you.
Business Auto Insurance: A NY commercial auto policy provides coverage for autos owned by your agency. The insurance pays any costs to third parties resulting from bodily injury or property damage for which your agency is legally liable, up to the policy limits. Depending on what kind of coverage you buy, the insurance will pay to replace or repair the vehicle because of damage resulting from accidents, theft, flooding or any other event.
Directors and Officers Liability Insurance: With the increasing emphasis on accountability in today's business world, company board members are under growing scrutiny from regulators, investors and shareholder groups to comply with regulatory and corporate governance standards. This Insurance provides your Executives with protection from financial loss and personal financial loss from wrongful acts conducted in their capacity as corporate officers.
New York Travel Agencies' Risks & Exposures
Premises liability exposures may be minimal if most operations are conducted on premises and most of the client contact is electronic or by mail. If clients visit the premises, they must be kept in customer waiting areas and designated conference areas. All areas must be well maintained with floor covering in good condition. Exits must be sufficient in number, be well marked, and have backup lighting in case of power failure.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Hazards are greatly increased if agents act as guides or conduct tours. They must be aware of travel restrictions and advisories. Taking a group of tourists into a climate of civil, social, political, or environmental unrest can have serious consequences.
Professional liability exposures may be high. If a time, dates, places, or airlines are booked incorrectly, customers could incur additional costs. Other potential problems include overbooking, customer dissatisfaction with a recommended facility or tour, or failure to warn of conditions at the point of destination. Agents are expected to assist travelers during times of crisis such as strikes, air carrier bankruptcies, severe weather conditions, and other situations where passengers may become stranded.
Workers compensation exposure is generally limited to that of an office. Potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. If clients are transported, the loss potential increases as drivers may be in unfamiliar areas and could be injured in accidents.
If the insured's employees act as tour guides overseas, the potential for injury can be very high as the agency has little control over other premises. Overseas exposures will require special foreign coverage. If an employee is injured in another country, the cost of returning home could be extremely high. Repatriation coverage, including air ambulance services, should be considered.
Property exposures are generally limited to that of an office. There may be some incidental storage or an area for meetings. Ignition sources include electrical wiring, heating, and air conditioning systems. Computers and other electronic equipment may be targets for theft. Business interruption losses can be high if the loss of use of equipment should occur during peak travel season.
Crime exposures include employee dishonesty, and money and securities. Hazards increase without proper background checks, monitoring procedures, and securing of all records to prevent unauthorized access. Employees may take unauthorized trips or work with a third party to defraud the agency through improper discounts or similar theft techniques.
All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Audits should be performed at least annually. Money and securities risks increase without frequent deposits. While travel tickets are highly negotiable instruments, the increased usage of electronic tickets (e-tickets) has greatly reduced the potential for theft.
Inland marine exposures can consist of accounts receivable if the agency offers credit, bailees customers (for tickets that have been purchased but not yet picked up), computers, and valuable papers and records for customers' and suppliers' information. Causes of loss include lightning, power surge, wiring and overheating. Duplicates should be made and kept in an off-site backup facility for easy reproduction following a loss.
Commercial auto exposure is often limited to hired and non-owned, but may include the use of rental cars. If the agency transports clients, the exposure increases. If the insured conducts tours in the U.S., the contractual arrangement should prevent bus company exposures from transferring to the agency.
Company vehicles are supplied to employees, there should be written procedures regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.
NY Travel Agency Insurance
Romance. Relaxation. Adventure. As a travel agent, you're in the business of selling all this and more. But what happens when travel turn into misadventure? Perhaps an incorrect departure date. The wrong itinerary. A forgotten passport... It only takes a client who believes you have erred to file a case against you, whether or not the facts actually support their allegations. New York travel agency insurance provides valuable coverage in the event of any claims.
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 Travel Agency 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.
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.