Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
Pharmacy Liability Insurance New York
Pharmacy Liability Insurance New York. The role of pharmacies continues to expand, including providing consultations and vaccinations. With this expansion comes increased exposure for liability claims. In a recent claim study, the two most common allegations against pharmacies were wrong drug and wrong dose. Together, these two allegations comprised 75% of all lawsuits against pharmacies.
Drug stores sell prescriptions and over-the-counter medications to customers. Operations can range from the small pharmacy that only fills prescriptions, to retail stores that offer pharmacy services along with the sale of sundries, to huge super or discount drug stores that sell all varieties of general merchandise.
Pharmacy's can be locally owned, attached to and related to physicians' offices, clinics, or hospitals, or part of a regional or national chain or franchise. Medical supplies and equipment rentals may be part of the operations. Lunch counters or cafeterias may be on premises. Food items or snacks may be sold. Some will offer a variety of services that have little or no relationship to drug sales, such as cosmetic or beauty supplies or even beauty shops, shoe repair, or key duplication. Alcoholic beverages may be sold for off-premises consumption. Some may offer health care services, including sports physicals and the administration of vaccines.
Most pharmacy liability insurance New York policies are in the form of a Business Owners Policy (BOP). A BOP typically offers small businesses coverage for property and liability risks in one package.
Pharmacy liability insurance New York protects your store from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Common Coverages For Pharmacy Business Insurance
Commercial General Liability - This coverage offers protection against the risks of running your pharmacy business. This provides protection against claims of bodily injury liability, property damage liability and even personal injury and advertising exposures for which your business may be liable. Slip-and-fall is a common type of claim.
Errors and Omissions Insurance - When running your NY pharmacy, it is important to consider the implications of other types of errors that can occur. Errors and omissions insurance - also known as professional liability can help provide you with the reassurance that you are covered for mistakes related to improper dosage or incorrect instructions with prescription drugs.
NY Business Auto - Commercial vehicle insurance is needed for your pharmacy if use any vehicles to run errands, pick up or drop off drugs or other good for sale.
Equipment Breakdown - Most NY pharmacies rely on computers and other specialized equipment to obtain details about their customers' medications and illnesses. If this equipment breaks down it can be costly in the form of suspended business operations as well as repair or replacement. A pharmacy liability insurance New York policy can protect you from having to shoulder those costs.
Employee Dishonesty - This protects your business from losses due to embezzlement, fraud and other forms of employee dishonesty. Because of the higher risks of addiction for certain opioid drugs, stolen prescription drugs are not a rare occurrence is pharmacies.
Data Breach - Because health-related businesses like pharmacies and drug stores must store a great deal of confidential patient information in electronic files, your customers could be at risk for identity theft or fraud if your system is ever penetrated by criminals. This pharmacy liability insurance New York coverage can reimburse you if you incur charges related to notifying your patients of a breach, offering them credit-monitoring services, recovering your own damaged electronic data and more.
How Does A Pharmacy Insurance Policy Work?
The aim of a pharmacy liability insurance New York policy is to ensure that if a claim is filed against you, you are protected - whether it be in court or at work. Some policies will cover attorney fees and other legal expenses, pay you for lost wages while taking time off work to defend yourself, and even offer reimbursement for licensing board issues.
What To Look For When Purchasing Drug Store Commercial Insurance
When purchasing a pharmacy liability insurance New York policy, people should always buy from an agent who understands and can explain all the details of the policy and is also familiar with the pharmacy business. Another thing to look for is who and what is insured under the policy. This is important as the pharmacy owner will want to know who exactly is insured under their policy and what they are covered against.
New York Drug Store's And Pharmacies' Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. Extra care must be taken to provide adequate aisle space and waiting areas as some customers may be sick or have impaired mobility.
The rental of medical equipment can result in additional injuries to customers who already have health problems. Equipment must be inspected and maintained after each use. 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. If the business is open after dark, there should be adequate lighting and appropriate security for the area. Personal injury exposure can arise from invasion of customers' privacy should confidential medical information be released to unauthorized sources.
There is also the exposure from apprehending and detaining suspected shoplifters. The use of closed-circuit camera systems prevents such incidents from evolving into a "he said, she said" situation. Employees must be trained to deal with all such delicate situations properly.
Products and professional exposure are tied together. The training, experience, background, and expertise of anyone handling and dispensing of drugs are very high concerns and need thorough review. Most states require that only health care professionals with appropriate credentials be permitted to issue prescriptions. However, recent legislation has opened prescription-writing to druggists in certain states, substantially increasing the exposure to loss in those states.
Some drugstores now offer limited health care services including screenings and the administrating of vaccines. If performed by an employee, proper licensure is required. If performed by a vendor, certificates of insurance showing professional liability are required.
If liquor is sold, employees must be trained to verify that customers are not underage and to recognize signs of intoxication.
Workers compensation exposure is due to lifting which can cause back injury, hernias, 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 is vital to prevent trips and falls. In any retail business, hold-ups are possible. Employees should be trained to respond in a prescribed manner. Cooking operations can result in cuts, slips, falls, and burns. Delivery drivers may be subject to robbery if they transport high value street drugs.
Property exposure may be low if ignition sources are limited to electrical wiring, heating and cooling equipment. Oxygen tanks can explode and should be kept away from heat sources. If there is food service, cooking equipment must be properly protected with fire extinguishers close at hand. If a fire should occur, the loss could be substantial as the FDA requires most drug and alcohol stocks exposed to fire or smoke to be destroyed due to the possibility of contamination.
Theft is a major exposure due to the amount of narcotics and other popular street drugs kept on hand, liquor and tobacco products. Individual items may be shoplifted. Appropriate security measures must be taken including physical barriers to prevent entrance after hours and an alarm system that reports directly to a central station or the police department.
Business interruption exposure can be high if alternative facilities are not available after a loss.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe 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. Receipting, inventory monitoring, and regular auditing are important.
Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made regularly to prevent a buildup of cash on the premises. Narcotics should be inaccessible to customers and non-pharmacy employees and under constant surveillance to reduce the possibility of inventory shortage.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises.
Business auto exposure may be limited to hired non-owned for employees running errands. If delivery services are provided, all employees driving vehicles must have valid licenses and acceptable MVRs. Vehicles must be regularly maintained with records kept.
How Do I Find Affordable NY Pharmacy Liability Insurance?
It's hard to set a baseline rate for pharmacy insurance because it's based on a variety of factors unique to you and your company. Things like security features, liability issues, and the services that you provide will make a difference in the coverage you need, which ultimately determines your premium. Researching options and collecting quotes is your best bet before you buy.
The pharmacy industry is rapidly changing and expanding. With new and challenging practice areas come a proportional increase in exposure to professional liabilities. Pharmacy insurance is designed to safeguard your livelihood, your business, and your peace of mind.
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.
Request a free Pharmacy Liability Insurance New York 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 including the neighborhoods in the New York City Five Boroughs (Brooklyn, Manhattan, Queens, and Staten Island):
Borough Park, Bronx Park and Fordham, Brooklyn, Bushwick and Williamsburg, Canarsie and Flatlands, Central Brooklyn, Central Harlem, Central Queens, Chelsea and Clinton, East Harlem, East New York and New Lots, Flatbush, Gramercy Park and Murray Hill, Greenpoint, Greenwich Village and Soho, High Bridge and Morrisania, Hunts Point and Mott Haven, Inwood and Washington Heights, Jamaica, Kingsbridge and Riverdale, Lower East Side, Lower Manhattan, Manhattan, Mid-Island, North Queens, Northeast Bronx, Northeast Queens, Northwest Brooklyn, Northwest Queens, Port Richmond, Queens, Rockaways, South Shore, Southeast Bronx, Southeast Queens, Southern Brooklyn, Southwest Brooklyn, Southwest Queens, Stapleton and St. George, Staten Island, Sunset Park, Upper East Side, Upper West Side, West Central Queens, West Queens and all other cities in NY - The Empire State.
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