Do you have an office in which any person at all, customer or postman, visits? Regardless of whether you are on your premises or at a job site you are liable for any bodily injury that may occur to another person. For example, if the postman brings your mail and you failed to fix cracks in your porch leading up to the door and they tip and get injured, you will be responsible for the damages. Additionally, if a customer or food delivery person walks on your job site and is injured, you are liable for that as well.
Learn more atthe best workers comp New York liability insurance companies in New York. Worker’s compensation insurance covers workers against a job-related accident or disease. This statutory insurance pays for medical bills, disability income benefits, and death benefits to dependents of an employee whose death is job related. Rates are based on payroll, and depend heavily on your industry, i.e., rates for clerical payroll are nominal, while a roofing company will be charged much more. If your work force is expanding, you should update your workers’ comp coverage as you go along to avoid being hit with an audited additional charge at the end of the year.
Each situation is unique, but as a general guideline, the type of New York business you operate or products you manufacture should determine how much New York commercial general liability insurance you need. A good rule of thumb for most small businesses is between $500,000 and $1 million. However, if yours is a high-risk business such as the building trades or has a high volume of interaction with the public such as a retail business, you should consider increasing your coverage. Note that if you operate out of your home, your homeowner’s or renter’s insurance has limited coverage for business liability and loss. This type of business liability insurance is important for all New York businesses. A general liability policy covers common third-party risks and is required for most commercial leases.
They have fourteen industry specialties to choose from, with a wide range of business insurance products. To get a quote, you fill out an online form and someone will get back to you, or you can call. If you have five employees or fewer, Hiscox may be perfect for you. They were specifically designed for very small businesses, and they operate in all fifty states, including New York. They have a full range of business insurance products, so if you need more than just general liability, they can accommodate you. You can pay all at once or in installments, and you can get a discount of 5% for home-based businesses and a 5% discount if you bundle policies.
This is something you should carry anyway as it is essential coverage for your employees, regardless of what state you live in. Our knowledge of New York state labor laws, specifically pertaining to construction, gives business owners peace of mind as well as cost savings and a leg up on the competition. We offer a thorough review of all your subcontractors’ ACORD certificates and sub agreement contracts to make sure you are covered adequately.
There is a variety of Directors and Officers coverage available such as corporate reimbursement coverage, personal liability, and entity coverage. D&O policies may be broadened to include coverage for employment practices liability as well. The type of insurance you will be required to have in New York will vary by the county you operate in. Contractors are required to be bonded if you work on public projects, like government-type jobs. Some counties will even require you to be bonded before you can get licensed. Contractors are also required to carry Workers Compensation insurance.