New York State Department of Financial Services regulates insurance

The higher your total coverage limit, the higher your small business liability insurance costs. It also protects assets from unforeseen environmental exposures that could have substantial impact on earnings. In addition, it protects against unforeseen pollution hazards that may lead to bodily injury, property damage or pollution clean-up costs. General liability New York general liability protects you against claims for third party bodily injury and property damage. If you rent property, your landlord will probably require you to have some general liability insurance, but anyone who deals with the public should also have it. The New York State Department of Financial Services regulates insurance in the Empire State.

A BOP combines property and liability coverage into one easy-to-manage policy. It’s popular among owners of small to medium-sized businesses who rent or own the building in which they do business. Commercial auto provides liability and physical damage coverage for your business vehicles. Most personal auto policies don’t cover vehicles used for business, which includes transporting supplies or traveling between job sites. Shop for commercial insurance through The Progressive Advantage® Business Program. We’ll help you customize a New York business insurance policy based on your needs.

And general contractors usually require subcontractors to have it before they will consider working with them. Taking these steps will help ensure you’re not paying too much for your general liability coverage in New York. The level of risk your company is exposed to is by far the biggest factor for how much you’ll pay.

Our quote is for a home-based photography business with a sole proprietor and annual gross of $159,000. Leave your email so that your quotes will be sent directly to your inbox. Melanie and the Delmonico team have been great and always there when you need them. Complete your purchase and make payments online or over the phone. We’re part of Warren Buffett’s Berkshire Hathaway Insurance Group with more than 40 years of insurance experience and over 100,000 satisfied customers.

If you provide professional services and your advice is alleged to have led to one of your clients suffering a financial loss, professional liability insurance can help. Though it’s not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance , as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner’s policy . There is a vast amount of insurance companies that do business in New York, so between that and the fact that each business is different, the cost of insurance will vary widely. Also, your insurance premiums will depend on the policy and each one will have a different rating basis.

Say a customer slips on your floor and breaks a wrist, or an employee causes damage while working in a customer’s home, or one of your products injures somebody or damages their property. If you have a larger deductible, you’ll pay less for general liability insurance for your small business. At NEXT, we don’t charge a deductible for our general liability insurance policies, so you won’t need to worry about it. It lets you run a legal businessSome states and cities will only give you a business permit if you have active general liability insurance and a certificate of insurance.