Procured Commercial General Liability

Your personal auto insurance policy doesn’t cover your vehicle uses for business. Your personal auto insurance company will refuse the claims if they learn that you use the vehicle for business purposes. Learn morethe differences between commercial auto vs. personal auto insurance and why small businesses need commercial auto insuranceandthe best commercial auto insurance companies in New York. The construction company incurs over $200 million in costs repairing the reactors for the power plant. Luckily, they procured commercial general liability (“CGL”) insurance to cover their work on the reactors before they began the project.

Because of the vast array of things that can happen to cause you financial harm, not having General Liability  New York liability insurance can be devastating to your business, and ultimately your life. This coverage can be purchased as an add-on to a general liability, professional liability, or BOP policy. It helps cover costs related to system hacks or data security breaches in which sensitive information has been stolen and fraud has occurred or there is a reasonable expectation that it might occur.

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. BOP – A Businessowners policy, or BOP, is a great way to package together with your General Liability and Commercial Property coverage. It is designed for small to medium-sized businesses and allows for a little bit of savings since the two major coverages are combined on one policy.

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. Sports and FitnessLearn about New York sports & fitness insurance policies and what they cover so that your customers, employees, and equipment are protected. They include the business type, location of your business, the total number of employees in your business, as well as the risk level your business is exposed to. For example a roofer working on a roof faces much higher risks than an accountant sitting in an office behind a desk. Adaptable – We can help you secure coverage at any stage of your business’s development with the flexibility to adjust your policy as your business changes.

Our quote is for a home-based photography business with a sole proprietor and annual gross of $159,000. Your insurance cards must have the same name as the name on your vehicle registration application. UNAUTHORIZED/NON-LICENSED/ NON-ADMITTED— Insurance companies that are not licensed by New York. FOREIGN INSURERS— Insurance companies domiciled in a state other than New York, but may be licensed by New York. DOMESTIC INSURERS— Insurance companies domiciled and licensed in New York State. AUTHORIZED/LICENSED/ADMITTED— Insurance companies that are licensed to operate in New York.

General Liability Insure does not warrant or make any representations regarding the usefulness of or the expected results of the material contained on this website. You should contact your attorney, accountant and/or financial adviser to obtain advice with respect to any particular commercial insurance question, claim or issue. The commercial insurance content available on this page is for informational purposes only and not for the purpose of providing legal or financial advice. Wholesale and DistributionRead informative articles on New York wholesale distribution insurance. BondsLearn about surety and fidelity bonds which are types of insurance that are used to protect against damage or loss in commercial transactions. Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them.

Even if your customers, clients, or partners don’t require you to carry specific policies, it’s recommended that you carry policies to cover any part of your business that could be at risk. Financially protecting your company is one of the smartest business decisions you can make. If your business is ever sued or held legally responsible for some kind of damage or medical injury, then having general liability insurance can prevent the lawsuit from turning into a financial disaster. This type of insurance pays losses arising from damage to others’ property, real or alleged bodily injury, and personal injury that occurred on your property or as a result of your business operations. Professional liability insurance covers lawsuits costs and fees and settlements related to mistakes or negligence you or your employees make while doing your work. If you and your business provide services or advice to your clients, it is likely that you need professional liability insurance coverage.

With NY general liability insurance, such issues are adequately handled. Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state. In addition, project-specific general liability insurance is not required for storage sheds, garages or similar accessory uses for residential structures. Learn more about the factors that affect your business insurance rate.

So maybe you are wondering how are you 100% responsible for a worker’s gravity related injury? For example, if you provide all the safety equipment possible, but your worker has an accident you are still 100% liable thanks to this law. The wonderful litigious state of New York didn’t repeal the law, instead we doubled down. In 1948 the New York Court of Appeals took an even firmer stance removing the option of using comparative negligence as a defense. Meaning regardless of who’s fault the injury is… YOUare 100% responsible as the building owner or construction firm. While you continue to cry over your latest insurance bill let me explain why you are paying so much just for liability insurance.