New York Retailer Insurance
New York has 175,553 small retail firms, which means plenty of retailers have found success here. In fact, 70.5 percent of the 37,311 small businesses that opened in this state in 2010 survived through 2012. That rate was impressive enough, but it only improved in 2012, since 80.7 percent of the 40,765 businesses that opened that year survived through 2014. (Source: BLS, BED). If you plan to join in on this trend, you should first find out what a New York retailer insurance policy can cover.
New York Retailers Need The Following Insurance
Business Liability Insurance (GL): General liability is just one of the types of coverage your New York retailer insurance policy needs to have, since it’s the part of your policy that will pay to get medical treatment for anyone who gets injured on your business property. Whether someone trips over merchandise in the aisle or slips on water on the floor, general liability will be responsible for paying any doctor or hospital bills that result. This part of your New York retailer insurance policy will even cover your business if someone’s belongings are somehow damaged at your store, since it will pay for the necessary repairs.
Business Personal Property Insurance: No New York retailer insurance policy would be complete without business personal property insurance. If any products in your store are ever stolen, this coverage kicks in. It also pays to make repairs to the store after it is vandalized, burned down, or damaged in other ways. Unless you could pay out of your own pocket to make repairs to your store or replace products without interrupting business, you need business personal property coverage when you get New York retailer insurance.
Workers Comp Protection: Most retail stores in New York have at least a few employees. In fact, 57,737 of the small retail firms in this state employ up to 499 people. This indicates a need for workers compensation when it comes to the typical New York retailer insurance policy. This will pay for the medical treatment of any employees who become injured or sick while at work in your store. It can even pay for long-term medical needs, such as rehabilitation, as well as missed income while the employee recovers away from work.
Umbrella/Excess Liability: General liability is meant to cover any injuries to people on your property, in addition to repairs when someone’s belongings are damaged at your store. But if you have the standard coverage, you might find it’s not sufficient to pay for any large general liability claims. This is why you should add excess liability to your New York retailer insurance policy, since it will pay for any costs that are over and above your regular general liability coverage.
Cyber Crime Liability: Few businesses can really afford the financial ruin that often comes with cyber crime. Luckily, you have the option to add cyber crime liability to your New York retailer insurance policy, which will cover your business if criminals ever try to use technology against your store.