New York Small Business Insurance

New York has an impressive amount of small businesses, with 2,057,959 calling this state home. These small businesses employ 3,858,732 people, which is more than half of New York’s private workforce. (Source: SUSB). Whether you own one of the small firms with employees or simply run your business on your own, you need to get a New York small business insurance policy. But first, you should find out what this entails.

New York Small Businesses Need The Following Insurance

Protect your business (GL): When you live in New York, you know what it’s like to have countless people coming and going in and around your business property. The more visitors you have to your business, the more important it is that you have general liability protection. This coverage will be responsible for paying the medical bills of anyone who gets hurt at your place of business. It will also cover the costs of fixing or replacing the personal property of any customers who accuse your business of being responsible for property damage. For example, if someone drives into your parking lot and damages their car, the general liability coverage you have on your New York small business insurance will apply.

Insure Your Property (BPP): Another way to protect your business is by adding business personal property, or BPP, to your New York small business insurance. You will be glad to have this coverage in place when any type of disaster causes damage to your building. Examples include a fire, vandalism, a storm, or sewer backup. Not only will BPP allow you to afford repairs to your building, but it will also help you replace items inside of your business, such as merchandise or furniture.

Employee Protection (WC): If your business is one of the 445,853 in New York that have employees, then workers compensation is a necessity. This is the coverage that will allow you to pay for the medical care of any employees who are injured or become ill while at work. So whether an employee falls off a ladder or becomes ill as a result of exposure to asbestos, workers compensation can pay for treatment. It will also pay the employee any wages he or she missed out on as a result of the illness or injury incurred at work. Plus, if an employee threatens legal action against your company, workers compensation can help cover your legal fees.

Umbrella/Excess Liability: If there is ever a chance that a settlement will be larger than the limits of your general liability policy, you need excess liability. This can cover any extra costs that you face when someone is hurt while visiting your business. Luckily, it’s easy to add this to your New York small business insurance policy for a small cost.

Cyber Crime Liability: No business is immune to the possibility of being targeted for cyber crime. You can prepare for this issue is much as possible by getting cyber crime liability when you obtain New York small business insurance.