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Small Business Insurance New York

It’s A Good Idea To Have General Liability Coverage If Your Small Business:

Business Insurance Webinar Series: Session I, Business Owner Policies (BOPs)
  • Works face-to-face with clients or customers
  • Must have insurance before entering into a contract
  • Has access to a clients equipment
  • Represents your clients business
  • Uses third-party locations for your business activities
  • Uses contractors or freelancers
  • Operates without a physical property
  • Is in a partnership or has contracts that require a general liability policy
  • Sells a physical product to customers

General Liability Insurance Typically Covers:

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    Property Damage. When customer property is damaged by an employee, your coverage may help pay for repairs or replacement.

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    Bodily Injury If someone other than an employee is injured on your property, this coverage can help with medical expenses plus legal expenses and damages.

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    Product Liability If products developed or sold by your business harm people or property, this coverage could help pay legal expenses associated with product liability lawsuits and medical expenses if an injury occurs.

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    Libel, Slander, and Copyright. This coverage helps protect you against some lawsuit expenses from personal and advertising injury. Advertising injury can include disparaging another business in your advertisements, stealing an advertising idea, and more.

Ny Small Business Health Insurance Plans

New York Small Business Health Insurance Plans 2022. The following is an overview of the rules that govern small group health insurance plans in the State of New York.

The information that is discussed below includes the laws that have been mandated by the Affordable Care Act , as well as the laws that are required by New York State government.

If you own and operate a NY small business and you already offer small group health insurance or you’re thinking about offering small group health insurance – this guide can help you better understand the regulations, requirements and available New York small business health insurance plans available.

Learn how to get New York small business health insurance plans for 1 to 50 employees. The best small business health insurance providers in NY offer affordable rates, flexible coverage options and access to a large network of medical providers.

Below are some answers to commonly asked NY small business health insurance plan questions:

While there are several types of health insurance plans to choose from, the following plans are the most popular among NY small business owners:

New York Small Business Health Insurance Plans – The Bottom Line

We strongly advise business owners to speak with a CPA and a NY health insurance broker before jumping in and getting any type of the New York small business health insurance plans available.

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Coverwallet: Best For Comparing Several Quotes Online

CoverWallet makes it easy to compare insurance quotes from several providers within minutes, all on one screen.

How is CoverWallet able to do this?

CoverWallet is a cutting-edge insurance provider. The firm has developed its proprietary state-of-the-art platform, based on its own algorithms, to ensure it can connect small businesses with the professional liability and other business insurance they need at a fair price.

The firms experts have used their extensive experience to make sure you only have to input the information needed to generate quick and accurate quotes. The entire process should take less than ten minutes.

You can feel confident knowing that CoverWallet is a part of Aon, an established company that provides advice to businesses on things like risk, health, and retirement.

Once you get your quote, CoverWallet makes it easy to purchase professional liability coverage or a complete business insurance package online or through an agent. When you get your insurance through CoverWallet, its simple to manage your coverage online, including downloading a certificate of insurance, filing a claim, renewing your policy, and more.

Here is a simple professional liability insurance quote for a small accounting firm.

Cerity: Best For Workers Comp Coverage

New York Health Insurance

Cerity is our top workers compensation provider for New York businesses because it specializes in the coverage. Its a relatively low-cost provider, yet delivers a high level of service. Policies start as low as $25 per month, and the company has fewer fees than most insurers. Cerity makes it fast and easy to get a quote online.

Cerity isnt low-cost because it cuts corners. It actually uses artificial intelligence to up its efficiency. However, everything at Cerity isnt technology based. When you require help, you will have access to a team of licensed policy and claims experts. You can rest assured knowing Cerity has been in business for more than a century and is rated highly by their clients.

It is relatively fast and simple to get a quote from as long as you have your federal employer identification number handy.

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How Does Business Insurance Protect General Contractors

Damage to someones property

Accidents that hurt someone

Workplace injuries

Injuries and damage involving your business vehicles

Theft or damage to your tools

Damage to your own property

Is General Liability Insurance Tax Deductible

General liability insurance premiums can typically be deducted from your taxes. Its important to consult with a licensed accounting professional to make sure you qualify.

The IRS categorizes payments you make for this type of insurance to be both an ordinary and necessary business expense so be sure to keep a file of how much you pay every year for your policy.

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Is General Liability Insurance Tax

Typically, your general liability insurance costs are income- tax-deductible. Thats because the IRS considers your policy premium as part of your business costs, which are deductible. However, you should get advice from a tax preparer or an accountant if youd like to learn more about deducting your insurance premiums from your businesss taxes.

Whats Not Covered By Errors And Omissions Insurance

WUTR New York: Small Business forced to drop employee insurance b/c of ObamaCare

Professional liability insurance is fairly comprehensive. However, there are a few things that arent covered with your policy. For starters, biBERK and other typical Eundefinedamp O policies dont cover warranty or product guarantees your company makes. We also dont provide coverage when a client is simply unhappy with the work you did. For coverage to apply, the claim must be the result of an error or omission. There are a few other exclusions including:

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How Much Does Carpenter Insurance Cost

Insurance for woodworking businesses costs vary based on the risks that your business faces, such as:

  • The types of projects you work on
  • Where your projects are located
  • The types of vehicles you use at work

Carpenters can save up to 25% in discounts, depending on the kind of work you do. More risky professions can expect to pay more.

Embroker: Best For Cyber Insurance

Some of the biggest risks faced by small businesses today are getting hacked, having private customer and business data becoming compromised, or being the victim of a ransomware attack. Thats why its important for business owners to secure cyber insurance, and Embroker is a leader in this type of coverage.

Embroker is an online business insurance marketplace that makes it easy for you to compare quotes from multiple insurance companies for cyber insurance and other business coverages and select the best deal. You simply answer some questions about your business and coverage needs online. Within a few minutes, youll have quotes for cyber and the other types of insurance you need from several different insurance companies. If you require help selecting a policy, you can connect with a licensed insurance expert over the phone. Embroker is licensed to sell insurance in New York.

Also Check: Nationwide Homeowners Insurance Phone Number

In The Main These Relate To Financial Losses Coming From:

  • Fraud or theft by employees
  • Loss of income due to some interruption in operation, for example if a building burns to the ground, taking with it equipment, stock or customer records
  • Internet security and privacy breaches

If your business is especially vulnerable to these risks, you should talk to an agent or broker to secure the right level of cover.

The first place to look is in relation to a BOP, which can be expanded to include these covers.

New York Small Business Insurance

Small Business Insurance in New York

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 Yorks private workforce. . 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.

Workers Compensation

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Lets Find The Coverage You Need For Your Business

Business insurance is divided into different policies. We offer 7 types so it’s easy to design the coverage that fits your business.

Accidentally damaged customer property? General liability insurance makes those uh-oh moments okay by covering a wide range of incidents and basic risks. Contractors and cleaners can add tools and equipment coverage to protect their gear, as well.

If you have employees, workers comp is mandatory in almost every state to help cover medical bills and lost wages if a workplace accident occurs. And dont forget about the boss add business owners coverage to protect yourself as well.

If youre accused of making an error at work, weve got your back. Get professional liability insurance and youll be protected from certain types of lawsuits and claims.

Vehicle-related damage shouldnt mean you have to pump the brakes on your bottom line. With commercial auto, youre covered for dents, tows and damage to someone elses car or truck. Add HNOA coverage for extra protection on rentals and employee vehicles.

Add tools and equipment upgrade to your general liability insurance. If your gear ever gets damaged or stolen, well be there to abracadabra them back in a flash.

New York Professional Liability Insurance

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. When a former customer or client claimsrightly or wronglythat a mistake in your work led them to suffer a financial loss, professional liability insurance provides you with investigation and defense of the claim as well as making payments of any settlements or judgments.

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How Does General Liability Coverage Work

Lets take a look at an example of how a general liability insurance policy works in action.

A plumber is doing light repairs on pipes in a clients remodeled bathroom. However, he doesnt secure the caps as tightly as he should have, which causes considerable water damage in the new bathroom.

The plumbers general liability insurance policy covers the $7,500 cost of repairing the water damage. The only out-of-pocket expense the plumber has to pay is the policy deductible.

Without this protection, the plumber would have had to pay the entire $7,500 out of pocket, plus any legal fees if the customer decided to sue for more damages.

Essentially, general liability insurance makes it possible for your business to survive business-related accidents or lawsuits.

Top 7 Small Business Insurance Companies In New York

Small Business Grant from New York State. Apply starting on June 10, 2021 (Updated: 06/10/2021)

Here are my choices for the top business insurers in New York and the coverages they are best for.

  • CoverWallet: Best for comparing several quotes online
  • Liberty Mutual: Best for business owners policies
  • Cerity: Best for workers comp coverage
  • The Hartford: Best for general liability coverage
  • Hiscox: Best for commercial property and liability coverage
  • Embroker: Best for cyber insurance
  • Progressive: Best provider of commercial auto insurance

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Professional Liability Offers Protection Beyond Claims

Depending on the coverage you choose, errors and omissions insurance can protect against more than just claims related to errors, omissions, or negligence. Other protections can include:

If your policy has an agreed-upon retroactive date or full prior-acts coverage, biBERK may still help cover the costs associated with claims that are filed after coverage begins even if the error, promise, or negligent act happened before coverage was effective. For example, lets say your professional liability policy began on June 30, with a retroactive date of January 1. On July 15, a former client claims you made a mistake on their taxes in March, which you were unaware of when you purchased the policy. Since the occurrence causing the claim took place during the retroactive coverage period and the claim is made during your regular coverage period, youll likely be covered. With full prior-acts coverage, youll have coverage for all services provided before the policy period. If you haven’t bought a policy before, claims will only be covered if the error, promise, or negligent act happens during the policy period.

For added peace of mind, biBERKs professional liability insurance may cover the costs of litigation, depending on the terms and conditions of your policy. This includes claims related to negligent acts and errors or omissions, even if the accusation turns out to be groundless.

General Contractor Insurance Requirements

General contractors are almost always required to have insurance due to the risk of injury and property damage. You might need insurance to:

  • Get a general contractor license. Learn more about the general contractor license requirements in your state.
  • Win a bid or start work on a project. Clients and local governments might ask you to have active insurance usually general liability or workers compensation.
  • Hire employees or subcontractors. Most states require workers compensation from general contractors with employees.
  • Drive for business purposes. General contractor business-owned vehicles typically need commercial auto insurance.
  • Repair or replace property you own or rent. Protect your inventory, equipment and even the building that you lease or own.

Also Check: Federal Deposit Insurance Corporation Purpose

Why Do I Need To Get General Liability Insurance

You may be an expert at transforming a client with the right cut and hair color. Maybe you can drive a nail with a single swing of a hammer. Or youre an absolute cleaning whiz who can make a home or office look like new. But being a master of your craft or trade doesnt mean youre a master of circumstances.

Accidents can happen, even to the best of us. Thats why having liability coverage can be a benefit for almost every type of business.

Are you a small business owner who works on customer sites? If that’s the case, we typically recommend getting a general liability insurance policy. Plus, this business insurance can cover your employee or employees if they cause any damage.

So what happens without this policy? Then you and your family may be financially vulnerable to damages or accidents that happen on the job.

Here are a few more reasons why you may need to get general liability insurance coverage:

Expert Guidance To Keep You On Track

How to shop for Small Business Health Insurance

We understand that different industries may require different solutions, which is why our financial professionals are positioned to assess the needs of educators, municipalities, manufacturers, professional firms, medical professionals and many more types of organizations. And working with New York Life means youll have access to personalized guidance unique to your small business needs.

Small business products

We offer a number of group and voluntary products to help provide your eligible employees with financial security and protect the ones they love.

Expert solutions

We will work with you, your accountant, or attorney to understand your unique needs. When necessary, well also turn to our expert professionals to help provide solutions.

Executive benefits

We can help you help your best employees through a range of executive benefits. When you attract, retain, and reward key staff members, it can go a long way.

Tailored guidance

Our financial professionals are trained to assess long-term needs. A simple evaluation can ensure you and your employees have enough protection to meet financial goals.

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Professions Covered In New York

No matter what your business is, if youre in New York, youll benefit from being insured. If a non-employee slips and falls due to a workplace hazard or you accidentally damage a clients property while working in their home, the last thing you need is to pay out-of-pocket for damages. In New York, Thimbles business insurance covers:

And more

Commercial Property Insurance In New York Ny

If you have capital invested in land or buildings in New York, NY, like when you own the premises, or have a big liability if theres a mortgage, and even if your business occupies premises it rents, you should, and may be required to, carry Commercial Property insurance against damages from any source including an unforeseen hazard, like a fire, water damage from floods or storms, and all such natural occurrences.

As well, man-made risks such as arson and vandalism must be covered.

Most commercial insurance policies also cover the contents of the building, like computers, furniture and general equipment, but specific equipment cover is necessary for any specialized equipment.

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What Is General Liability Insurance

If you want to ensure that your small business has financial protection from unforeseen claims, general liability insurance is a smart investment. While its not always required by law, it may be required by certain contracts or lease arrangements. With a general liability policy from biBERK, its easy to get protection from the costs of:

New York Business Insurance Requirements

Business Insurance Webinar Series: Session II, Intro to Commercial Insurance Policies

The state of New York requires all businesses with employees to carry workers compensation. Coverage may be purchased through a private insurance carrier or through the states private insurance fund.

Unpaid volunteers and most subcontractors are considered employees and could be required to be covered by a workers comp policy, according to the New York State Workers Compensation Board. Learn more about workers compensation in New York.

Other business insurance products, like general liability and a BOP, arent required by law, but youll likely need them before entering a contract with a client or landlord.

Resources for New York small business owners:

Browse more examples of professions we insure.

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