New York General Liability Insurance – NYC
New York General liability insurance is must-have coverage to have for any businesses big or small.
This kind of insurance protects your business against different claims stemming from damage to third parties or your customers.
The fact is that most businesses face some form of risk, which is why they must have general liability insurance.
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This type of coverage can help shield your business against claims relevant to malpractice or bodily harm.
General liability insurance in New York is available in different types of coverage, and the one you require will depend on the kind of business you run.
For example, if you run a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Key Reasons Why You Require General Liability Insurance in New York
One of the most common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that running any size of a business is already risky.
General liability insurance in New York not only protects your business against claims originating from injury and property damage, but also from any issues as a tenant if you are renting a property.
Further, it provides coverage for not only your business, but also your staff against claims resulting from injury or property damage to third parties.
Apart from being an essential part of your business, here are 5 great reasons your business needs general liability insurance.
Workers’ Compensation Insurance in New York
If you are a handy worker, you already should be aware of the money you can lose if you fall ill.
As a handyman, you are not protected by government workers’ compensation advantages, therefore you should check out NY handyman insurance.
Research shows that injuries to independent workers in New York were up by a whopping 12 percent.
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When you pay for New York general liability insurance, you are covered financially for medical costs related to the injury at the job.
Depending on the general liability insurance plan you choose, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to buy general liability insurance in New York.
If your company provides services that can cause damage to others including pets, then investing in general liability insurance should not be an option.
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One good example of this is NY dog walker insurance, which protects your pet sitting business if the dog causes harm to others.
Another example is when you are repairing your client’s drywall, and they slip over your tools, then you will be accountable for their injury.
If you buy general liability insurance in New York, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in New York is to safeguard your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly damage an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance contract.
New York General liability insurance can help cover your business against any lawsuits arising from claims that you did not deliver services as promised.
Things such as inaccurate advice can be included under a general liability insurance policy.
General liability insurance can also oftentimes include professional liability insurance, so speak to your insurance agent to check if they provide this form of insurance.
While general liability insurance protects your business against several different kinds of claims, professional liability insurance is more designed towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own label, then it is wise to have general liability insurance in New York, and here is why!
If a client claims bodily hurt due to the use of your establishment’s products, then general liability insurance will shield you against these sorts of claims.
And if you sell your products via your website, then it is a great idea to check out NY ecommerce insurance to better protect your interests.
Take, for example, your company is selling facial creams, and a person has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the kind of general liability insurance you choose, there are certain things that may not be covered under your insurance policy.
The first thing that may not be protected is against claims not related to your services. Employee injuries may also not be covered under your general liability insurance policy.
As a business, you may be storing several expensive tools in your vehicle or even at your customer’s property.
If these accessories do get stolen, you will require specialized general liability insurance.
In the incident of theft of your personal belongings, your truck insurance policy will not protect these tools against theft.
Another area where general liability insurance may not offer compensation is if you make glitches in your services.
When getting general liability insurance, you should choose your coverage limit wisely. Because your general liability insurance policy will not give costs that are higher than your policy limit.
Different Forms of General Liability Insurance
General liability insurance is a widely used term for several types of insurances, most notably:
General Liability Insurance
Also referred to as CGL commercial liability insurance or BL kind of insurance shields your business against claims that cause bodily injury or property damage to others.
Further, general liability insurance also covers your company against reputational harm or mistakes in your advertising.
A few examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also known as errors and omissions insurance, professional liability insurance comes with claims against your business that originate from errors in the services you give.
For example, if you are a financial broker that offers a client erroneous figures, and they sue you, professional liability insurance will provide the legal expenses.
If you provide professional services to customers, then you should as your insurance company about professional liability insurance.
Employer Liability Insurance
If your business has several staff, opting for employee liability insurance is a great idea.
This kind of insurance covers your workers against any injury they may incur at the worksite.
Additionally, employer liability insurance can also pay for disability benefits, missed wages, and funeral costs.
What is the Cost of General Liability Insurance?
The cost for general liability insurance varies across insurance providers. It depends on a lot of different factors including the type of business you are running.
For example, if you are running a construction business, then the price for your premiums will be above that other kind of business, hence you should explore NY roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk businesses can expect to pay higher premiums such as landscaping categories.
You can save cash if you pay for your insurance plan in full annually.
Further, you can also save funds on your general liability insurance policy if you club all your policies under one insurance provider.
You should also minimize your organization’s claims on your general liability insurance plan.
How to Look For General Liability Insurance Companies in New York?
When searching for the best general liability insurance provider in your state, it is important to check the agency’s reputation.
You should then choose your coverage limit, where the higher the limit, the higher the price of premiums.
But it is critically important that you select the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance provider to help evaluate your organization’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.