The result is an increasing popularity of one-stop shopping policies, called BOPs, combining many coverages under one policy, usually at a competitive price. Disability Benefits are another employee disability coverage mandated by New York State. It provides disability income for employee injury or illness off-the-job. This wage continuation starts after the seventh day of off-the-job illness or injury and continues for up to six months. You can also get a customized quote online to find out exactly what you’ll pay. The best way to find the right coverage for your business is to compare quotes from different insurance carriers.
Travelers helps you prepare and protect against these types of risks with our wide range of general and business liability insurance solutions. A New York general liability insurance policy protects your business from financial loss should you be liable for property damage or personal and advertising injury caused by your services, business operations or your employees. Understanding this coverage is an important first step in managing CGL risks. In addition to standard bodily injury liability coverage, New York also requires you to have uninsured motorist bodily injury coverage. Whether you are contemplating starting a new business, are a new business owner, or have owned a business for many years, commercial insurance can be one of the most important ongoing financial investments you make in the life of your company.
The University at Albany COI can be returned to the University by either the insurance agent or the Contractor. The New York State Workers’ Compensation Board has mandated that certain forms from New York State licensed Disability and Workers’ Compensation private insurance companies or from New York State agencies are acceptable. These forms are discussed below in the Disability and Workers’ Compensation section. Prior to any permit being issued or any contract, including purchase orders, being entered into, New York State procurement regulations require evidence the vendor carries various types of insurance.
Buy an umbrella policy and you can dramatically extend your coverage for a relatively small additional cost. That’s your decision, and your answer should hinge on the total value of your assets. Your insurance agent should be able to guide you in picking an amount of coverage that will bring you peace of mind.
While we buy insurance for protection against loss, claims can tend to result in higher insurance premiums. While you may decide to accept more risk by selecting higher deductibles, it’s equally important to take preventive steps to reduce the likelihood of loss. Protecting your premises from fire with good housekeeping, building code compliance, fire protection systems and alarms could help avoid claims.
They know we want lower rates and bigger discounts for our customers. New York requires that anyone who employs at least one person, whether full or part time, carry workers compensation insurance. Sole proprietors, partners, and one/two person corporate officers with no employees are not required to carry workers compensation. This type of business liability insurance is important for all New York businesses. A general liability policy covers common third-party risks and is required for most commercial leases.
This agency is responsible for regulating all insurance policies sold in the state, including commercial liability coverage. 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. The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature. So, if a fire destroys your products or equipment, this coverage can help pay for their repairs or replacement.
If your general liability policy, BOP or CPP do not provide sufficient coverage, you may want to consider purchasing a commercial excess policy, which will provide additional protection. Commercial Auto – The moment you start using a vehicle to do business, even if it is just driving to and from the job sites, you have to insure them on a Commercial Auto insurance policy. A Personal Auto insurance policy will exclude any claims that involve vehicles being used for business. Be sure to get your vehicles insured properly, because you don’t want to end up having to pay for a claim out of pocket, especially if it is a severe accident.