On the other hand, the workforce is educated and the unemployment rate is low. Even if you can get away without general liability insurance, you might have a difficult time getting clients without it. And general contractors usually require subcontractors to have it before they will consider working with them. AGENT— Licensed producers , primarily representing the insurance company to the buyer. Few things in life are riskier than launching and running your own business. Don’t compound that risk by neglecting your business https://www.bayareacrosswords.org/ needs.
If you do any consulting or are providing any plans or advice, this is a great insurance policy to have. If you are negligent or make an error or omission that results in financial hardship to the customer, you could be held liable for the damages. Every business needs to protect themselves from accidents or injuries that may occur on their business grounds. General Liability insurance coverage can protect your New York business from these unexpected expenses. Workers compensation insuranceis required in New York if you have even just one employee.
The following insurers may be actively writing or accepting new business. You may contact the companies directly or a Professional Agent or Broker for information on each companies’ underwriting activity. Companies who have provided the Department with names of contact persons, indicated their intention to accept new business in accordance with their underwriting guidelines. INSURED— A person entitled to benefits under the terms of a policy.
This type of insurance pays losses arising from damage to others’ property, real or alleged bodily injury, and personal injury that occurred on your property or as a result of your business operations. Unlike workers compensation insurance and commercial auto insurance general liability is not required. You could buy a stand-alone policy or combine general liability insurance with property insurance. While the law may not state it, there’s a good chance you need to carry other business insurance policies in addition to workers’ comp. Many contracts require a general liability policy and/or a professional liability policy. Even if your customers, clients, or partners don’t require you to carry specific policies, it’s recommended that you carry policies to cover any part of your business that could be at risk.
The state of New York requires every business that has employees, full-time or part-time, to carry workers’ compensation insurance. One important thing for business owners to remember about BOPs is that, while they include multiple types of insurance, each coverage included in a BOP usually has its own limits, deductibles, and exclusions. The insurance that you need for your small business depends on what type of business you have and your specific risks. However, almost all businesses need general liability insurance, which protects you in case a customer gets hurt at your place of business. Travelers has insurance solutions that are designed to meet the needs of companies in more than 40 industries including transportation, manufacturing, construction, retail, and public entities.