New York business insurance can sometimes be complex and confusing. Thus, business owners need to make sure they take the time to understand what their exposures for loss are and how certain insurance products can protect them. In this section, we'll examine what makes business insurance in NY so unique, and sometimes, daunting.
If you'd like to verify if an employer has workers compensation coverage, click here. For a list of officer exclusions to workers compensation, click here.
For a guide to all states unique business insurance needs please visit our State by State Business Insurance page. For a general overiew of business insurance visit our business insurance page or general insurances visit our home page for more information.
Business insurance in New York should not be taken lightly. It's easy to start a business and neglect the need to having business insurance until you need it for some reason. In New York, insurance is often needed when you move your business into an office or commercial space. Your landlord will require you to have a general liability insurance policy. If you buy a building or property to hold your business operations, and you get a mortgage or financing, the mortgagee will require that you have commercial property insurance in place.
Having these insurances is not just a requirement in some instances like a lease or mortgage, it's vital to a businessowners success. If your business is affected by a fire, lawsuit or another loss, and you don't have insurance, you could be forced to shut your doors for good. Consulting with an expert insurance agency is necessary to ensure you have the appropriate New York business insurance.
In New York, when you hire your 1st employee, you're required to have Workers Compensation insurance AND NYS Statutory Disability insurance. If you don't secure these insurance coverages before before your 1st employee hits your payroll, you could be subject to hefty state fines. Workers Compenation covers injuries and illness of your employees while they are on the job. Disability insurance cover injuries and illness of your employees while they are off the job.
In 2008, New York State went from a "set rate" market to a competitive WC insurance marketplace. Basically, that means that instead of insurance carriers offering the same rates, they were now allowed to offer competitive rates. Combined with a soft insurance market, this change made for a buyers market and lower rates for Workers Comp insurance. Though recently, in 2012 through 2013, the market has started to harden. Thus, insurance rates have started to creep up and carriers are being more selective with the types of insurance they will write.
For instance, contractors, especially contractors with only a few employees, have had a tough time maintaining Workers Compensation insurance. In most part, this is due to insurance carriers pulling out of offering policies to small contractors in general. In some cases, the premium for a small business WC policy is not worth the risk for loss to the insurance carrier. But, just like any other market, new products are evolving to cater to this growing market of contractors who need coverage to keep their employees on the job. For more information about workers compensation in New York, click here.
Finding the best small business insurance in NY is easy with InsuranceTrak. To get a free, no obligation quote, you can use the quote box above or simply give us a call at 585-282-0934 to get your New York small business insurance quote today!
Finding the best business insurance quotes in New York state isn't as hard as you think it might be. Why? Because if you're reading this then you have already fought half the battle because you've found our NY business insurance agency! Now for the easy part. Just give us a call or use our online business insurance quoting technology above, QuoteTrak, whenever you're ready to shop for your New York business insurance rates. It's that easy!
As a business owner, ensuring your business assets are well protected takes the right type of insurance agency expertise. We started our insurance agency in New York and have roots in New York. Being a New York business insurance agency is our expertise. We take our insurance business very seriously and are recommended as a top business insurance agency in New York.
Below you'll find a compregensive list of cities and towns throughout the great state of New York which will give you more detailed information about business insurance for each city or town in New York:
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