Business Insurance

Why Get Business Insurance in New York
Every dedicated business owner in the Empire State knows how crucial New York business insurance is to an overall successful business plan. A company might be confronted with a lawsuit involving an advertising problem any time a customer believes he has suffered some type of injury either from false advertising or due to incorrect product information. If the customer does file a claim for compensation, business owners will be protected if they have the correct business insurance policy in place. A comprehensive liability policy will cover any court costs, legal fees, and settlement payment that you and your business might be liable for.

Worker’s Compensation in New York
The Worker’s Compensation Law in the state of New York took effect on July 1, 1914. With few exceptions, all employers with at least one employee are required to carry worker’s compensation coverage for their employees. It protects employers from any liability for injuries suffered by an employee while on-the-job resulting in disability or even death. In accordance with this law, employees are provided with monetary relief and medical benefits. Survivors’ benefits are given to the dependents in the case of death. Worker’s Compensation is compulsory and to demonstrate compliance, all employers must post form C-105, “Notice of Compliance”, prominently at their place of business.

There are three ways for employers in New York to meet their worker’s compensation obligation:

  • Procurement of insurance from a private insurance provider
  • Insuring with the New York State Insurance Fund
  • Through self-insurance or being a member of a self-insured trust

Coverage for New York Business Insurance
Regardless of the size of the business in New York, business liability insurance policies protect the interests of business owners. Having New York business insurance is truly beneficial because of the great asset protection included in these policies. Although the specifics of a plan may differ according to the insurer, most plans contain basic coverage packages. Liability insurance for businesses is much more than just a plan to help business owners pay for the costs of court cases such as legal fees, court fines and other fees. Reimbursement for productivity lost on the job is also covered by liability insurance. Furthermore, it can offer a combination of general, professional, and product liability protection for the company. These three basic coverage components provide an enormous amount of business protection. This is why New York business liability insurance is not only a good investment, but also a good value.

An umbrella policy can also be added to your business liability insurance. This means that a single source of protection may cover many different possible financial threats to your business. For example, besides personal and property damage, slander and libel can be covered too.

Professional Liability Protection is a New York business liability insurance policy that protects companies which mainly provide services for their customers such as doctors, lawyers, dentists, and hairdressers. The work of these professionals puts them at a higher risk for lawsuits due to their constant exposure to threats of liability. This type of coverage also protects employees in a business where there is a high probability of an error of omission when dealing with the public and customers.

As a smart business owner, another kind of coverage that you might want to consider is health insurance. This type of benefit has been shown to attract the best and brightest employees. To lower costs across the board, treat health insurance as a part of a bigger whole and combine it with other forms of employee benefits.