Insurance for small businesses in New York

If you are looking for small business insurance coverage in New York, you may have questions. What types of small business insurance policies should you consider to protect your small business in New York? How much coverage do you need? What affects the cost of small business insurance in New York?

You have questions. And at Coterie Insurance, we have answers. Next, we’ll discuss the New York small business insurance coverages that may apply to your business. We’ll also go over some of the factors that can affect how much you’ll pay for the insurance you need to protect your business.

What small business insurance coverage is available in New York?

  • General liability and/or property insurance – General liability insurance protects you from liability for things like accidents at your business, like a customer slipping and falling. And property insurance covers damage to the building you’re renting, as well as your equipment, supplies, retail inventory, and other property within your store or business.

    Almost all New York homeowners will require you to have both general liability insurance and homeowners insurance. These are often combined into a Building Owners Policy or BOP. Without this type of insurance, your business could be at risk if someone sues you or if your property is damaged by vandalism, accidents, or a natural disaster. Coterie offers general liability and BOP coverage in New York (note that Contractor classes are excluded from Coterie’s New York State appetite).

  • professional liability insurance– This is also called “errors and omissions” insurance. This type of coverage protects you if a client sues you for an error or negligence in the provision of professional services.

What other insurance coverage should I consider?

  • Workers Compensation and Disability Insurance– New York law requires you to have both workers’ compensation and disability insurance if you have other employees besides yourself. This includes full-time, part-time, and seasonal employees. If you have any employees, you should have workers’ compensation and disability insurance to protect your employees from workplace injuries.

What affects the cost of small business insurance in New York?

If you’re looking for small business insurance policies in New York, you may be wondering what will affect your rates and how much you’ll pay. There are many things that can affect how much you will pay for coverage, including:

  • The risks of your industry and business – Generally speaking, you will have higher insurance costs if you operate in a high-risk business. For example, the risk of serious damage to a building from an accident is lower if you operate a retail store, compared to a large factory.
  • Number of employees/size of payroll – For some types of insurance, like workers’ compensation, insurance costs are determined in part by how many employees you have and how much you spend on payroll. In general, the larger your business, the more you will generally pay for insurance.
  • Policy limits and deductibles – The more protection you get, the more you will pay. A $10 million homeowners insurance policy will cost more than a $5 million homeowners insurance policy, for example.

    Your deductible, which is how much you’ll pay before the insurance kicks in, also affects your rates. Generally speaking, higher deductibles mean you’ll pay lower monthly premiums, while lower deductibles will increase the monthly cost of small business insurance.

  • Location – The physical location of your business is also considered for property insurance, liability insurance, and some other types of insurance. For example, if your business is located in an older building or in an area of ​​New York with high crime rates, you will pay more for insurance.

This is just the tip of the iceberg. Many different factors can affect your insurance rates in New York, and every business is different. To make sure you get a great deal, and the coverage you need, it’s important to work with an experienced insurance agent.

Do you need small business insurance in New York? Find a Coterie agent today!

Small business insurance is essential to protect your business in New York. And the best way to get the right coverage, at the right price, is to work with a knowledgeable and reliable insurance agent.

At Coterie Insurance, small business insurance is our specialty. And whether you need general liability, property, or professional liability coverage for your business in New York, we’re here to help. Click here to check out our knowledgeable, licensed insurance agents in New York, and take the first steps toward getting the coverage you need.

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