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What type of insurance do you need?
Last year small businesses in New York made $8.4 billion. If your business doesn't have insurance, you'll have to pay for property damage, liability lawsuits and work-related accidents out of pocket, taking money out of your company's hard earned revenue.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
New York business insurance will pay for covered claims so your business doesn’t have to.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
Even though your business isn't required to buy commercial insurance, you will need certain aspects of it. For instance, New York requires all businesses to have workers' compensation insurance even if your employees are limited to family members.
You'll also need commercial auto insurance if your company owns a vehicle. Talk to a local independent insurance agent to find out what other coverages your business might need to comply with state laws.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
Business insurance rates are based on the unique risks your business will face, local crime rates, the amount of liability coverage you need and the other coverages you want.
Commercial insurance policies vary heavily from one industry to the next, so it's best to talk to an independent agent who is experienced in your field of work.
It’s usually wise to work with an independent agent in New York since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|
|New York City||1,050,911||1.66||0.9|
|Tupper Lake||< 250||3.39||1.13|