Currently, there are more than 2.1 million small businesses operating in the state of New York. Approximately 7,100 of these businesses can be found in the city of Albany. Businesses in the public administration, healthcare, and accommodation and food services industries are most abundant in this city, but companies in a wide range of industries have found success here.
If you own a business in Albany, you will want to be sure to protect your investment with a comprehensive commercial insurance plan. A local independent insurance agent can recommend the appropriate business insurance solutions to protect against each of your company’s various exposures. Contact an insurance agent near you to learn more.
Liability Insurance for Small Businesses in Albany
Liability lawsuits against small businesses often end in judgments of $1 million or more. That is why liability insurance is a crucial part of your business insurance coverage. It can cover the associated expenses, including court costs, legal fees, and damages, if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (CGL). This insurance is designed to cover against some of the most common liability risks businesses face. CGL has two main coverage components:
- Premises liability insurance: To cover third-party injuries, illnesses, and damage that have occurred on your business property.
- Product liability insurance: To cover third-party injuries, illnesses, and damage that were caused by products your company produces, sells, or promotes.
Many businesses need to purchase additional insurance in order to be fully covered against all of their liability exposures. Examples of some of the many other commercial liability products that are available to you include:
- Liquor liability insurance: This covers businesses that sell or furnish alcohol in the event that an intoxicated patron causes damage to others.
- Environmental liability insurance: This covers damage and clean-up costs if an accident causes toxic substances used by your business to pollute the land, water, or air.
- Employment practices liability insurance: This covers your business against accusations of discrimination, wrongful termination, and other illegal business practices.
- Professional liability insurance: This covers individuals in professional positions if they are sued for damage caused by or errors in judgement or other professional mistakes.
Your independent insurance agent can help you determine whether these or any other commercial liability policies are right for your Albany business.
Cybercrime Insurance for Albany Small Businesses
Cyber liability insurance is yet another commercial liability product, and it is one that deserves greater attention. This relatively new coverage was created to meet the growing needs of businesses threatened by cybercrime.
- Number of identity theft complaints in New York per year: 15,959
- Ranked 17th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
If your business uses computers to keep electronic records of your customers’ personal or financial information, it is at risk. Hackers may find a way to access this data and then use it to commit identity theft and fraud. Businesses that experience a data breach are liable for the expensive cost of reimbursing victims for the resultant damages.
Cybercriminals are constantly finding new ways to get around firewalls, passwords, and other data security measures. Be sure to ask your independent insurance agent for more information about how cyber liability insurance can protect your Albany business.
Property Insurance for Small Businesses in Albany, NY
Commercial property coverage is a component of all business insurance policies. It is designed shield your business’s physical assets—including office furnishings, tools, outdoor signs, computers, and inventory—against loss or damage caused by property crimes, natural disasters, fires, and other risks.
Some business property needs to be insured by specialized policies, such as inland marine insurance or boiler & machinery insurance. Also, as flooding does happen in Albany, you may want to consider purchasing a commercial flood insurance policy.
Your independent insurance agent will be able to offer you appropriate coverage advice so that you can be sure that all of your company’s property is appropriately protected.
Business Interruption Insurance for Businesses in Albany
Natural disasters can be very damaging, not just to your business property, but also to your bottom line. If your business is forced to close for an extended period so that you can make repairs, the loss of income can be financially devastating. That is why business interruption insurance was created.
- Number of federally declared disasters in NY since 1953: 93
- Most common reasons for declared disasters: Severe Storm, Flood, Heavy Snow
Business interruption insurance is designed to provide your business with a continuation of income when it suffers a forced extended closure. This insurance, which is usually limited to one year, enables you to continue paying employee salaries and monthly expenses even while there is no income being generated.
Talk to your independent insurance agent to learn more and to determine whether a flood rider is needed to fully protect your business.
Workers' Compensation for Albany Businesses
Workers are sometimes injured on the job. Whether your workers are physical injured or become ill from exposure to a toxic substance, as their employer, you are responsible for covering the cost of their medical treatment and lost income. Workers’ compensation insurance is designed to cover these expenses.
Your cost for workers’ compensation insurance will be based on your company’s overall payroll and the likelihood of your employees being injured based on the types of job they do. It would cost more to cover workers in a manufacturing plant than professors at SUNY Albany.
Businesses in New York are required by law to carry workers’ compensation insurance, with the exception of sole proprietors and partners with no employees. Coverage for certain workers is also not required, including babysitters, clergy, railroad employees, municipal employees, and a few others.
Failure to carry workers' compensation can result in a penalty of $2,000 for every 10 days that you are without coverage. You can buy coverage through a commercial provider or through the State Insurance Fund (SIF). Talk to an independent insurance agent to learn more.
Employee Benefits for Small Businesses in Albany
Many business owners opt to provide their employees with attractive benefits packages. These packages often include perks such as paid vacation and sick time, health insurance, and life insurance. Finding the best insurance products to offer your employees can be challenging.
- Average amount spent on healthcare coverage by NY businesses: $1,568,586
- Ranked 3rd for highest medical insurance costs in the US
- Average annual cost of health care in NY: $6,086/person or $17,530/family
There are several different health insurance policy types and options that you can select from. An independent agent can explain your various choices so you can make an informed decision about which is the best to purchase. These local insurance professionals are available to help you find suitable, yet affordable, coverage for your employees.
Why Work with an Independent Agent?
There are many different commercial insurance products you can choose from when you are building a coverage portfolio for your Albany business. This can make shopping for coverage confusing if you are unfamiliar with the ins and outs of business insurance. That is why savvy business owners in Albany choose to work with local independent insurance agents.
These insurance professionals can help you find appropriate commercial insurance policies at competitive rates. Find an insurance agent in or near Albany to learn more, and you can soon be reviewing comprehensive, customized business insurance quotes.
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