To find the best insurance for you, it’s a good idea to get a general liability insurance quote from an insurance company, like The Hartford. This can help you find the right coverage for your business at the right price. The state of New York requires all businesses with employees to carry workers’ compensation. Coverage may be purchased through a private insurance carrier or through the state’s private insurance fund. Cyber insurance protects against incidents like data breaches and cyber attacks. It includes first and third-party protection for things like investigative services, data recovery and legal costs.
This material does not amend, or otherwise affect, the provisions or coverages of any New York commercial general liability insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations. Railroad protective liability coverage protects contractors who work on or around railroad tracks and property. Xtend Endorsements provide broadened liability coverage for auto dealers, architects and engineers, colleges and schools, technology, healthcare and service industry providers.
The cost of business insurance in New York depends on a variety of factors including your business’s size, location, and coverage needs. For example, a business in a highly populated area like New York City can expect to have a different rate than one located in a less populated city like Binghamton. Because Travelers operates in the U.S., Canada, and the U.K., the company is well-suited to provide coverage for companies that do business internationally. Since then, the company has grown into a Fortune 500 company that serves over half a million small business customers. The Hartford, a Connecticut-based company, has an A+ rating from AM Best.
Property Damage – Damage to your clients’ property or any other property during your work is something that you will be responsible for. An example of this would be you are working inside a client’s home replacing cabinets and damage the flooring. Or, you are pulling into a driveway of a client’s home and misjudge the distance to the neighbor’s mailbox and plow right into it. We’re part of Warren Buffett’s Berkshire Hathaway Insurance Group with more than 40 years of insurance experience and over 100,000 satisfied customers. The State of New York is famed for industry, particularly Manhattan and the surrounding areas.
While the above insurance policies are a good place to start with protecting your business, they are not the only ones you may need. To make sure your business continues to turn a profit, you must have a comprehensive insurance program that covers all the bases and hopefully leaves you with no gaps in coverage. As you may have gathered, New York can be a whole different animal when it comes to insurance for contractors. There was a study done in 2017 called the International Construction Market Survey by Turner & Townsend. It showed that New York had the most expensive construction market in the entire world. Maybe not so good for customers, but it proves that you can make a lot of money.
The company offers other types of business insurance including commercial auto, cyber liability, surety bonds, and workers’ comp, although prices vary by industry. This is the maximum amount of insurance that you could claim from your general liability insurance policy. The higher your total coverage limit, the higher your small business liability insurance costs.