Business Insurance NY Tips

Tips for Business Insurance NY

Owning and operating businesses in New York oftentimes can be quite difficult if you are not aware of the rules.  One of the very last things that many people think of as they are creating a business plan is business insurance NY.  In fact, there are statistics which show that approximately 73% of the people who file for sole proprietor or independent type businesses fall short when planning for their necessary insurance.  The goal in this article will be to help you become aware of some insurance options which are available to you.

By failing to get the proper insurance necessary for a business, you will be putting yourself, your business, and your employees all at risk.  You could personally be sued if an employee was injured while on the job, not to mention the fact that the city will give you a fine for failing to maintain the proper insurance.  It is certainly not possible for me to cover every kind of insurance which is available to you in the state of New York; however, it is possible for me to touch on some of the most popular coverage which you need to be aware of as a business owner.



*Workers Compensation
-Workers Compensation Business Insurance NY is something that the law requires.  This kind of insurance will protect an employee in addition to a business owner in the event that a worker is injured during the course of their job.  If you do not abide by this particular law, you could face a fine of $250 for each 10 day period that you have an employee without proper coverage.

*Disability
_Disability insurance is required by the law, it will pay a worker if they happen to get injured or sick, or they simply are unable to work.  In the state of New York, this disability insurance will pay 50% of a workers average income for a week up to a maximum of $170.  Most insurance companies provide this payment for a period of approximately 26 weeks.

*Liability
_This type of insurance is meant as a way of protecting a customer in case that customer happens to slip and fall.  In most cases, if you are leasing or renting commercial property, it will be required in order to sign a lease for the property.  The variations and cost with this kind of insurance will depend on the kind of business and sometimes on the amount of square footage for your business.

*Fire Insurance
_Fire insurance is usually included in the liability insurance.  This kind of coverage will also vary widely depending on the type of inventory and equipment you have and also according to the kind of business it is.

*Insurance for Burglary and Theft
_This kind of insurance will protect a business owner in the event of a theft or robbery.  In order to qualify for insurance coverage of this type there are certain stipulations and conditions which you must first meet.  For example, it is usually required that there is an alarm system.  Also, the location of the business will be considered.

Before you start a business, it is highly recommended that you diligently do your homework.  A great place to start is on the Internet.  You can simply use a search engine and look up business insurance NY or NY business insurance and you will find numerous companies.  Just be sure that you get something in which to take some notes with.  Make certain that you are very clear when explaining to the agent exactly the kind of business you intend to open.