Commercial Property insurance only covers a structure that is not being renovated. Once the renovations start, that can open up a huge gap in coverage unless you have Builders’ Risk insurance. This coverage will pay for damages to the property that is being renovated while construction is in progress. You also have the option to cover building materials that have not been installed yet, even for theft which is an unfortunately common occurrence in your industry. If you believe your business is protected by additional insured status in a construction agreement, you should have SEI’s Construction Group review the policy to make sure that is so.
Failing to report a loss to your New York general liability company within the time limits specified in your policy. Insurance companies understand that busy entrepreneurs don’t want to spend days studying the minutiae involved in evaluating numerous policies. The result is an increasing popularity of one-stop shopping policies, called BOPs, combining many coverages under one policy, usually at a competitive price. Ten years ago, this coverage was virtually non-existent, but now it is widely available. You are protected if any employee sues your company for wrongful termination, job discrimination or any of the other increasingly popular claims alleging failures in your employment practices. If you are thinking about starting up a business in NY, it’s important for you to have an understanding of the status of the state, regarding its economy.
Schaefer Enterprises, Inc. can carefully review the language of the blanket additional insured endorsements and confirm your status as an additional insured under a policy. The cost of business insurance in New York depends on a number of factors, including industry, number of employees, and the amount of payroll. This insurance helps protect your business if an employee is injured, contracts an illness, or dies as a result of an incident on the job. It can cover medical costs, legal fees, and lost wages due to the injury. We encourage you to visit the website of the insurance company that your policy or policies are with as they are providing many ways to provide information including claim services for you. Creating your own account on the insurance company website is encouraged as this will provide you ways to inquire about your billing and make payments.
The state of New York requires every business that has employees, full-time or part-time, to carry workers’ compensation insurance. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage. This policy, also called errors and omissions insurance (E&O), protects New York businesses that provide professional services or advice. Typically general contractors flat out cannot work without general liability insurance. The city or town you are working in will not allow you to open building permits and if you are working for an aware property owner they won’t let you near the job without providing proper proof of coverage. New York requires that all businesses carry workers’ compensation insurance.
General liability insurance protects you against claims for third party bodily injury and property damage. If you rent property, your landlord will probably require you to have some general liability insurance, but anyone who deals with the public should also have it. Thimble is a new insurance alternative for small business owners who may only need general liability insurance coverage for a short period of time.
We hope this message finds you, your family, friends, and colleagues all well and safe. We are experiencing historic changes in the global environment, including dealing with a pandemic and related volatility in the financial markets and employment. UNAUTHORIZED/NON-LICENSED/ NON-ADMITTED— Insurance companies that are not licensed by New York. RIDER— Term used in insurance contracts to describe a document that amends or changes the original policy.
It also protects sole proprietors from work injury costs that health insurance might deny. Cyber liability insurance protects your business from liability if you’re the object of a cyberattack or data breach. A cyber liability policy will usually cover the cost to notify impacted customers and government agencies and pay for credit monitoring for your customers. The cost of general liability insurance in New York varies depending on several factors mentioned above. Even for the same policy coverage and the same company, different carriers will have different prices.
Talk to our team about the insurance and risk management tactics you can use to keep your data safe. 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.