Business Insurance NY Tips
Owning and operating a business in New York can be difficult if you do not know the rules
. Business insurance NY is one of the last things that people think of when creating their business plan. In fact, statistics show that 73% of individuals that file for an independent or sole proprietor type business fall short when it comes to planning for insurance. The goal of this article is to make you aware of some of the insurance options available to you.When you fail to obtain the proper insurance for your business, you put yourself, your employees and your business at risk. If an employee is injured on the job, you can personally be sued, not to mention the city will fine you for failing to have the proper insurance. There is no way that I could cover every type of insurance available to you in New York, however, I can touch on the most popular must have coverage that you should be aware of.
*Workers Compensation
-Business Insurance NY Workers Compensation is required by law. This type of insurance protects the employee as well as the business owner in case the worker is injured while working. If you fail to abide by this law, you could be fined $250 for every 10 days that you have a worker without coverage.
*Disability
-Disability is required by law, and pays the worker in the event that they are sick or injured, or simply cannot work. In New York, disability pays 50% of the workers average weekly income up to $170. Most insurance companies will pay up to 26 weeks.
*Liability
-Liability insurance is meant to protect the customer in the event that a customer should slip and fall. If you are renting or leasing a commercial property in most cases, it will be a requirement in order lease the property. The cost and variations of this type of insurance depends on the type of business and in some cases the square footage of your commercial property.
*Fire Insurance
-In most instances fire insurance will be included with liability insurance. This type of coverage also varies widely depending on what type of equipment and inventory you have as well as the type of business you have.
*Burglary and Theft Insurance
-This type of insurance protects the business owner in case of a robbery or theft. There are stipulations that you must meet to qualify for this type of coverage. For example in most cases it is required that you have a security alarm system. The location of your business will also be taken into account.
Before starting your business, it is recommended that you do your homework. The Internet is a great place to start. You can use your favorite search engine and do a search for NY business insurance or business insurance NY a ton of companies will come up. Make sure that you have something to take notes with. Make sure you are clear when you explain to the insurance agent exactly what your business consist of.
Business Insurance NY Tips
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