New York General Liability Insurance, Small Business Insurance New York, Business Liability Insurance NY, or Business Insurance NYC is the first line of defense for all types of small businesses.
We’ll talk about how much general liability insurance for small businesses costs, what it covers, and four steps you can take right now to protect your business.
What precisely is general liability insurance?
Most importantly, New York General Liability Insurance shields your business from claims of damage to property or people. Additionally, it also shields the costs of defending against those claims. It may also be called commercial general liability insurance or business liability insurance. Basically, it sets up the protections that are needed to handle insurance threats.
For instance, someone slips and falls on company land. Therefore, when you go to the hospital, they bill you for their care costs. Small Business Insurance New York can pay for accidents like these that happen on the job.
Generally, business liability insurance in New York can cover:
- Slander and reputational damage
- Property damage
The Cost of General Liability Insurance
The cost of small business insurance in New York or general liability insurance depends on the coverage you want and the type of business you run. Because of this, there is no normal cost for all small companies.
Therefore, Startup Savant says that for small businesses with less than $1 million in yearly sales, Thus, the Small Business Insurance New York estimate is between $500 and $1200 per year. For small businesses with more than $1 million in sales, the estimate is between $1000 and $3000 per year.
These numbers aren’t even close to the average cost of $75,000 to fight and settle a single general liability claim. Therefore, this is expected to happen to four out of ten small businesses in the next ten years. It’s easy to see that a smaller yearly payment can protect a small business from a real, bigger financial danger.
Prices vary from this starting point based on the following:
- Your type of business
- The number of square feet in your office
- Your business location
- Your claims history
Therefore, the price of your service can go up just because you have an office in a certain region. For example, a plan for an office in New York City will cost more than a plan for an office in a rural area of New York.
My business has other insurance. Do I need general liability?
You should obtain general liability insurance if you operate a business. Therefore, New York General liability insurance is the most comprehensive cover-all insurance you can get to protect your business. Because it covers defence expenses and damages that your firm may cause or be accused of causing.
Other types of business liability insurance are typically used in New York to fill gaps left by general liability insurance.
As an example:
Professional liability insurance: Basically, it can protect you if you mess up with a client or make a mistake in your work. This can happen if you give bad advice to a client and they hold your business responsible.
Workers’ compensation insurance: Generally, it is required in New York and pays out for injuries to workers; and
Commercial auto insurance: Basically, it protects your business vehicles from damage and legal claims.
4 Easy Ways to Prevent General Liability Claims
Basically, these four steps are:
Make safety a top concern in how your business operates.
Make sure your land is well-lit and has no pools of water. Hence, make sure it meets the rules. Simple things are often ignored, but they can do a lot to keep your money safe.
Moreover, have a standard working procedure for risk on your land to keep your workers and customers safe. That alone can make it less likely that someone will file a claim for harm or damage to their property.
The safety of your employees makes your business profitable because they will also work effectively and give their best output to your business. Therefore, we recommend you make safety a top priority in your business.
Be nice when dealing with people.
Having a code of conduct can cut down on insults or damage to your business’s image. Further, this can protect your small business from one of the most expensive cases it can face.
Test your goods.
As a maker of goods, it’s easy and important to check that your products won’t hurt people and do what they say they will.
Talk to one of the small business insurance experts at Octo Insurance Agency.
Therefore, put the skills of our committed agents to work to find your leftover liabilities and get New York general liability insurance that balances coverage and costs for your business.
Why should I get business liability insurance in New York from Octo Insurance Agency?
- Octo Insurance Agency has been around for a long time. We work with all kinds of businesses, so whether you run a store or a restaurant, we understand the legal problems you face.
- We’ll link you with an agent who can protect you from all the risks you face, not just the ones you ask about.
- We’re also business owners, and because your business is our business, we’ll look out for your interests as if they were our own.
- We are not tied to any one insurance company because we are an independent agent. This lets us look around for the best mix of service and price, no matter what brand name it is.
Overall, every business needs small business insurance in New York. At Octo Insurance Agency, our independent, local experts work for you. Moreover, we get you the best coverage and know the ins and outs of complicated insurance plans. Certainly, this way, you can worry less about insurance and get more things done.
Hence, protect the small business you run and gain back some of your valuable time by contacting your dedicated agent at email@example.com or 469-898-8348.