New York Insurance Coverage Law Update

Your personal auto insurance company will refuse the claims if they learn that you use the vehicle for business purposes. Learn morethe differences between commercial auto vs. personal auto insurance and why small businesses need commercial auto insuranceandthe best commercial auto insurance companies in New York. New York General Liability insurance, along with your property and work comp policies, protects your business if you’re sued for personal injury or property damage.

In addition to standard bodily injury liability coverage, New York also requires you to have uninsured motorist bodily injury coverage. Professional New York general liability insurance covers lawsuits costs and fees and settlements related to mistakes or negligence you or your employees make while doing your work. If you and your business provide services or advice to your clients, it is likely that you need professional liability insurance coverage. While the law may not state it, there’s a good chance you need to carry other business insurance policies in addition to workers’ comp. Many contracts require a general liability policy and/or a professional liability policy. Even if your customers, clients, or partners don’t require you to carry specific policies, it’s recommended that you carry policies to cover any part of your business that could be at risk.

Meaning regardless of who’s fault the injury is… YOUare 100% responsible as the building owner or construction firm. While you continue to cry over your latest insurance bill let me explain why you are paying so much just for liability insurance. OneGroup is a leader in providing personal insurance options to protect you at every stage of your life. More important, low cost in just minutes is no guarantee of having the right protection when you need it.

Business owners in New York have a choice regarding insurance deductibles and policy limits within their coverage. In SEI’s experience, labor law is the most overlooked aspect in construction insurance policies and arguably the most important to an employer’s business. Specific to New York state, your general liability policy needs to take into account the labor law exclusion. For example, if your business was in another state and your employee got hurt on the job, your workers’ compensation policy would pay the employee’s bills. In New York, however, the employee can file a suit against the property owner and/or general contractor who, by means of an indemnification agreement, will then look to the employer for coverage.

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.

This makes it easier to put the motorcycle back on the road after winter storage. However, under no circumstances may your motorcycle operate on public highways without liability coverage in effect. To register a vehicle in New York State you must have New York State issued automobile liability insurance coverage. If you do not maintain the coverage, the DMV can suspend your vehicle registration and your driver license. This excellent coverage includes basic form, plus broad form coverage .

Some insurance companies may not offer all of the coverages listed, or may offer a variation. Always deal with a licensed insurance representative and read your policy carefully. These companies are often non-admitted carriers , so special caution and procedures are required. Your agent or broker can assist you, and the NYSDFS requires him/her to carefully advise you of possible pitfalls.

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