Do you Need Help Protecting your New York Business?
Commercial insurance covers many different types of liability across many industries. This insurance may have many forms, but some are more common than others – general liability insurance and workers' compensation insurance, for example, are seen frequently.
New ventures and small businesses must find out what commercial insurance is required for their industry, and what policy packages are right for their situation. Woodside Agency, Inc. can help your business find those answers. Also, note that many types of commercial insurance are set by state law. In New York, there are a few critical policy regulations to keep in mind:
- Workers Compensation Insurance: As many states do, New York has regulations that require workers compensation insurance. State law requires employers to purchase insurance that covers both full-time and part-time employees. This insurance applies to medical costs related to on-the-job injuries, wage compensation, and liability costs related to injuries.
- Commercial Auto Insurance: If your business owns a vehicle in New York, you are required by law to cover those vehicles with commercial auto insurance. Current requirements include property damage liability and bodily injury liability. Personal vehicles used for business purposes are eligible for coverage as well.
- Liability Insurance by Industry: Different types of commercial liability insurance are required in specific industries or depending on the services provided. Just as doctors are required to buy malpractice insurance, other companies may need to get general errors and omissions insurance to cover their professionals. Cyber liability insurance, machinery insurance, marine insurance, and many other types of insurance may be required depending on the company.
Remember, business insurance is also a sign of a business's integrity and ability to operate. It's common for clients to require proof of insurance.
If your business has particular commercial insurance needs or specific questions about a commercial policy package, contact Woodside Agency, Inc. of New York today. We are an independent agency representing multiple insurance companies and we can customize a plan specific to your needs.