Coverage may be purchased through a private insurance carrier or through the state’s private insurance fund. The cost of business New York general liability insurance in New York depends on a variety of factors including your business’s size, location, and coverage needs. For example, a business in a highly populated area like New York City can expect to have a different rate than one located in a less populated city like Binghamton. Legal Defense and Judgments– costs to defend against real and frivolous suits and judgments up to the limit of your coverage.
One of the key concepts of liability coverage is that it is comprehensive in nature. What this means is that the policy covers all hazards within the scope of the insuring agreement that are not otherwise excluded. It is likewise comprehensive in that it provides automatic coverage for new locations and activities of your business, which come about after policy inception and throughout the policy term.
There are certain instances where your business is legally required to have general liability insurance. You may sign a contract with a client for work and that contract can specify that you prove you are covered. You may lease space and your lease contract may stipulate that you retain general liability coverage while you are a tenant. If you are financing a building or equipment, your lender may require GL coverage. Also known asbusiness liability insurance, general liability insurance protects you and your business from “general” claims involving bodily injuries and property damage. General liability is the most common commercial coverage and almost every New York business should consider it.
The continuation of an insurance policy into a new term from the same insurance company that issued the existing policy. A factual falsification made in such a manner that the insurance company would have refused to insure the risk if the truth had been known at policy issuance. A material misrepresentation gives an insurance company grounds to rescind a contract. Coverage for a policyholder’s legal liability resulting from injuries to other persons or damage to their property. The amount of the loss that the insured is responsible to pay before benefits from the insurance policy are payable. A short-term agreement that provides temporary insurance coverage until the policy can be issued or delivered.
Your general liability policy provides financial protection if you are held responsible for some of the most common accidents that can occur at a business, such as a customer injury or damages to someone’s property. It also provides coverage if you are forced to defend an accusation of libel or slander. General liability policies protect against the insured’s losses and damages from claims brought by third parties against the insured. Insureds may nonetheless argue that the pandemic was caused by human intervention, e.g., a failure to practice social distancing that caused the virus to spread. If your company owns or leases vehicles, this policy protects the vehicles and drivers from any damage incurred during the course of business.