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Why Business Liability Insurance is Important for New York Businesses

business liability insurance

Business liability insurance protects you if someone slips and falls in your store, or if an employee hurts a customer with an unsafe product that you manufactured or sold. While this type of insurance isn’t required by law, it can save you from financial ruin if you’re sued successfully, and without sufficient coverage, you may be forced to go out of business after incurring such losses. If you’re currently working on starting up your new business in New York, make sure to consider business liability insurance as one of the necessary insurances that you need to have before taking your business to life!

What Are Your Most Valuable Assets?

If you’re like most business owners, your business is your most valuable asset. That’s why it’s so important to have business liability insurance. It can protect your business from lawsuits, damages, and other financial losses. The cost of business liability insurance varies depending on the company, the size of the business, and many other factors. Your business will be at risk if you don’t get the right coverage in place.
What do you need to know about business liability insurance?
If you’re a business owner, there are plenty of risks that may put your business at wpinsurances – but with a little help from business liability insurance NY, these problems could be minimized or avoided altogether. For example, suppose one of your employees falls off a ladder while installing new shelving on an upper floor of the building – leading them to slip and suffer serious injuries that require hospitalization.
Now what?
There might be very few options available to cover any ensuing medical bills, pain and suffering, lost wages, and any number of other consequences this accident could have caused. That’s where business liability insurance NY comes into play. Business liability insurance protects against claims arising from accidents as well as product-related issues such as faulty machinery or design flaws.

Common Risks You May Face In New York

As a business owner in New York, you face a variety of risks that could lead to liability claims. These include slips and falls, property damage, personal injury, and more. That’s why it’s so important to have business liability insurance. This type of insurance can help protect your business from financial ruin if you are sued. In fact, according to one report, 88% of businesses go out of business after being sued for negligence. You don’t want that to happen! And this doesn’t just apply to large corporations. Even if you’re running a small business, there are many reasons why business liability insurance is necessary.
Here are five benefits of having this type of coverage:
(1) It protects against lawsuits related to your business operations.
(2) It protects against lawsuits related to an employee’s actions while on the job.
(3) Your family members who work at your business may be covered under your policy.
(4) If someone visits your business as a customer, they may be covered under your policy (if they are injured).
(5) It covers damages incurred by a third party who was hurt because of something you did wrong.
A lot of people mistakenly believe that their homeowners or car insurance will cover them in these types of cases, but those policies usually only cover accidents on your property or when driving your vehicle. The truth is that very few traditional policies will offer any protection for injuries sustained outside the home or automobile-and you need all the coverage you can get!

So before risking everything with no safety net whatsoever, consider getting business liability insurance today

What If You Don’t Have Any Assets?

Business liability insurance protects you from being held personally responsible if your business is sued. If you don’t have any assets, this protection is even more important because you could lose everything you have if you are held liable for damages. Business liability insurance can give you peace of mind knowing that you and your business are protected in the event of a lawsuit. There are two types of business liability insurance: general business liability coverage, which covers lawsuits like personal injury or property damage; and professional coverage, which covers claims related to negligence or malpractice by employees on behalf of the company.
For example, most contractors carry general business liability coverage to protect themselves against injury lawsuits filed by customers who might fall on their job site or suffer property damage due to construction-related accidents such as water seepage.

What If You Still Don’t Buy Coverage?

If you don’t have business liability insurance and something goes wrong, you could be held personally liable. This means that your assets, like your home or savings, could be at risk. Even if you’re a small business, it’s important to protect yourself with business liability insurance In New York, businesses are required to have workers’ compensation insurance, but business liability insurance is not required by law. However, according to the National Association of Insurance Commissioners (NAIC), NAIC has found that over 40% of all businesses failed within two years of starting. For these reasons, it’s important for business owners in New York to purchase business liability insurance as soon as possible. Not only does business liability insurance protect your company from being sued, but it also protects you from being sued as well. Don’t wait any longer! Contact an agent today about business liability insurance NY!

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