Get New York commercial property insurance quotes, cost & coverage fast. Property insurance covers the NY building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.
What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building’s roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?
These are just some of the possibilities that could occur when you rent or own a NY commercial property for your business.
While you hope that none of these things happen, as the saying goes: hope for the best, but plan for the worst. New York commercial property insurance is your best plan in the event that the worst case scenario occurs. This type of insurance coverage protects your business from major financial losses if anything bad happens.
Any business owner that has physical assets that are vital for earning revenue should have New York commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.
New York commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.
There are several things that NY commercial property insurance can cover. Some of the items that are protected under this type of policy include:
Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.
CNew York commercial property insurance typically does not cover:
When it comes to New York commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:
There are also specific types of New York commercial property insurance coverage. Some examples include:
How much does New York commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:
Request a New York Commercial Property Insurance quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.
In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.
The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.
In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.
Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with 25 000 USD for bodily injury to one person and 50 000 USD total for a single accident. In addition, motorists must carry 10 000 USD for property damage as well.
There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.
If you are looking for state specific Commercial Property Insurance quotes, costs and information:
