FROM OUR PARTNERS
Owning a business can mean a lot of things. It can mean having employees, making deliveries, and serving customers onsite or in the field. No matter what your small business looks like, though, it’s crucial to make sure you have the right insurance to protect your business. That’s why We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
The requirements for business insurance in New York depend on the type of business and location. If your employees drive a vehicle, they’ll need auto insurance that meets the state’s minimum liability limits. These limits won’t necessarily provide adequate coverage, so it’s worth considering higher limits, especially if your employees drive high-value vehicles or are more likely to be involved in an accident.
If you own or lease a commercial property, you should also consider its coverage. This includes protection against natural disasters and theft as well as liability insurance to cover customers who slip and fall on your property or otherwise get injured due to your negligence. If you hire employees, you may want to consider worker’s compensation insurance.
The most common types of business insurance policies are:
This type of coverage will protect your business from claims resulting from injuries or damages that happen on your business’s premises. General liability insurance covers bodily injury, personal injury, and advertising injury claims. It also can cover medical expenses and damage to another person’s property.
General liability insurance doesn’t cover professional mistakes, known as errors and omissions (E&O), or worker injuries, which are covered by professional liability insurance and workers compensation insurance. If you need those coverages, talk to an agent about a Business Owners Policy (BOP).
In most states, employers are required by law to carry workers’ compensation coverage. Workers comp helps pay for medical care and lost wages for employees who have been injured or become ill on the job. This type of coverage is important because it keeps employees safe and helps protect you from lawsuits if an employee gets hurt.
Workers’ compensation coverage normally excludes: Independent contractors and Volunteers (unless they are part-time or seasonal employees)
Also called errors and omissions insurance or malpractice insurance, professional liability insurance protects your business if you’re sued for negligence or mistakes in your work. This type of coverage is important for companies that provide professional services because it can help pay the cost of legal defense, court fees, and any settlements or judgments against the business if it loses a lawsuit.
While it’s important to have professional liability insurance, knowing what is excluded is important because the exclusions will affect what claims you can make against the policy.
Here are some examples of the most common exclusions:
The policy can help protect against claims of injuries caused by a defect in one of your products. Even if the product was designed and manufactured correctly, but there’s still a defect that causes injury, this type of policy helps protect businesses from the high costs associated with defending such claims.
Product liability normally excludes:
Contracts – Any loss arising from the performance or failure to perform any contract or agreement.
Designs – Any loss arising from the design or specifications of any property, including any product or part thereof, whether prepared by you or provided by others.
Commercial auto insurance is essential if you use vehicles in your business. Whether you have one vehicle or several, commercial auto protects if an accident occurs while employees drive on company time and in company vehicles. If you have cars leased to your business or owned by the business, they should be listed under your commercial auto policy. Commercial auto also covers accidents involving rented cars and employee-owned vehicles used for company business.
Commercial Auto insurance normally excludes coverage for the following:
Intentional injury or damage
Ordinary wear and tear of the insured vehicle
Cars rented to others for more than 30 consecutive days
Many factors can affect your business insurance cost, including the company’s size and industry. Here are five factors that play into your business insurance rate:
There are many options available, and it can be difficult to know which one is right for your business. Here are some tips on how to choose the best business insurance:
