If you are a small business owner in Albany NY it’s paramount to understand the New York business requirements. Sometimes operating a business venture in Albany, NY might be challenging because of prevailing risks. However, acquiring outstanding commercial insurance from NY Twin Bridges Insurance Agency will safeguard your profits as your business is growing. You can shield your business venture as it thrives to its full potential. We customize insurance plans designed to suit your business insurance needs and budget.
Is commercial insurance mandatory in New York?
Commercial insurance is not legally required in New York. Nonetheless, the law requires every business venture with employees, seasonal or permanent, to maintain workers’ compensation insurance to cater to medical bills for work-related injuries and general sickness. Other beneficial optional coverages include:
General liability coverage: It protects your business from claims of bodily injury or property damage. It’s designed to cater to probable medical expenses and related legal fees.
Commercial property insurance: Helps safeguard your commercial properties such as rented buildings, furniture, and equipment from perils like theft, fire, or any other covered calamity.
Workers’ compensation insurance: Without workers’ comp insurance, damages arising from injury-related cases can culminate into thousands of dollars. It helps in providing benefits to your employees if they get a work-related injury or sickness. This policy also caters to medical care, disability benefits, funeral expenses, and lost wages.
Commercial auto insurance: If your business venture owns cars, this type of policy is the best. It pays for damages and injuries inflicted on third parties if your driver is found guilty while on the road.
Data breach insurance helps your business entity respond to a data breach if personally established information gets lost or stolen. Business entities store essential personal information for their customers. It safeguards your business from data breaches and cyber-attacks.
Do you have the right commercial insurance at your disposal in Albany, NY to avert significant financial ruin from exorbitant lawsuits? Call or visit our NY Twin Bridges Insurance Agency for more information about commercial insurance coverage.