Owner Should Have General Liability Insurance

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This is something you should carry anyway as it is essential coverage for your employees, regardless of what state you live in. Every business needs to protect themselves from accidents or injuries that may occur on their business grounds. General Liability insurance coverage can protect your New York business from these unexpected expenses. Any small business owner should have general liability insurance at the very least before someone files a lawsuit against you.

Though it’s not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance , as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner’s policy . Owners and contractors protective liability insurance provides coverage for the insured against bodily injury or property damage sustained from work being performed by a designated contractor on their job site.

You can purchase commercial general liability insurance as a stand-alone policy, as part of a Business Owners Policy or as part of a Commercial Package Policy . Consult with your insurance professional about what type of coverage you need and how much. If your general liability policy, BOP or CPP do not provide sufficient coverage, you may want to consider purchasing a commercial excess policy, which will provide additional protection. The standard business owners’ policy includes property insurance, crime insurance, vehicle coverage, liability insurance, flood insurance, and business interruption coverage. Commercial Auto – The moment you start using a vehicle to do business, even if it is just driving to and from the job sites, you have to insure them on a Commercial Auto insurance policy. A Personal Auto insurance policy will exclude any claims that involve vehicles being used for business.

It is usually the first policy that any business purchases, but contractors often buy it when a contract requires it. Usually, if you are subcontracting for a General Contractor, they will require you to have General Liability insurance. While this is a great reason to have it, you really should have it the moment you go into business. Because of the vast array of things that can happen to cause you financial harm, not having General Liability insurance can be devastating to your business, and ultimately your life. This coverage can be purchased as an add-on to a general liability, professional liability, or BOP policy.