No, general liability insurance is not mandatory in New York. However, businesses of all sizes may still benefit from investing in this coverage. It can help protect them against potential lawsuits and claims.
General Liability Insurance in New York
If you’re here because you want to protect your small business from unexpected lawsuits or financial liabilities, you’re in the right place.
General liability insurance in NY
Protecting your business from third-party claims and lawsuits is a can’t-miss step. Often, it’s the first step new business owners take.
General liability insurance in New York will cover so many of your bases.
By securing general liability insurance from HCP, you can safeguard your business from potential financial burdens arising from unexpected claims and lawsuits.
What is general liability insurance?
Imagine a customer slipping and getting injured in your store. Or your business operation accidentally damages someone else’s property.
Then, general liability insurance can help cover the resulting medical bills or repairs. Without it, business owners can face bills totaling millions of dollars.
It protects against claims related to:
- bodily injury
- property damage
- personal injuries
- advertising injuries
- medical payments
This essential coverage gives New York business owners peace of mind. With it, they know they have financial protection in case of unforeseen mishaps while running their business.
Typical risks covered by general liability insurance
Now let’s focus on some claim examples that general liability insurance can help protect against.
Customer slips and falls are an all too common scenario. What if this happens at your business and results in injuries? Then, general liability coverage can help cover the cost of their medical treatment. It can also help with legal fees, settlements, or judgments resulting from the accident.
You’re on your way out of town for a business trip and forgot to do one last check at the office. When you return, you discover your employee left the tap running all night…and flooded the entire office.
General liability insurance can help cover costs to repair or replace any damaged property. It can also apply to related legal fees associated with the incident.
Products and completed operations
Now imagine you’re a contractor who works on many construction projects. After finishing one of these projects, you realize, to your horror, that you damaged some of the nearby property. Thankfully, your general liability policy might cover the resulting costs for repairs or replacements.
General liability insurance can provide coverage for advertising injury claims. This includes instances where your business is accused of causing harm through advertising activities, such as copyright infringement, slander, or false advertising.
Other liability claims
Perhaps a customer feels wronged by your business. Then, maybe they bad-mouth you and your team on social media. They may even file a lawsuit against you. In this case, your general liability coverage can help cover legal costs to defend you against their claim.
Choose HCP Insurance for general liability coverage
Whether your business is in this industry or another, it’s worth exploring what a general liability policy can do to protect it.
Who needs general liability insurance?
General liability insurance can benefit almost any business you can think of — it’s designed for any company, regardless of size or industry.
Here are some few industries facing exceptionally high general liability claims and lawsuits in recent years:
- Hospitality industry
- Financial firms
- Law firms
- Retail operations
Examples of general liability claims this insurance can cover
General liability risks in restaurants
The restaurant and hospitality industry in New York has been hit hard with lawsuits in recent years.
Here’s one example: a customer slipped on a freshly mopped floor in a company cafeteria because the custodian failed to put up a warning sign.
Severe back and knee injuries that required surgery and medical attention — not to mention a whopping settlement of over $1,000,000. Lucky for the business, they had general liability insurance to cover the expense.
General liability risks in construction
Electricians’ work is particularly vulnerable to general liability risks.
For instance, if wiring isn’t adequately insulated, it can lead to a catastrophic electrical fire. This could mean extensive damage to property and severe injuries to people onsite.
In this situation, the property owner could sue the business for negligence. But, if the company has a comprehensive general liability insurance policy? The insurer might cover damages and legal expenses.
General liability risks in retail
In a bustling retail store, accidents can happen unexpectedly.
For instance, a customer is browsing the aisles when a poorly secured shelf collapses, causing merchandise to fall and injure the customer. The customer is bruised and cut and requires medical attention.
In this case, the injured customer may file a lawsuit against the retail store, seeking compensation for medical expenses, pain and suffering, and other damages. Your general liability insurance can help cover the costs of medical treatment, legal fees, and potential settlements or judgments resulting from the accident.
Frequently asked questions about general liability insurance
Now, let’s move on to some frequently asked questions about general liability insurance.
The answer varies depending on you and your business. Every business is unique and carries different levels of risk. A consultation with a licensed insurance agent or broker will help you land the appropriate coverage for your business.
Insurance needs will vary from business to business, and so will policy prices. But, generally speaking, general liability insurance for small businesses in New York ranges from $500 to $2,000 per year.
The answer to this one is usually “yes.” New York general liability insurance provides coverage for advertising injuries. This can include copyright infringement, defamation, or invasion of privacy.
Again, in most cases, the answer is “yes.” General liability insurance in New York can cover any personal injury your business’s products or services cause. This includes slip and fall accidents and other bodily injury or property damage claims.
Contact HCP Insurance for your New York general liability insurance needs
Investing in this type of coverage from HCP Insurance could save you time, money, and headaches down the road.