Types of NY Commercial Insurance for Business Owners

check with your agent whether or not you need a commercial policy.

Property Insurance

NY commercial insurance covering a property is referred to as building and contents coverage. It is very similar to a renters or homeowner’s policy, however it is designed to cover commercial properties and will be rated depending on what type of business you are conducting. If you are running a manufacturing plant, for example, your premiums will be far higher than if you have an office building. Property insurance will cover the dwelling for those who own the property, or strictly business property if you are a tenant. Most property managers will require their tenants to carry a tenant’s commercial property insurance policy to protect against liability lawsuits that may arise on the premises.

Professional Liability

Professional liability is a coverage that is excluded from all other commercial policy contracts. It is designed to cover damages arising due to your negligence or failure to act as a professional. Because a customer can sue if they are able to prove you are negligent, it is important to carry Professional Liability coverage if you provide advice and services on a professional scope. Those needing this coverage include insurance agents, real estate agents, contractors and IT professionals.

NY commercial insurance is a very broad topic that includes a plethora of different policy forms. It is important to build a comprehensive insurance portfolio