Are you in the process of establishing a new enterprise in New York? Among other things on your list of ‘things to do’ will be insurance. While coverage for property and other assets may be first to spring to mind, just as important is liability insurance. New York start-ups are well advised to have liability coverage in place, but those unfamiliar with this type of coverage should discuss the nature of their business with an agent. Why? Because liability related risks are diverse and not all of them are covered by a general liability policy.
The danger for new business owners is that taking out a general policy when their type of enterprise requires more specialized coverage could be an exceptionally costly error in the event of a law suit.
Some of the other types of liability coverage include employment practices liability insurance, media/publishing related liability, errors and omissions (sometimes called professional indemnity) and malpractice insurance.
When purchasing business and liability insurance New York, particularly if you’re new to business, having a lengthy chat to your insurance agent is a good idea. That way, your agent can get to know your business and help you consider the risks you face and the types of coverage that may best protect your newest asset.
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