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Liability Insurance

New York General Liability Insurance

Most people would agree that we now live in a very sue-happy world. Personal injury attorney commercials and billboards abound and make us consciously aware that an injury can be worth a huge sum of money.

For this reason, it’s more important than ever for every business to protect themselves from accidents or injuries that may occur on their premises or off-premises depending on what line of work you do. General liability, also termed “GL” insurance can provide a safeguard to your company from these unexpected and often costly expenses. So costly in fact, that it can and does put people in deep financial trouble if they are uncovered or have inadequate limits.

Your NY general liability policy protects you in 2 very important ways

  1. Claim Settlement or Judgment: Accidents do happen, even for companies that stress and practice safety standards for employees, customers, vendors, or anyone who may have interactions with that business.  Say for instance you own a retail store and pride yourself on the cleanliness of your establishment.  An employee is mopping in an aisle and before the floor has a chance to dry, a customer slips and falls, resulting in severe head trauma.  

    A claim is filed and depending on a number of factors relating to that head injury could be for an amount of a million dollars or more. If you have an adequate limit amount for your GL protection it will be covered.  In this example, it’s a legitimate action for an accidental bad injury, that’s what insurance is for.

  2. Defense Against a Fraudulent Claim:  Unfortunately, fraudulent claims for fake injuries occur more often than they should. A man pretending to be a potential customer walks into an accounting office and intentionally trips himself, falling to the floor.  As he continues his performance of writhing pain an ambulance is called. Shortly thereafter a claim is filed with the firm’s insurer in the amount of a whopping 1.5 million dollars for a spinal injury.

    Your insurance company proceeds with an investigation into the action and reviews the claimant’s medical records which show no sign spinal issues.  They also request the claimant to see their doctors and resulting records verify no signs of spinal injury.  The insurer also reveals the fact the alleged injured party has 2 other personal injury cases pending in different states.  Unknown to the claimant, the accounting office has interior security cameras which clearly show him intentionally tripping himself.

    The claim is suddenly withdrawn and the accounting firm owner breathes a sigh of relief as the thousand-pound weight is lifted from his shoulders.  Without this insurance, the business owner would have had to pay up to tens of thousands of dollars in attorney fees for a defense.
The previous examples are for a retail store and a professional office but are just as important for virtually any going concern such as restaurant owners, contractors, building owners, landscapers, plumbers, electricians, beauty salons, medical offices, veterinarians, carpenters, painters, excavators, grocery stores, bakeries and so many more. 

Think of it this way.  GL helps to safeguard against costly settlements for bodily injury and/or property damage caused by the negligence of your company. Virtually every type of concern has exposure whether its an office or retail setting, or businesses that work onsite at residential homes, commercial properties, or municipal projects.  It also protects the insured by mounting a defense, especially important in fraudulent or frivolous lawsuit actions.

We service clients for GL policies in the Albany, Schenectady, Troy, Latham, Clifton Park, Saratoga Springs, Cohoes, Watervliet areas as well as the entire state of New York. Each one of our clients is given a dedicated expert to work together to proficiently address all your concerns. Whether you are simply looking for the best general liability insurance quote in New York or want a thorough consultation for your commercial policy needs, we are here to help.

Frequently Asked Questions (FAQ) for NY General Liability Insurance

Every business is unique and we can work with you to customize the limit amounts that are right for your company.
It protects against being sued for bodily injury and associated medical costs and property damage to third party property. It also covers the defense costs of attorney fees, court costs and administration fees and settlements. Libel and slander coverage is commonly included as well. Depending on the industry, electronic data liability protection may also be included.
Many people assume that GL covers the insured’s own business property against theft, considered a first party loss, but it typically only protects against third party losses due to the insured’s negligence. It would not extend to insured’s own business property.
We have access to wide range of GL limits from $300,000 up to $2,000,000 and have options to add an additional layer of liability protection at amounts up to $5,000,000 depending on the type of business along with other underlying factors.
Commercial general liability insurance is not required for businesses operating in New York State. That being said, without it, you can be putting your company at great risk. Judgments, settlements, legal defense fees and court costs can be extremely expensive totally hundreds of thousands of dollars or even more.
The cost is different for each insured and varies depending on certain qualifying factors such as the type of operations/industry, size and condition of the business, level of experience, and location. Also, some insurers price better than others for any particular qualifying scenario, that’s why we shop quotes for our clients to find the most premium friendly option that provides adequate protection for our clients.

 

Contact us today to speak with one of our trusted agents about your New York General Liability insurance & answer any questions you may have and provide you with a quote.