New York City Business Insurance

General liability insurance, known as Commercial General Liability (CGL), protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what could be covered are below:

• Damage to property: A realtor is holding an open house at a high-end apartment, and an expensive lamp is broken. The apartment’s owner makes a claim against the realtor for the cost to replace the lamp. A general liability insurance policy could cover the claim for property damage up to the policy limits.
• Bodily injury: The patient of a personal care assistant slips and falls over the personal assistant’s laundry bag while the PCA is at their home, breaking a hip. The family blames the accident on the PCA, and they make a claim for the costs associated with the injury. The personal care assistant’s general liability policy could cover the claim.
• Third-party accidental bodily injury: A consultant met with a client at the consultant’s office to discuss a potential project. Upon leaving the office, the client slipped and fell on the icy sidewalk outside the consultant’s office.The client sued for bodily injury. General liability insurance protects research consultants against third-party claims of bodily injury, associated medical costs and property damage.

Learn more about general liability insurance.

Professional liability insurance, also known as errors and omissions insurance (E&O insurance), covers another person’s claims against businesses that provide professional and personal services. Some examples of what could be covered include:

• Negligence: A human resources consultant was asked to make recommendations to a company in which morale was low. Several of the consultant’s suggestions were implemented, but morale continued to decline and several key managers left the company, resulting in a decline in revenue. The client sued the consultant, claiming negligence. Professional liability insurance protects human resources consultants against claims of negligence and will appoint an attorney to defend them, if needed, even if they haven’t made a mistake.
• Protection even if you haven’t made a mistake: A bookkeeper, who does not provide tax advice, is sued by a client when they are audited by the IRS. Professional liability insurance could pay for the bookkeeper’s defense costs, as well as any settlement or judgment.

Learn more about professional liability insurance.

Business owners policy (BOP) is a combination of general liability and business property insurance. BOP is often used to provide balanced coverage for small businesses who also want to protect their own business equipment. Some examples of what could be covered are below:

• Office insurance for business interruption: An architect’s high-end computer is damaged by a power surge to their building. A business owner’s policy could cover the cost to replace the computer, up to policy limits, and keep the business up and running.
• There is a fire in the strip mall where a retail store is located, forcing the store to shut down for a week due to smoke damage. A business owner’s policy that includes business interruption coverage could protect the retailer from the costs associated with the loss of business.

Learn more about business owners insurance.

Hiscox now offers state mandated workers compensation insurance to ensure that injured workers receive prompt and fair compensation for job-related injuries and diseases. In most states, laws require you to pay for an injured worker’s medical care, lost wages, and death benefits. A Hiscox Workers Compensation Insurance policy must be purchased with another Hiscox business insurance policy. To get a free quote, call us at 1-855-743-2308 and speak to a licensed insurance agent, Mon-Fri 8am-10pm ET.

Learn more about workers compensation insurance.