If you own a business in New York, chances are that you need at least one type of commercial insurance to stay legal. There are two types of commercial insurance that the state mandates, but not every company will need them both. It’s important to know what they are so that you know if you need to get them to protect your company.
To get started with commercial insurance, call us today at M&K Dignum Insurance Agency Inc. in Albany, NY.
Required Commercial Insurance
Workers’ Compensation Insurance
This type of insurance pays for the medical bills and other expenses such as lost wages for employees who are injured while working or who contract a work-related illness. It also pays disability benefits when necessary. This type of insurance is important for protecting your business from these expenses after an accident. It’s also important for employees to know that it’s there in case an accident should happen. In New York, if you have any number of employees working any hours, even part-time, you must have this insurance for those employees.
Commercial Auto Insurance
If your business owns any type of vehicle, it must be covered by a commercial auto insurance policy. There are several types of coverage that have to be in this policy to keep it legal. There are several amounts that are required to be included in these policies. There is an amount required for bodily injury liability for a single person injured in an accident, and other is required for all of those who are injured. There is an amount required for one person’s death and another amount for everyone who has died. There is an amount required for property damage liability and one for personal injury protection. Then, there are amounts required for one person injured by an uninsured motorist and another for all of those injured.
Get Insurance Coverage
To get your commercial insurance, contact us at M&K Dignum Insurance Agency Inc. in Albany, NY.