-------------------------------
“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
-------------------------------
Get in touch
555-555-5555
mymail@mailservice.com
Commercial General Liability Insurance? Does Every Business Owner Have to Have it?
October 24, 2019
Have to? Generally No. However, There are Many Important Considerations.
This article originally appeared in Quora.com https://www.quora.com/Does-every-business-owner-have-to-have-commercial-general-liability
Business owners are generally not required to carry general liability insurance. There are some important exceptions, including when the coverage is:
- Required by a lease
- Required by general contractors
- Required by mortgagor or lender
For many businesses, general liability is a sound and essential strategy for transferring the risk of loss that faces every enterprise, and in many cases, the cost for including general liability on an insurance package is minimal.
There are numerous types of liability coverage available to business owners. In addition to the foundational commercial general liability, it would be wise to consider securing:
- Auto Liability including Hired & Non-Owned
- Workers Compensation and Employers Liability
- Employment Practices Liability
- Cyber Liability
- Professional Liability
- The world of business insurance has become very complex and the exposures to loss diverse.
Partnering with The Ryan Agencies to identify your business's specific risks of loss is sound advice.
If you have additional questions about your New York State business or commercial insurance please feel welcome to call us at 607-324-7500. Or, if you are not a current client, you can request a quote from our agency right online here:
https://www.ryanagency.com/request-a-commercial-insurance-quote
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
