Recent research has been stated that the top rankingstate in entrepreneurship with 2.1 million small businesses is newyork which covers 99% of total businesses of entire state. On the other hand it is also leading state in providing employment to more than 3 million people which is equal to 50.6% of total working population of Newyork. Every year accelerating growth indicates that Demand for small businesses insurance is expected to rise in NY in upcoming years.It has been stated that small businesses in NY with fewer employees provided more than 4 million jobs with approx total payroll of $ 23 billion.
NEED FOR SMALL BUSINESS INSURANCE IN NY:
Newyork is also hub for rapid commercial growth in various industries like Banking, finance, Publishing, foreign trade, tourism and manufacturing. As per the accelerating growth in all sectors and increasing employment ratedraws the attention towards the increasing demand of Insurance among small businesses.
TYPES OF SMALL BUSINESSES INSURANCE COVERGAES IN NEWYORK:
Four types of Small Business Insurance in NY helpto get coverage for losses:
- General LiabilityInsurance:helps small business to get protected and get claim for business property damage, bodily injuries to employees during training sessions and personal injury losses.
- Business Owners Policy: it is the balanced mix of business liability insurance and business property insurance. It covers claims for damages occur from fire, theft and disasters. It also provides coverage for damages occurs through business operations which include property damage and bodily injury. As per the requirements it can also be extended for further additional coverage like data breach, professional liability and business income for off premises utility services
- Commercial Property Insurance: it includes coverage for things used in office which get damage due to fire or get damages from other reasons or things get stolen in offices. Some of the items covered under this insurance are office furniture, inventory, equipment and all personal items used for establishment of office.
- Business Income Insurance: covers the losses on revenue which has been incurred due to property loss, damage from disaster, fire, theft or storm damages. It helps thesmall businesses to get their lost income while covering from damages.
Small Business Insurance in NY will help the businesses to work effectively and efficiently with no fear of losses or damages which will lead to overall growth of economy.