Owners of real estate in New York in the commercial markets have several exposures and risks since maintaining tenants is paramount to their success. Insurance coverage is necessary to meet their issues head on and provide relief in the event that an insured event takes place, due largely to the fact that the costs of repair, replacement, or any injuries needing treatment are often exorbitantly high.
New York City is one of the largest city-based economies in the world, second only to Tokyo, and houses quite a few businesses, both large and small. New York real estate insurance is the most effective way of protecting a business as well as personal assets. Most owners purchase commercial umbrella insurance because it affords them added protection when, for example, they get entangled in a lawsuit which could ultimately cost hundreds of thousands of dollars or more to settle.
Any business owner in New York will tell you that they have enough to worry about without having to contemplate whether or not their business insurance is adequate enough to cover all of their company’s risks. Many are not adept at figuring out all of the types of coverage they need and therefore consult with a business insurance agent that can help in determining just what unique risks their company might face.
Some important real estate insurance coverages to consider
The right agent can recommend customized commercial liability insurance policies, including umbrella coverage, and provide a quote quickly and efficiently. After all, New York real estate insurance policies are more important than ever given the changing landscape of coverage needs in commercial markets.
Most agents, as part of your New York real estate insurance needs, are likely to propose that you buy a Business Owner Policy (BOP), since this general liability package policy protects your company in the event a client is injured on your premises, or if you or one of your employees causes an injury or property damage at a client’s location.
Workers’ Compensation is required in New York, and provides medical and disability coverage for company employees in the event of a work-related illness or injury, and Employment Practices Liability (EPL) insurance provides the protection needed should one of your employees allege any number of employment practice violations.