• FAQs

    Select a topic below to view frequently asked questions.
  • Business Insurance

    Do I need to carry workers’ compensation coverage?

    In New York State, workers’ compensation coverage is needed when a company, partnership or individual has people working for wages on their behalf who do not provide certificates of insurance evidencing coverage is provided for them elsewhere.

    Does my business need liability insurance?

    It’s a good idea for businesses of all sizes to have some type of liability insurance. It protects you from claims that arise if your business’ products or services cause physical damage, financial damage or personal injury to other people or property. Liability insurance typically pays the cost of covered damages as well as the attorney fees and other costs associated with your defense. There are many specialized types of general and professional liability protection, so ask your agent which type is best for your business.

    Does my business need commercial auto insurance?

    Commercial auto insurance provides coverage for vehicles owned by a business if these vehicles are in an accident. Many personal auto insurance policies exclude coverage if a vehicle is used mainly for business. If your business allows employees to drive their own vehicles while on the job, ask your agent if you need a non-owned liability policy.

    What is a business owner’s policy (BOP)?

    A BOP is a package policy that includes property and liability insurance. This type of policy provides small business owners broad protection for an affordable premium.  However, depending on the nature of your business, you may need other types of coverage as well.

    What is a surety bond?

    A surety bond is a promise to be liable for debt, default or failure of another. A surety bond involves three parties:

    1. The Principal/Contractor — The company that will be performing the obligation per the terms of the contract
    2. The Obligee/Owner — The entity receiving the agreed upon obligation, usually the city, municipality or state who will pay the Principal/Contractor per the contract
    3. The Surety Company — The company that guarantees the Principal’s obligations will be performed. If the Principal/Contractor is unable to fulfill its contractual obligations, the surety company is liable.

    Surety Companies selectively choose the Principals/Contractors they guarantee, carefully considering the “three Cs” — character, capital and capacity.

    What is an umbrella insurance policy?

    An umbrella policy protects individuals and businesses against the risk of catastrophic loss. Like an umbrella, it provides an added layer of protection over other liability insurance policies. Once the limit of the underlying policy is exceeded, the umbrella policy kicks in with additional coverage to protect the policyholder’s personal or business assets.

    How should an accountant prepare a contractor statement using the Generally Accepted Accounting Principles (GAAP)?

    • Accountants Letter indicating the method the statement was done (signed and dated)
    • Balance Sheet (Assets and Liabilities)
    • Income Statement/Statement of Earnings
    • Statement of Changes in Owner's Equity
    • Statement of Cash Flow
    • Notes to the Financial Statement

    What is EPLI?

    EPLI stands for Employment Practices Liability Insurance. Standard general liability policies exclude coverage for discrimination, sexual harassment, wrongful termination and failure to comply with the Americans with Disabilities Act. EPLI policies protect employers from these types of claims.

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