Your Guide to Syracuse, NY Business Insurance

More than 10,000 small businesses can be found in Syracuse, NY. Once known as an industrial city with a focus on manufacturing, the Syracuse economy is now primarily dependent on the healthcare, research and education, and service industries. Whatever type of business you own, you will want to be sure to protect it with a suitable commercial insurance plan.

Talk to a local independent agent for help identifying which of the many available business insurance products are right for your company. These insurance agents can help you find the best and most affordable coverage for your company in Syracuse.

Liability Insurance for Small Businesses in Syracuse

Even if the courts ultimately rule in your favor, the cost of a liability lawsuit against your business can be extremely expensive. Liability insurance covers the associated court costs, legal defense fees, and damages so that lawsuits, regardless of outcome, do not cause your business excessive financial damage.

All business insurance policies include commercial general liability insurance (CGL). This insurance has two main coverage components: Premises liability insurance to cover third-party injuries and damage that occur on your business property; and product liability insurance to cover injuries, illnesses or damages caused by products your company produces, sells, or promotes.

For many of the businesses operating in Syracuse, CGL alone is not enough. A local insurance agent can identify any other liability risks your business has that are not covered by CGL. Your agent can then recommend appropriate liability products to protect against them. Examples of some other liability products your agent may discuss with you include:

Professional liability insurance: To cover individuals in professional positions if negligence, errors in judgement, or other professional mistakes cause third-party damages.
Employment practices liability insurance: To cover your business against accusations of discrimination, wrongful termination, and other illegal acts related to employment.
Commercial vehicle liability insurance: To cover your business against the increased liability risks associated with collisions involving company-owned vehicles.
Liquor liability insurance: To cover businesses that serve, sell, or furnish alcoholic beverages if an intoxicated patron causes third-party damage or injuries.
Pollution liability insurance: To cover clean-up costs and damage if an accident results in your business accidentally polluting the environment.

Learn more about these and other commercial liability coverage options by talking with your local insurance agent.

Cyber Liability Insurance Protects Syracuse Businesses

Cyber liability insurance is a relatively new type of liability coverage. It was designed to protect companies in the event of an electronic data breach.

Number of identity theft complaints in New York per year: 15,959
Ranked 17th highest for identity theft complaints in the US
Only 22% of businesses have a cyber/data breach response plan

If hackers find a way to break into your company’s computer system and access sensitive information, such as your customers’ financial and personal data, they can use this data to commit identity theft and fraud. Your business can then be held liable for the resultant losses.

Even if your company’s computer system is backed up with firewalls and secure passwords, determined hackers can sometimes find ways around these safeguards. Be sure to talk to your insurance agent to learn more about how cyber liability insurance can offer your Syracuse business another layer of protection.

Property Insurance for Small Businesses in Syracuse, NY

In Syracuse, the hazards most likely to lead to property damage include accidental fires, property crimes, and severe weather events like strong winds, deep freezes, and heavy snows. Fortunately, your business policy includes commercial property insurance. This is designed to provide compensation for loss or damage to your business-owned assets.

Some Syracuse businesses are also at risk for damage caused by flash flooding during periods of heavy rain. Because flood damage is typically excluded from business insurance coverage, you may want to supplement your policy with commercial flood insurance so that your business is suitably protected.

Additionally, certain business property may require specialized coverage such as boiler & machine insurance, contractors equipment insurance, or inland marine insurance. Your insurance agent will be able to provide guidance and help you find best and most appropriate coverage for all of your business assets.

Business Interruption Insurance for Syracuse Businesses

A major disaster can do more than just damage your business property. These events could potentially force your business to remain closed for an extended period while repairs are made. This can be financially devastating for a small business that does not have business interruption insurance.

Number of federally declared disasters in NY since 1953: 93
Most common reasons for declared disasters: Severe Storm, Flood, Heavy Snow

Business interruption insurance is designed to provide your company with a continuation of income during times it must remain closed due to damage caused by a covered event. This insurance can cover the cost of your necessary business expenses until you are able to reopen and return to normal operations.

Syracuse Businesses Need Workers’ Compensation Insurance

If your employees are injured or become ill while on the job, your business is responsible for covering their medical treatment, lost wages, and other associated expenses. Workers’ compensation insurance (often referred to as “workman’s comp”) is designed to provide this coverage.

Most businesses in the state of New York are required by law to carry workers’ compensation insurance. Exceptions are made for sole proprietors and partnerships, provided these businesses have no employees. There are a few other exceptions, such as for domestic help and babysitters, but in general, if you have employees, you need to have workers’ comp.

Failure to carry this insurance can result in penalties of $2,000 for every 10 days you have been without coverage. Also, depending on the severity of the offense, you could face misdemeanor or felony charges. Your independent insurance agent can help you find the best coverage, either through a private insurer or through the New York State Insurance Fund (SIF).

Employee Benefits for Small Businesses in Syracuse

Syracuse is home to some highly rated hospitals like St. Joseph’s and Crouse. However, without adequate health insurance, many residents of this city would be unable to afford the services offered by these medical facilities. As an employer, you can provide this much-needed coverage to your employees.

Average amount spent on healthcare coverage by NY businesses: $1,568,586
Ranked 3rd for highest medical insurance costs in the US,
Average annual cost of health care in NY: $6,086/person or $17,530/family

Research done by human resource management professionals has demonstrated that that offering employee benefits such as paid vacation and sick time, life insurance, and healthcare coverage can help your business attract and retain some of the best employees. Additionally, it has been shown that employees with health insurance call off sick from work less frequently.

Your local independent insurance agent can help you review a variety of health and life insurance policies and quotes and can help you choose the best coverage to include in your employee benefits package.

Why Work with an Independent Insurance Agent?

When you work with an independent agent in Syracuse, you can rest assured that your commercial insurance plan does not include any unintentional coverage gaps. These local professionals can help you identify your company’s various risks and can guide you in your search for the best business insurance policies to cover against them.

Find an independent insurance agent with an office in or near Syracuse to learn more, and discover how easy it can be to build a comprehensive business insurance portfolio.

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