Insurance in Hudson NYDo you have the required amount of insurance in New York?

From auto insurance to business insurance, sometimes it’s hard to understand what exactly is required – and what limits. For those who buy the first policy that they see, it’s easy to either overbuy (buying too much insurance for your situation) or under protect (not maintaining a sufficient amount of coverage for your needs).
For all those wondering what the state requires of them and their insurance, read on!
Auto Insurance
To register a vehicle in New York State, you must have a certain level of auto liability insurance coverage. The minimum amounts for this is:

  • $10,000 for property damage for a single accident
  • $25,000 for bodily injury and $50,000 for death for a person involved in an accident
  • $50,000 for bodily injury and $100,000 for death for two or more people in an accident

Your liability insurance coverage must:

  • remain in effect while the registration is valid, even if you don’t use the vehicle
  • be New York State insurance coverage, issued by a company licensed by the NYS Department of Financial Services and certified by NYS DMV – out-of-state insurance is never acceptable
  • be issued in the name of the vehicle registrant, and remain in the name of the registrant at all times

Check out the DMV website for more information here.
Business Insurance
In New York State, all businesses with employees are required to carry workers’ compensation and disability benefits insurance. If your business owns cars or trucks, you need auto insurance.
The Workers’ Compensation Law requires employers obtain and continuously keep in effect workers’ compensation coverage for all of their employees.
Businesses meet this requirement of the law by:

  • obtaining and maintaining a workers’ compensation insurance policy; or
  • obtaining self-insurance for workers’ compensation; or
  • being legally exempt from the requirement to provide workers’ compensation coverage.

Often a landlord will require you to maintain a certain level of liability coverage as a condition of your lease. Your bank or your investors might require you to maintain life, business interruption, fire or other types of insurance to protect their investments.
Your best bet is is to talk to an independent insurance agent who can steer you in the direction of acquiring the right coverage (at or beyond the legal limits) to suit your needs and budget! Contact Lofgren Agency in Hudson, New York to get started today.

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