Learn about business insurance requirements and the most common policies for nurses in New York.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by nurses in New York, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.
State law in New York requires every small business that has employees to provide workers’ compensation insurance, which covers medical bills for work injuries.
The most common policies for nurses in New York vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance is the foundation of a nurse’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.
Also called malpractice insurance, professional liability insurance for nurses protects against claims that your work caused harm. That could include accidentally administering the wrong medication, or a baseless claim that you mistreated a patient.
Businesses in New York that hire employees are nearly always required to carry workers’ compensation coverage. If you are a sole proprietor, the coverage is optional. However, if you slip and break an arm in your office, or injure your back lifting a patient, you can turn to your workers’ comp policy to help pay your medical bills and lost wages.
According to an analysis of Insureon applications, the typical nurse in New York can expect to pay premiums in line with the national median for most policies. For example, the median annual cost of a business owner’s policy for a nurse in the state is about $500, which is the same as the national median premium. Similarly, the New York cost of workers’ compensation for nurses is just over $1,072, close to the national median of $1,019.
Insureon’s industry-leading technology helps nurses in New York save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in New York and can answer your questions as you consider coverage.
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