Learn about business insurance requirements and the most common policies for lawyers in New York.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by lawyers 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 with employees to provide workers’ compensation insurance, which covers medical bills for work injuries.
The most common policies for lawyers in New York vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance is the foundation of a lawyer’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.
Lawyers often qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.
If you own a law firm in New York that has employees, you are 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 develop carpal tunnel syndrome after years of working on a computer, you can turn to your workers’ comp policy to help pay your medical bills and lost wages.
Cyber liability insurance can help lawyers survive data breaches and cyberattacks. This policy can help pay for client notification costs, credit monitoring services, and other related expenses.
According to an analysis of Insureon applications, the typical lawyer in New York can expect to pay less than the national median for some types of business insurance and more than the national median for other types.
For example, the median annual cost of general liability insurance for a New York lawyer is $775, more than the national median of $633. On the other hand, lawyers in New York pay a median annual premium of $631 for workers’ compensation insurance, much less than the national median of $1,054.
Insureon’s industry-leading technology helps lawyers 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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