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Web developersCompare New York business insurance quotes
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Business Insurance in New York
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Recommended insurance policies for small businesses in New York
General liability insurance
This type of business liability insurance is important for all New York businesses. A general liability policy covers common third-party risks and is required for most commercial leases.
BEST FOR
- Slip-and-fall injuries
- Damaged customer property
- Libel and other advertising injuries
Professional liability insurance
This policy, also called errors and omissions insurance (E&O), protects New York businesses that provide professional services or advice. It covers lawsuits related to work performance.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy covers financial losses from data breaches and cyberattacks. It's recommended for New York businesses that handle credit card numbers and other sensitive data.
BEST FOR
- Customer notification expenses
- Fraud monitoring services
- Data breach investigations
Business owner's policy
A BOP bundles business property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for a New York business.
BEST FOR
- Customer bodily injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
New York state law requires every business that has employees, full-time or part-time, to carry workers' compensation. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Legal defense costs
Commercial auto insurance
This policy is required for business-owned vehicles in New York. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business vehicles
- Theft of a commercial vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
New York business insurance requirements
State laws affect which business insurance coverage you need. These policies are required everywhere in New York, from Rochester to New York City.
Workers' compensation insurance
The state of New York requires every business that has employees, full-time or part-time, to carry workers’ compensation insurance.
Workers' comp covers medical bills for work-related injuries and illness. It also provides disability benefits to injured workers, and protects New York business owners from liability over an injury.
Commercial auto insurance
All business-owned vehicles in New York must be covered by commercial auto insurance. This policy covers the cost of accidents involving work vehicles.
New York's minimum requirements for auto liability insurance are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $50,000 liability for death per person
- $100,000 liability for death per accident
- $10,000 property damage liability per accident
- $50,000 personal injury protection
- $25,000 uninsured motorist coverage per person
- $50,000 uninsured motorist coverage per accident
Trucking companies may need additional coverage to comply with regulations.
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to commercial general liability insurance or a business owner's policy (BOP).
How much does small business insurance cost?
Commercial insurance can be affordable for New York small business owners. Factors that influence the cost include:
- Type of business and its risks
- Business operations and location
- Number of employees
- Types of insurance purchased
- Policy limits and other coverage options
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Find the right policies and get your certificate of insurance
Insureon's licensed agents can help you find policies that fulfill New York's requirements and your business insurance needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
In New York, insurance agencies, agents, and brokers are licensed by the New York State Department of Financial Services. Insureon is licensed in New York as BIN Insurance Holdings, LLC (NPN 15752926) for property and casualty insurance (agent license PC-1155635, broker license BR-1155635) and for surplus lines (license EX-1155635). You can verify our licensure with the New York State Department of Financial Services Insurance by selecting “business entity” in the first dropdown and then entering our New York state license number.