Business Insurance in New York

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Learn about New York's insurance requirements

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What are the requirements for small business insurance in New York?

State laws can affect which insurance policies you need for your small business. These policies are required for New York businesses.
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Workers' compensation insurance

New York state law requires every business that has employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and protects employers from liability over an injury.

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Commercial auto insurance

All business-owned vehicles in New York must be covered by commercial auto insurance. Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

New York's commercial auto insurance requirements are:

  • Bodily injury liability: $25,000 per person / $50,000 per accident
  • Liability for death: $50,000 per person / $100,000 per accident
  • Property damage liability: $10,000 per accident
  • Personal injury protection: $50,000
  • Uninsured motorist coverage: $25,000 per person / $50,000 per accident

Recommended insurance policies for small businesses in New York

General liability insurance icon

General liability insurance

This policy is important for all New York businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.

BEST FOR
  • Customer injuries at your business
  • Damaged customer property
  • Libel or slander lawsuits
Professional liability insurance icon

Professional liability insurance

This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.

BEST FOR
  • Work mistakes and oversights
  • Professional negligence lawsuits
  • Late or incomplete work
Cyber liability insurance icon

Cyber liability insurance

This policy helps New York businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.

BEST FOR
  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs
Business owner’s policy icon

Business owner's policy

This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a New York business.

BEST FOR
  • Customer injuries
  • Damaged customer property
  • Damaged business property
Workers’ compensation insurance icon

Workers’ compensation insurance

New York state law requires every business that has employees, full-time or part-time, to carry workers' compensation. It can cover medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Partial missed wages
  • Lawsuits over employee injuries
Commercial auto insurance icon

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-owned vehicles
  • Theft of a business-owned vehicle
  • Damage to a company vehicle
Looking for different coverage? See more policies.

Find policies for your profession

Photographers, nurses, and lawyers need different insurance coverage. Insureon offers policies for the following New York professions and more:

Accountants
Architects
Beauty
Cleaning businesses
Convenience stores
Dentists
General contractors

IT consultants
Lawyers
Nurses
Personal trainers
Photographers
Real estate agents
Tax preparers

Don't see your profession listed? Find more professions.

How much does small business insurance cost?

Business woman calculating costs of insurance.

Commercial insurance can be affordable for a small New York business. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees
View Small Business Insurance Costs

Insureon specializes in New York business insurance

In New York, insurance agents, agencies, 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 (1155635).

What our customers are saying
"I was confused about what type of coverage I needed and Holly was extremely helpful. Way more helpful than I had experienced with other companies. I got the exact coverage I needed!"
Jessica Shannon
Customer since 2016
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