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Business Insurance in New York
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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.
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.
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
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
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
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
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
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
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:
Don't see your profession listed? Find more professions.
How much does small business insurance cost?
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
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).
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