Small businesses in New York most often buy these types of 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.
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.
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.
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.
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.
E&O, sometimes called professional liability insurance, is common with professional services in New York. It can cover the cost of lawsuits related to your work performance.
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.
Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.
This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.
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When you are ready to get insurance for your New York business, you can complete Insureon's easy online insurance application to get quotes from top-rated carriers.
State laws affect which business insurance coverage you need. These policies are required everywhere in New York, from Rochester to New York City.
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.
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:
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).
Commercial insurance can be affordable for small business owners. Average costs in New York are:
General liability: $41 per month
Workers' comp: $37 per month
Professional liability/E&O: $70 per month
Factors that influence business insurance costs include:
Insureon's licensed agents can help you find policies that fulfill New York's requirements and protect against financial loss. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.
Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.
New York's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.
Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.
Contractors often need to carry general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.
Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance (E&O) to get licensed in their state.
State law requires a minimum level of professional liability insurance coverage for physicians to participate in state programs that either limit the amount of damages available in a malpractice claim, or provides supplemental malpractice coverage to them.
Cannabis businesses in New York are not required to carry cannabis business insurance in order to operate legally. However, coverage is strongly recommended to keep your business protected.
Note that cities and counties may have their own laws, in addition to state laws.
As with any purchase, shopping around is one of the best ways to find an affordable option. With Insureon, you can compare quotes from top-rated providers by filling out a free online application.
Other ways to save include bundling policies for a discount, and choosing less expensive policy options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.