New York City is a global hub for entrepreneurs and investors, which makes it an attractive place to do business despite high costs. Protect your small NYC business with these common insurance policies.
A general liability policy protects NYC businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
This policy covers legal fees related to mistakes and oversights, such as a missed deadline that harms a client's bottom line. It's also called errors and omissions insurance (E&O).
Cyber insurance covers costs related to data breaches and cyberattacks. Every New York City business that handles credit cards or other personal information should carry this coverage.
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in New York City.
Workers’ comp is required for all New York businesses that have employees. It also covers work-related medical bills for sole proprietors, which personal health insurance may not cover.
All vehicles owned by New York businesses must be covered by commercial auto insurance. This policy covers auto accident injuries, property damage, and legal costs.
This business liability insurance for professional services and consultants protects against legal costs from clients harmed by your work. It's also called professional liability insurance.
This policy covers your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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State and local laws can determine the type of coverage you need. These policies help you comply with New York business insurance requirements.
The state of New York workers' compensation law requires this coverage for all businesses with employees. That includes both full-time and part-time employees.
NY businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' compensation covers medical expenses from job-related injuries and illnesses. It also provides disability benefits for injured New York City workers.
New York state law requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for medical bills, legal costs, and property damage after an auto accident.
New York City businesses must meet the state's requirements for auto liability coverage, which are:
New York also requires no-fault personal injury protection (PIP) and uninsured motorists coverage for all vehicles.
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
Sometimes you need to get insured quickly to sign a contract, lease, or other agreement. With Insureon, you can get same-day insurance in three easy steps:
Our licensed insurance agents will help you get coverage that matches your business needs and your budget. New York small business owners can usually get their certificate of insurance within a few hours of applying for quotes.
Your business could be held responsible for a data breach, which is why cyber insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
New York's data breach laws require NYC businesses to notify any residents whose personal information is exposed in a data breach, in addition to three state offices. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber liability insurance covers these costs and provides resources so you can get back to business fast.
Yes, New York City may require you to buy certain types of business insurance or bonds, depending on your profession. You may also need a business license or permit to operate in the city or do certain types of work.
Here are a few examples of local requirements:
When running a business in New York City, you need to be aware of laws and regulations for New York, your county, and the city of New York.
Nearly half of New York City's small businesses are owned by immigrants, which adds to the city's vibrancy and uniqueness. Though small businesses can struggle with high rent in the city and strong competition, there's ample support to help you get started:
New York business owners can save money by comparing quotes from different insurance carriers. With Insureon, you can get free quotes from top-rated carriers by filling out one easy application.
There are a few other ways to save, such as:
Learn more about how to find cheap business insurance.