Business Insurance in New York, NY

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Which insurance policies are recommended for NYC businesses?

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.

General liability insurance icon

General liability insurance

A general liability policy protects NYC businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.

  • Customer injuries at your business
  • Damage to a customer's property
  • Libel and other advertising injuries
Professional liability insurance icon

Professional liability insurance

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).

  • Mistakes that cause financial loss
  • Accusations of professional negligence
  • Missed deadlines
Cyber insurance icon

Cyber insurance

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.

  • Customer notification costs
  • Fraud monitoring services
  • Data breach investigations
Business owner’s policy icon

Business owner’s policy

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.

  • Customer injuries
  • Damaged business property
  • Business interruption coverage
Workers’ compensation insurance icon

Workers’ compensation insurance

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.

  • Medical bills from employee injuries
  • Disability benefits
  • Workplace injury lawsuits
Commercial auto insurance icon

Commercial auto insurance

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.

  • Medical bills from an accident
  • Property damage caused by your vehicle
  • Auto accident lawsuits
Errors and omissions insurance icon

Errors and omissions insurance

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.

  • Errors and oversights
  • Late or incomplete work
  • Breach of contract
Commercial property insurance icon

Commercial property 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.

  • Storm damage
  • Fires
  • Theft and vandalism
Umbrella / excess liability insurance icon

Commercial umbrella insurance

An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.

  • Customer lawsuits
  • Auto accident lawsuits
  • Employee injury lawsuits
Looking for different coverage? See more policies.

How to get insurance for your New York City business

View video transcript.

We're on top of your small and medium-sized business insurance needs. We'll help you find policies that protect what you've worked so hard to build. Start here.

Tell us about yourself. Questions? We've got your back. The info you share is secure. We'll double-check it and a pro with experience in your field will be in touch.

Fast? You can compare quotes from leading insurance providers in seconds and get a certificate of insurance the same day.

Always online, always on your side. Helping protect your business.

Are you ready to get insurance coverage for your New York City business? Complete Insureon's easy online application to get free quotes from top-rated providers.

Which business insurance policies are required in New York City?

State and local laws can determine the type of coverage you need. These policies help you comply with New York business insurance requirements.

Purple check mark

Workers' compensation insurance

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, such as a cleaning business employee becoming sick from cleaner fumes. It also provides disability benefits for injured New York City workers.

Purple check mark

Commercial auto insurance

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:

  • $10,000 for property damage liability for a single accident
  • $25,000 for bodily injury and $50,000 for death for a person involved in an accident
  • $50,000 for bodily injury and $100,000 for death for two or more people in an accident

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.

How much does insurance cost in New York City?

A small business owner calculating their small business insurance payments

Small businesses in New York City don't have to pay a lot for commercial insurance. Here are a few average costs for New York businesses:

General liability: $41 per month
Workers' comp: $37 per month
Professional liability/E&O: $70 per month

The cost of business insurance depends on factors such as:

  • Type of business
  • Number of employees
  • Types of insurance purchased
  • Policy limits and deductibles
  • Claims history

FAQs about New York City business insurance

Review answers to frequently asked questions about NYC insurance.

How do I get a certificate of insurance for my business?

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:

  1. Fill out our easy online application to get quotes from top-rated providers.
  2. Choose a policy and pay for it online.
  3. Download a certificate of insurance by logging into your account.

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.

Can my business be held liable for a data security breach?

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.

Does my industry affect NYC business requirements?

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.

How can I get help starting a small business in New York City?

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:

How can I save money on New York City business insurance?

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:

  • Bundle insurance products for a discount. The most popular option is a business owner's policy.
  • Choose less expensive coverage options, such as lower limits or a higher deductible.
  • Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.

Learn more about how to find cheap business insurance.

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