Find the Best Business Insurance Options in New York
There are over 2.3 million small businesses in New York, representing 99.8 percent of the businesses in the state. Small businesses employ 4.1 million people in New York, making small businesses essential to the state’s economy.
Business owners in New York face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business.
A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in New York.
Best Business Insurance Companies in New York
What are the best business insurance companies in New York? The following insurance companies are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Hanover Insurance Group: Together with local independent agents, Hanover Insurance Group offers standard and specialized insurance protection for small and mid-sized businesses.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in New York. The company is headquartered in Columbus, OH and is represented by independent insurance agents in 50 states, including New York.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA and has been offering business insurance since 1912. Today the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- Progressive: Progressive is based in Ohio but offers business insurance across all 50 states, including New York. New York business owners can look to Progressive for most of their business insurance needs.
An independent insurance agent in your area can help you learn more about these and other New York business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your New York business insurance needs.
New York Business Insurance Requirements
Business insurance is a package of insurance policies that covers your property and liability risks. Business insurance is not required in New York, but if your business owns any vehicles, you will likely have to buy commercial vehicle insurance that complies with the state’s car insurance laws.
In addition, employers in New York must obtain workers’ compensation insurance. Workers’ compensation insurance covers employees who are injured on the job. It pays for their injury-related medical care and lost wages if they can’t return to work while recovering.
An independent insurance agent in your area can help you learn more about New York’s business insurance requirements.
What Business Insurance Covers in New York
When you purchase business insurance in New York, you’ll be purchasing several individual policies or a package of policies designed for your industry. Business insurance in New York will typically include the following types of policies and coverage:
- Commercial general liability insurance (CGL): Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, or other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in New York may include additional coverage types or policies that cover your unique risks.
Liability Coverage Options for Small Businesses in New York
Lawsuits against businesses are common. Whether a store owner is responsible for a customer trip and fall or a food manufacturer is responsible for sickening hundreds with tainted products, negligence claims can quickly destroy a business.
A commercial general liability (CGL) policy is a type of small business liability insurance that offers broad protection from lawsuits. It covers the injured party's medical expenses and any property damage you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
Most businesses need general liability coverage, but a CGL policy does not cover every kind of liability risk. There are additional small business liability policies available for times when your CGL policy isn’t sufficient.
Talk to your independent insurance agent about why you might need other liability coverage options like commercial umbrella insurance, employment practices liability insurance, cyber liability insurance, professional liability insurance, or other customized small business liability protection.
Property Coverage Options for Small Businesses in New York
Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need basic business property coverage to help you repair or rebuild your physical losses, and even to compensate you for lost income that results from a covered property loss.
Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss.
Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for a period of time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in New York.
Other Insurance Options for Small Business Owners in New York
Most businesses in New York likely need more than just basic property and liability insurance. Other insurance options for small business owners in New York include:
- Business owners policy (BOP): A package policy designed for small businesses. It includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: Covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in New York. An independent insurance agent can make sure that all of your New York business insurance needs are met.
Average Cost of Business Insurance in New York
Business insurance costs are not the same for every company in New York. Every business has unique coverage needs, and the types and amounts of coverage you need have the greatest impact on the cost of your business insurance.
A variety of other factors, including the following, are also used to determine how much you'll pay for your business insurance in New York:
- The company’s annual gross sales and payroll
- The company’s employee count
- The size and physical location of the company
- The company's physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- The nature of the business (what does the company do?)
- The company’s prior insurance claims history
An independent business insurance agent can help you understand all the risks you face and get quotes for affordable business insurance in New York.
How Does Your New York City Measure Up?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. of businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Albany | 7,157 | 4.58 | 1.64 |
| Bedford | 2,653 | 0.23 | 0.06 |
| Binghamton | 3,576 | 9.38 | 1.37 |
| Buffalo | 15,178 | 6.29 | 2.66 |
| Cheektowaga | 4,199 | 2.71 | 1.16 |
| Cortland | 1,047 | 4.13 | 0.11 |
| Elmira | 1,478 | 6.38 | 0.59 |
| Freeport | 4,795 | 1.05 | 0.51 |
| Harrison | 3,663 | 0.72 | 0.25 |
| Hempstead | 5,217 | 2.17 | 2.0 |
How Does Your New York City Measure Up?
Property: In cities where property crimes are more frequent, business insurance rates tend to be high. Bronx-based businesses have to deal with higher risks for theft and vandalism, which could drive up your premium for commercial property insurance.
Commercial auto: Auto theft is a serious problem in the Bronx, which means you could see an increase in commercial car insurance rates. Your premium will depend on the number of vehicles your business owns, their makes and models, and recent auto thefts in your particular part of the city.
Workers’ compensation: New York workers’ compensation insurance is mandatory when you have just one employee. Your workers’ compensation costs may be higher than expected if you have high payrolls, large employee counts, and risky operations.
Property: Having your Brooklyn business vandalized or robbed can lead to major revenue losses as you pay for repairs. Commercial property insurance gives you a backup plan, stepping in to pay for claims related to property crimes so you can rest easy knowing you're covered even if you become the victim of looting or vandalism.
Commercial auto: Whether your company owns a vehicle or a fleet of vehicles, you have to purchase commercial auto insurance. Rates will depend on several factors, like the number of vehicles you need to cover and the risk of theft and collisions in your city. In Brooklyn, auto theft is an ongoing problem, which could drive up rates on business car insurance.
Workers’ compensation: If you have employees in New York, you'll need workers’ compensation insurance. Workers’ compensation coverage is required by state law for one employee or more.
Property: Property damage can come from many sources. From serious storms and blizzards to crimes like theft and arson, your Buffalo business could face serious losses if you're not properly insured.
Commercial auto: Auto theft is a common concern for drivers in Buffalo. Whether your business owns a vehicle or a fleet of vehicles, you'll need commercial auto insurance in case of a collision or auto theft. If your company car gets damaged in an accident or stolen while you're in the office, you can rely on your business insurance plan to cover the cost of repairs or replacement.
Workers’ compensation: Business insurance in New York will require workers’ compensation insurance if you have employees. Workers' compensation coverage is based on your industry and the risk associated with each task.
Property: Property crimes are not a frequent problem in Hempstead, but they do happen occasionally. If your business property is damaged by vandalism, theft, or arson, you can rely on your commercial property insurance to cover the cost of repairs.
Commercial auto: Company-owned vehicles will require commercial auto insurance. Rates are based on several factors, such as the number and types of vehicles you need to insure and the risk for accidents and auto theft in your city.
Workers’ compensation: All New York businesses with one or more employees are required to carry workers' compensation coverage. The industry you are in will dictate how much you pay for coverage.
Property: Your business property needs the protection of a reliable commercial insurance policy. In addition to the threat of damage from cold winter weather, you also have to consider the threat of theft, arson, and vandalism. Elevated property damage rates in Long Island could cause a slight increase in your coverage costs.
Commercial auto: Driving a company car might be a nice perk, but you will still need to make sure your vehicle is properly insured. Whether your business owns one vehicle or a whole fleet, you'll need commercial auto insurance coverage. Premiums will depend on the number of vehicles you're insuring, the auto theft rate in your area, and the amount of time your employees spend behind the wheel.
Workers’ compensation: In New York, business insurance policies come standard with workers’ compensation insurance. Depending on your industry, workers’ compensation costs could add to your overall business insurance premiums.
Property: In addition to severe weather risks, crime in New York City can pose a threat to businesses. If your business property is located in an area known for elevated crime, your commercial property insurance could be more expensive.
Commercial auto: All business vehicles must be insured, so you will need a reliable commercial auto insurance policy. Your rates will vary based on the number of vehicles you need to cover, their makes and models, and the risk of collisions and car theft in your neighborhood.
Workers’ Compensation: Every business insurance policy comes standard with workers’ compensation insurance. If the workers’ compensation cost for your business is higher than average, this could add to your overall business insurance cost.
Property: Queens is the perfect place to start a business, but it's not immune from serious risk. Property crimes pose a threat you can't afford to ignore. Commercial property insurance will pay for the damage if your business is vandalized or robbed, but your rates could be higher, thanks to the higher crime rate in Queens.
Commercial auto: Whether your Queens business plans to buy a company vehicle or a fleet of vehicles, you will need commercial auto insurance. Your premium will be customized according to several factors, such as the number and types of vehicles you need to insure and the risk of accidents and auto theft in your neighborhood.
Workers’ compensation: Workers’ compensation insurance is required by law in New York if you have employees. Each business will have unique risk factors that make premiums individualized for every company.
Property: Along with severe weather events, property crimes can cause major business losses if you aren't adequately insured. Luckily, the crime rate in Staten Island is fairly low compared with other cities in New York, which could lower your rates on business insurance.
Commercial auto: Company vehicles will need to be insured with commercial car insurance. Rates are based on factors like the type of vehicles your company owns and the number you need to be covered on your policy. In areas with higher auto theft rates, premiums could be slightly higher.
Workers’ compensation: All New York businesses are required to carry workers’ compensation insurance if they have any employees. Your premiums will be customized to your operation and based on your risk factors.
Property: Property crimes put a major drain on your business revenue. Whether you're dealing with vandalism, theft, or arson, the damage can cost thousands of dollars to repair. If you have reliable Syracuse business insurance, you can have peace of mind knowing that you're always covered, even if you do experience some form of property damage in the future.
Commercial auto: With more than 300 auto thefts occurring each year in Syracuse, it's easy to see why commercial auto insurance is so important. Rates for business car insurance are based on the number of vehicles you need to insure, the local crime rate, and the risk of collisions in your city.
Workers’ compensation: Workers’ compensation insurance is mandatory in New York when you have just one employee. If the workers’ compensation cost for your business is higher than you like, this could be due to the industry you're in and the risks involved.
Property: Property crime is not as common in Yonkers when compared with many other cities in New York. This is good news for your business insurance rates. With a lower risk for theft and arson, you will probably pay lower premiums on commercial property insurance.
Commercial auto: When your business relies on vehicles to carry out daily tasks, it's crucial to have reliable commercial auto insurance. If one of your vehicles is damaged in an accident or stolen from a job site, your insurance will cover the damage or pay to replace the stolen vehicle. That means you can get back to work sooner, with minimal expense and interruption for your Yonkers business.
Workers’ compensation: In New York, workers’ compensation insurance is mandatory if you have employees. Some businesses may have higher-than-average workers’ compensation premiums due to the risks associated with their industry.
New York Business Insurance FAQ
While you can't predict the exact cost of business insurance in New York, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in New York:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In New York, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in New York, but any business with one or more employees must carry New York workers’ compensation insurance.
In addition, if your business owns any vehicles, you’re required to comply with New York’s car insurance laws by purchasing appropriate commercial vehicle insurance.
Most businesses in New York need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance, as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business liability insurance is a primary building block of your New York business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business.
Though not mandatory by New York state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many different small business health insurance plans and options available in New York. An independent insurance agent can help you find business health insurance plans near you.
Hanover Insurance Group, EMC, Nationwide, Liberty Mutual, and Progressive are some of the best business insurance companies in New York. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Small businesses in New York may need the following types of business insurance:
- Commercial general liability insurance
- Commercial property insurance
- Business interruption/loss of use insurance
- Workers’ compensation insurance
- Commercial vehicle insurance
- Commercial umbrella insurance
Business owners in New York may also need additional policies including professional liability insurance, equipment breakdown insurance, inland marine insurance, employment practices liability insurance, and more, to cover their unique risks.
A certificate of insurance is a document you obtain from your insurance company to prove you have business insurance. Certificates of insurance assure your clients that you have the right insurance before they agree to work with you. This can be very important in certain industries, such as construction.
Most insurance companies make it easy to request a certificate of insurance. You can usually request one directly from your insurance company by phone or online, or your independent insurance agent can handle it for you.
While your industry does not affect what business insurance is required by the state of New York, it does affect what insurance is likely needed to properly protect your assets when you have a loss. The business insurance package for a retail store will definitely be very different from the business insurance package for a manufacturer, a landscaper, or even a restaurant.
In some cases, workers' compensation insurance requirements can vary by industry.
An independent insurance agent in your area can help you understand the unique risks faced by businesses in your industry and how the right business insurance policies can protect you.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in New York now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Do You Know What Your Business Insurance Covers in New York?
https://advocacy.sba.gov/wp-content/uploads/2022/08/Small-Business-Economic-Profile-NY.pdf
https://www.wcb.ny.gov/content/main/coverage-requirements-wc/wc-coverage-required.jsp