Business Insurance in New York FAQ - Quick Answers

While you can't know your exact business insurance premiums without a personalized quote, you can understand what carriers use to rate your policies below:

  • Type of industry
  • Number of employees
  • Gross annual sales
  • Location of business
  • Number of company vehicles
  • Safety practices in place
  • Past claims reported
  • Number of years in operation

Two main policies could be required when you own a business in New York. Workers' compensation is mandatory when you have just one employee, and commercial auto coverage is required for any company-owned autos. Other coverages are not usually mandated by state law but are useful to consider to have complete coverage.

Your business insurance in New York can cover a multitude of risks. However, each policy is individualized to meet your operation's needs specifically. Here are some policies that could apply to your business:

In New York, general liability insurance is typically your first policy purchased and it protects your business in the following ways:

You'll only be required to offer health insurance plans if you have 50 employees or more in New York. However, if you want to add health coverage to your employee benefits, a trusted independent insurance agent can help find rates through private carriers.

If you're purchasing business insurance, you'll have many carrier options. In New York, Nationwide, Hiscox, Progressive, and Hanover insurance companies are rated among the best. This is due to their superior claims service and excellent customer care.

Do You Know What Your Business Insurance Covers in New York?

Find the Best Business Insurance in Your City

National Business Insurance Stats

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

CityNo. of businessesBurglaries / 1,000 peopleAuto thefts / 1,000 cars
Albany7,1574.581.64
Bedford2,6530.230.06
Binghamton3,5769.381.37
Buffalo15,1786.292.66
Cheektowaga4,1992.711.16
Cortland1,0474.130.11
Elmira1,4786.380.59
Freeport4,7951.050.51
Harrison3,6630.720.25
Hempstead5,2172.172.0


  1. New York City, NY
  2. Business Insurance Common Coverage Options
  3. Property: In addition to severe weather risks, crime in New York City can pose a threat for businesses. If your business property is located in an area known for elevated crime, your commercial property insurance could be more expensive. 
  4. 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 for collisions and car theft in your neighborhood.
  5. 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.


  1. Long Island, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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.
  5. 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.


  1. Buffalo, NY
  2. Business Insurance Common Coverage Options
  3. 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. 
  4. Commercial auto: Auto theft is a common concern for drivers in Buffalo. If 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.
  5. 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.


  1. Syracuse, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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 for collisions in your city.
  5. 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.


  1. Hempstead, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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.
  5. 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.


  1. Yonkers, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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.
  5. 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.


  1. Brooklyn, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. Commercial auto: If 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 for theft and collisions in your city. In Brooklyn, auto theft is an ongoing problem, which could drive up rates on business car insurance.
  5. Workers’ compensation: If you have employees in New York, you'll need workers’ compensation insurance. Workers’ compensation coverage is required by state law with one employee or more.


  1. Queens, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. Commercial auto: If 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 for accidents and auto theft in your neighborhood.
  5. 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.


  1. Staten Island, NY 
  2. Business Insurance Common Coverage Options
  3. 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.
  4. 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.
  5. 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.


  1. Bronx, NY
  2. Business Insurance Common Coverage Options
  3. 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.
  4. Commercial auto: Auto theft is a serious problem in 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.
  5. 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.