Popular QuestionsPopular Questions About New York Business Insurance

Why should I have New York business insurance?

In 2018 small businesses in New York made $8.4 billion. If your business doesn't have insurance, you'll have to pay for property damage, liability lawsuits and work-related accidents out of pocket, taking money out of your company's hard earned revenue.

How have other business owners used their business insurance?

40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:

  • Theft Or Burglary: Average Cost Per Claim - $8,000
  • Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
  • Wind & Hail Damage: Average Cost Per Claim - $26,000
  • Fire Damage: Average Cost Per Claim - $35,000
  • Customer Slip & Fall: Average Cost Per Claim - $20,000
How does New York business insurance help me?

New York business insurance will pay for covered claims so your business doesn’t have to.

Here’s what a standard business insurance policy should do:

Pay For Damage To Your Building

  • We call this “Commercial Property Insurance.”
  • Example: A tree falls on your office building.

Pay For Damage To Your Business Property

  • We call this “Business Personal Property Insurance.”
  • Example: A fire destroys all your computers.

Pay For Damage To Someone Else’s Property

  • We call this “General Liability Insurance.”
  • Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.

Pay For Someone Else’s Medical Bills

  • We also call this “General Liability Insurance.” 
  • Example: A customer slips and falls on your recently mopped floor and breaks an arm.

Pay For Accidents in Company Vehicles

  • We call this “Commercial Auto Insurance.”
  • Example: Your salesperson rear-ends someone while driving to an appointment.

Pay For Employee Injuries & Compensation

  • We also call this “Workers' Compensation.”
  • Example: An employee falls off a ladder at work and can’t work for two weeks.

Every business faces unique risks, and you could need additional coverages in order to be properly insured. We can match you with the best independent insurance agent who specializes in your industry and knows the coverage you need to best protect your business.

What insurance does New York require for businesses?

Even though your business isn't required to buy commercial insurance, you will need certain aspects of it. For instance, New York requires all businesses to have workers' compensation insurance even if your employees are limited to family members. 

You'll also need commercial auto insurance if your company owns a vehicle. Talk to a local independent insurance agent to find out what other coverages your business might need to comply with state laws.

How much does New York business insurance cost?

It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.

  • A sole proprietor who owns a garment hemming business: $260 per year
  • A commercial landscaper with five employees who operate heavy machinery: $22,700 per year
How do I find the best business insurance in New York?

Business insurance rates are based on the unique risks your business will face, local crime rates, the amount of liability coverage you need and the other coverages you want. 

Commercial insurance policies vary heavily from one industry to the next, so it's best to talk to an independent agent who is experienced in your field of work.

It’s usually wise to work with an independent agent in New York since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.

  • There are 1,804 independent agents in New York who are ready to help.
  • In 2017 our agents helped 8,620 people.
What are the top business insurance companies in New York?

An independent insurance agent compares policies from multiple companies to find the best coverage for your needs.

acadia insurance
preferred mutual
sterling
liberty mutual insurance

InformationFind the Best Insurance in Your City

How does your city measure up?

  • Number of businesses in the U.S.: 27,626,360
  • Number of businesses in New York: 2,008,988
  • Burglary rate per 1,000 residents in the U.S.: 4.69
  • Burglary rate per 1,000 residents in NY: 1.66
  • Auto theft rate per 1,000 vehicles in the U.S.: 2.37
  • Auto theft rate per 1,000 vehicles in NY: 0.90


CityPopulationNumber of Established FirmsBurglary Rate Per 1,000 ResidentsAuto Theft Rate per 1,000 Vehicles
Albany309,61223,9125.041.15
Astoria9,8021,0360.880.53
Bedford17,9062,6531.970.86
Binghamton45,6723,57610.422.32
Bronx1,471,160135,7822.281.40
Brooklyn2,637,000236,9231.340.61
Buffalo256,90215,17810.413.27
Cheektowaga75,178< 2503.490.98
Cortland18,7951,0474.890.32
Elmira27,9621,4786.651.07
Freeport43,2794,7951.620.81
Harrison28,3403,6630.560.04
Hempstead55,5555,2172.362.43
Hudson Valley853,00079,1302.030.62
Huntington18,046< 2501.891.05
Ithaca30,7562,6434.450.81
Kingston23,2102,7163.020.43
Long Island7,568,000581,0310.880.53
Lynbrook19,5672,3380.660.41
Mount Vernon68,3447,1332.931.73
New Rochelle79,5578,7831.550.78
New York City8,537,6731,050,9111.660.90
Oneonta13,9557684.660.36
Oswego17,5991,3787.221.25
Poughkeepsie30,2672,3374.560.96
Queens2,339,000197,3940.880.53
Richmond Hill62,9824,1260.880.53
Rochester208,88015,7837.063.18
Rockville24,5713,1630.570.33
Rome32,4151,8354.410.96
Saratoga Springs27,7633,4102.201.19
Schenectady64,9133,7725.853.03
Staten Island474,55829,9341.010.12
Syracuse143,37810,2017.362.44
Troy49,7022,9258.412.01
Tupper Lake5,825< 2503.391.13
Utica60,6524,0227.631.40
Watertown25,9001,9288.381.08
Westchester974,542114,5750.980.45
White Plains58,2418,3670.960.43
Yonkers200,80718,5862.161.26


New York City, NY Business Insurance Cost Factors

Covering Your Business Assets

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. 

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.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in New York, NY workers comp cost looks like.

  • Health Care and Social Assistance Industry, $4,690/year
  • Accommodations and Food Services Industry, $2,100/year

State law requires all New York businesses to purchase workers' compensation insurance for employees. In New York City, rates will vary substantially from one company to the next. Much will depend on the industry you're in and the hazards your employees face in the workplace. For example, employees working in a health care field might face higher risks for infectious disease exposure or for slip and fall accidents, leading to higher rates for health care companies than for businesses providing accommodations or food services.

Long Island, NY Business Insurance Cost Factors

Covering Your Business Assets

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 for 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

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Long Island, NY workers comp cost looks like.

  • Retail Trade Industry, $2,030/year 
  • Construction Industry, $7,190/year 

Both industries need workers' compensation insurance, but rates will drastically vary between the two. Because construction workers face a higher risk for accidents and injuries on the job, this industry will always have higher premiums on workers' comp coverage.

Buffalo, NY Business Insurance Cost Factors

Covering Your Business Assets

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. If your business owns a vehicle or a fleet of vehicles, you'll need commercial auto insurance just 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

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Buffalo, NY workers comp cost looks like.

  • Manufacturing Industry, $5,130/year
  • Retail Trade Industry, $2,030/year

Both of these industries require extensive manpower for daily operations, so you will need workers' compensation insurance. The cost for coverage will vary substantially from one industry to the next, based on the hazards your employees face in the workplace. If your company functions in a high-risk environment with heavy machinery or dangerous equipment, you can expect to pay higher rates for workers' compensation insurance.

Syracuse, NY Business Insurance Cost Factors

Covering Your Business Assets

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 for collisions in your city.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Syracuse, NY workers comp cost looks like.

  • Retail Trade Industry, $2,030/year 
  • Educational Services Industry, $590/year

Every Syracuse business is legally required to purchase workers' compensation insurance as a protection for employees. If someone gets hurt on the job, your workers' comp will cover the cost of medical bills and lost wages. Workers' compensation insurance premiums are drastically different from one industry to the next. For example, workers' comp rates are fairly low for businesses providing education services due to low-risk working environments. On the other hand, in the retail sector, risks are higher for accidents and injuries, so rates for retail companies will be higher.

Hempstead, NY Business Insurance Cost Factors

Covering Your Business Assets

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 or auto theft in your city.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Hempstead, NY workers comp cost looks like.

  • Construction Industry, $7,190/year
  • Retail Trade Industry, $2,030/year 

Both industries require workers' compensation insurance for employees, but premiums are substantially different. To understand rates, you first have to look at the risks associated with working in each industry. Construction workers are far more likely to get hurt on the job. From tall ladders to power tools, risks are around every corner. On the other hand, retail work is relatively safe in comparison, so it makes sense that workers' compensation rates would be lower for the safer workplace. 

Yonkers, NY Business Insurance Cost Factors

Covering Your Business Assets

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

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Yonkers, NY workers comp cost looks like.

  • Construction Industry, $7,190/year 
  • Educational Services Industry, $590/year 

Even though these industries operate in the same city, workers' compensation insurance costs are vastly different. Here's why: Industries that face a greater threat for work-related injuries will have to pay more for workers' comp coverage. Construction workers are much more likely to get hurt at work than teachers or principals. The risk for work-related hazards is directly tied to how much you pay for workers' comp coverage.

Brooklyn, NY Business Insurance Cost Factors

Covering Your Business Assets

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 a victim of looting or vandalism.

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.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Brooklyn, NY workers comp cost looks like.

  • Construction Industry, $7,190/year
  • Finance and Insurance Industry, $310/year

Workers' compensation insurance is nonnegotiable if you plan to hire employees. For Brooklyn's top two industries, it's especially important. Both carry a high risk for work-related injuries, and these risks are directly related to rates for workers' compensation coverage. In industries where work-related injuries are more likely, businesses will have to pay more for insurance.

Queens, NY Business Insurance Cost Factors

Covering Your Business Assets

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: 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.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Queens, NY workers comp cost looks like.

  • Accommodations and Food Services Industry, $2,100/year 
  • Construction Industry, $7190

These two top industries make up a large portion of Queens' small businesses, and both need workers' compensation insurance. Rates will be dramatically different between these industries because of the unique risks involved with each workplace. Transportation workers face an elevated risk for serious injuries compared with their neighbors working in restaurants or hotels. That's why workers' comp coverage costs more for the transportation industry.

Staten Island, NY Business Insurance Cost Factors

Covering Your Business Assets

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 also 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 covered on your policy. In areas with higher auto theft rates, premiums could be slightly higher.

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.

Based on a $100,000 annual payroll, here is what the two leading industries in Staten Island, NY workers comp cost looks like.

  • Finance and Insurance Industry, $310/year
  • Public Administration Industry, $170/year

Staten Island's top industries are finance and insurance and public administration. These industries carry a fairly low risk for workplace injuries, which keeps workers' compensation rates low. However, if your business is in the construction or manufacturing sector, you could see a sharp rise in rates, thanks to increased hazards on the job.

Bronx, NY Business Insurance Cost Factors

Covering Your Business Assets

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 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

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.

Based on a $100,000 annual payroll, here is what the two leading industries in the Bronx, NY workers comp cost looks like.

  • Health Care Industry, $4,690/year 
  • Construction Services, $7,190/year 

Workers' compensation rates are drastically different between these two industries. This is because of the unique work-related hazards within each industry. Health care workers face slight risks for infectious diseases or slip and fall accidents. However, construction workers are much more likely to get hurt on the job, thanks to working with heavy materials, power tools and oftentimes climbing tall ladders. These elevated risks drive up rates on workers' compensation coverage.