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.