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Recommended insurance policies for small businesses in New York
General liability insurance
General liability covers common risks for small businesses in New York, including customer injuries. Commercial leases often require this policy.
- Customer injuries at your company
- Damaged customer property
- Copyright and defamation lawsuits
Errors and omissions insurance
This policy is also called professional liability insurance. It protects professionals against lawsuits over mistakes, missed deadlines, and oversights.
- Work errors and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy protects New York small businesses against data breaches and cyberattacks that affect your business or a client.
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a New York small business.
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation
Workers’ compensation insurance is required for New York small businesses that have employees. It can cover medical costs for work injuries.
- Employee medical expenses
- Wages lost while unable to work
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for vehicles owned by New York small businesses. It covers injuries and property damage in an accident, along with other types of damage.
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? Check out our other policies.
What are the insurance requirements for small businesses in New York?
Workers' compensation insurance
New York state law requires businesses with employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
Vehicles owned by small businesses in New York must be covered by commercial auto insurance. New York's commercial auto insurance requirements are:
- Bodily injury liability: $25,000 per person / $50,000 per accident
- Liability for death: $50,000 per person / $100,000 per accident
- Property damage liability: $10,000 per accident
- Personal injury protection: $50,000
- Uninsured motorist coverage: $25,000 per person / $50,000 per accident
Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
How much does small business insurance cost?
Commercial insurance can be affordable for a small New York company. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
We specialize in business insurance for New York IT and technology professionals
Our agents are experts in insurance for New York technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed in New York by the State Department of Financial Services.
In New York, we operate as BIN Insurance Holdings, LLC (NPN 15752926) for property and casualty insurance (agent license PC-1155635, broker license BR-1155635) and for surplus lines (license EX-1155635). You can verify our licensure with the Department of Financial Services by selecting “Business Entity” in the first dropdown and then entering our New York state license (1155635).