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Technology Business Insurance in New York

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Recommended insurance policies for technology businesses in New York

General liability insurance

General liability insurance icon

General liability covers common risks for technology businesses in New York, including customer injuries. Commercial leases often require this policy.

BEST FOR
  • Customer injuries at a tech company
  • Damaged customer property
  • Copyright and defamation lawsuits

Errors and omissions insurance

Errors and omissions insurance icon

This policy is also called professional liability insurance. It protects tech professionals against lawsuits over mistakes, missed deadlines, and oversights.

BEST FOR
  • Technical errors and oversights
  • Professional negligence lawsuits
  • Late or incomplete work

Cyber liability insurance

Cyber liability insurance icon

This policy protects New York technology businesses against data breaches and cyberattacks that affect your business or a client.

BEST FOR
  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs

Business owner’s policy

Business owner’s policy icon

This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a New York technology business.

BEST FOR
  • Customer injuries
  • Damaged customer property
  • Damaged business property

Workers’ compensation

Workers’ compensation insurance icon

Workers’ compensation insurance is required for New York technology businesses that have employees. It can cover medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Wages lost while unable to work
  • Lawsuits over employee injuries

Commercial auto insurance

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This policy is required for vehicles owned by New York technology businesses. It covers injuries and property damage in an accident, along with other types of damage.

BEST FOR
  • 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 technology businesses in New York?

State laws can affect which policies you need for your technology business. These policies are required for New York businesses.
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Workers' compensation insurance

New York state law requires technology businesses with employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.

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Commercial auto insurance

Vehicles owned by technology 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 business insurance cost for technology professionals?

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Commercial insurance can be affordable for a small New York tech company. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees
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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).

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