New York City is a global hub for entrepreneurs and investors, which makes it an attractive place to do business despite high costs. Protect your small NYC business with these common insurance policies.
A general liability policy protects NYC businesses from lawsuits related to customer accidents, defamation, and copyright infringement. Commercial leases often require this coverage.
This policy covers legal fees related to mistakes and oversights, such as a missed deadline that harms a client's bottom line. It's also called errors and omissions insurance (E&O).
Cyber insurance covers costs related to data breaches and cyberattacks. Every New York City business that handles credit cards or other personal information should carry this coverage.
A BOP bundles general liability coverage and commercial property insurance together at a discount. It's the policy most often recommended for small businesses in New York City.
Workers’ comp is required for all New York businesses that have employees. It also covers work-related medical bills for sole proprietors, which personal health insurance may not cover.
All vehicles owned by New York businesses must be covered by commercial auto insurance. This policy covers auto accident injuries, property damage, and legal costs.
This business liability insurance for professional services and consultants protects against legal costs from clients harmed by your work. It's also called professional liability insurance.
This policy covers your building's physical structure and its contents, such as inventory, computers, and furniture. Bundle it with general liability coverage in a BOP for a discount.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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Get QuotesState and local laws can determine the type of coverage you need. These policies help you comply with New York business insurance requirements.
The state of New York workers' compensation law requires this coverage for all businesses with employees. That includes both full-time and part-time employees.
NY businesses must either purchase a policy through an insurance company or get permission to self-insure their company.
Workers' compensation covers medical expenses from job-related injuries and illnesses, such as a cleaning business employee becoming sick from cleaner fumes. It also provides disability benefits for injured New York City workers.
New York state law requires commercial auto insurance for all vehicles that are owned by a business. This insurance policy pays for medical bills, legal costs, and property damage after an auto accident.
New York City businesses must meet the state's requirements for auto liability coverage, which are:
New York also requires no-fault personal injury protection (PIP) and uninsured motorists coverage for all vehicles.
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
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Small businesses in New York City don't have to pay a lot for commercial insurance. Here are a few average costs for New York businesses:
General liability: $41 per month
Workers' comp: $37 per month
Professional liability/E&O: $70 per month
The cost of business insurance depends on factors such as:
