Choose The Hartford for Your New York Business Insurance Needs
New York is home to 2.4 million small businesses, employing 3.9 million people in the Empire State.1 Whether you own a small business or are thinking of starting one, it’s important to understand NY business insurance requirements.
The Hartford has more than 200 years of insurance experience, so we understand the unique risks small business owners face. Our specialists can help you get the business insurance coverage you need to keep your New York business running smoothly.
Types of New York Business Insurance Coverages We Offer
Every business in New York faces different challenges. This means there are different types of insurance coverages you can get to help protect your specific small business.
A Business Owner’s Policy (BOP) combines some of the most critical business insurance coverages your company needs into one convenient and cost-effective policy.
General liability insurance helps protect your New York business from claims that it caused bodily injury or property damage to others.
Most state laws require you to carry this insurance to help compensate employees for expenses associated with work-related injuries or illnesses like medical bills, rehabilitation and lost wages.
Commercial auto insurance helps cover the cost of an auto accident if you or your employee is at fault. If you or your employees drive a vehicle for business reasons, having the right commercial vehicle insurance is important.
Business property insurance, also called commercial property insurance, helps protect your owned or rented building, tools and the equipment you use to operate your business.
Professional liability insurance helps protect your New York business from claims that it made a mistake in the professional services given to customers.
Who Needs Business Insurance in New York?
Businesses in various industries can benefit from having insurance coverage in New York. Without it, you’d have to pay out of pocket for claims, which can be expensive. Some of the industries The Hartford can help protect include:
How Much Does Business Insurance in New York Cost?
The Hartford’s small business customers in New York pay between $86 a month and $189 a month for insurance, depending on the type of coverage.**
How Much The Hartford’s Small Business Customers in New York Pay for Insurance**
| Average Annual Premium | Average Monthly Premium | |
|---|---|---|
| General Liability Insurance | $1,026 | $86 |
| Business Owner’s Policy (BOP) | $2,273 | $189 |
| Workers’ Compensation Insurance | $1,079 | $90 |
In New York, business insurance costs vary because every business owner has unique needs. Insurers can use different factors to determine premiums, including:
- Location
- Type of business
- Number of employees
- Revenue
- Claims history
What Business Insurance Is Required in New York?
If you have employees, you’ll need to carry workers’ compensation insurance in New York to help workers recover from a job-related injury or illness.2 If you have company-owned vehicles that you or an employee drives for business, you’ll also need commercial auto insurance with the minimum required coverage amounts:
- $25,000 for bodily injury, $50,000 for a death of a single person per accident
- $50,000 for bodily injury, $100,000 for the death of two or more passengers per accident
- $10,000 for property damage per accident
Not having any insurance or the right kind of insurance for your New York small business may put you and your employees at risk. That’s why it’s recommended that you consult with a professional on the types of business insurance you may need.
You Can Trust The Hartford
For over 200 years, The Hartford has supported businesses of all sizes, so you can count on us to help you find the protection you need. We’re proud to serve over 1 million small business owners, and we’ve been recognized as one of the world’s Most Ethical Companies® 16 times.16
Help Protect Your New York Business Today
We designed our insurance solutions with small business owners in mind. Our specialists will work with you to understand your insurance needs and get you a business insurance quote that can better protect your New York business.
What Our Customers in New York Are Saying
“Superb service from start to finish. Would recommend The Hartford to other businesses.”
Michelle, from Latham, New York
“My representative contacted me in a timely manner and was very clear with his information and made sure I understood everything regarding the process.”
Michael, from Buffalo, New York
“Excellent service representative who was pleasant, efficient and timely [with the] claim process.”
Sarah, from Buffalo, New York
“Great customer service. … The whole process from start to finish took about a week and only took about a half hour of my time.”
David, from Red Hook, New York
“We have had other claims, however The Hartford was so quick and easy.”
Tricia, from White Plains, New York
“My experience with The Hartford was a pleasant one. … I was extremely impressed with the professionalism and courteous nature of their agents.”
Bill, from Bath, New York
Frequently Asked Questions About New York Business Insurance
Why Is Business Insurance Important in New York?
Business insurance is important in New York because it can help protect you from risks and claims that can come up during normal operations. Without coverage, you’d have to pay out of pocket for expensive claims. From customer slips and falls to property damage, having the right insurance coverage can help you focus on running a successful business.
How Much Does Business Insurance Cost in NYC?
On average, our small business customers in New York pay between $86 a month and $189 a month for business insurance, depending on the coverage. The best way to find out how much business insurance will cost you is to get a quote.
Is Business Insurance Required in New York?
New York requires most businesses with employees to carry workers’ compensation coverage. If you have company-owned vehicles that you use for work, you’ll also need to have the minimum required coverage amounts for car insurance.
** Costs, premiums, and coverages mentioned are estimates and are not guaranteed. Actual cost, premium, and coverage are determined at the time of quote or issue and are specific to an individual risk. Premiums are based on information provided to The Hartford, including, but not limited to, underwriting and rating criteria. All examples included on this website or in an advertisement are intended for informational purposes only and are not an offer or a guarantee of premium or coverage. Coverage and products described are subject to the terms and conditions found in the policy contract. Any educational information provided about available coverages does not modify the policy language or imply that any claim is covered. Products are not available in all states or for all businesses.
16 “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.
Additional disclosures below.