Insurance for Small Business Owners in New York

Do You Need Small Business Insurance in New York?

Millions of tourists have flocked to New York to enjoy the beauty of its upstate area, the excitement of downtown New York City, and pieces of US history, like the Statue of Liberty. Tourists and residents alike also benefit from New York’s many small businesses, as they provide a range of products and services like retail stores, consultancies, and pet care.

  • There are 2.3 million small businesses in New York
  • Small businesses in New York employ 4.1 million private workers
  • 25.9% of small businesses in New York are minority-owned

Protecting those small businesses is important, which is why the state mandates certain insurance coverage (and recommends others). We’ve taken the next step for you by providing basic information on small business insurance below.

Required Business Insurance Coverage in New York

The State of New York requires the following insurance coverage for small businesses:
  1. Commercial Auto Insurance.
    Sufficient automobile coverage is mandatory for New York drivers and for a small business, this means carrying minimum benefit amounts for bodily injury liability ($25,000 per person/$50,000 per accident) and for property damage liability ($10,000 per accident). 


  2. Workers’ Compensation Insurance.
    Workers’ Compensation insurance is a state requirement for New York businesses. Typically, this covers the medical and legal costs for employees who are injured or become ill on the job. Without this coverage, your small business may incur state fines and hefty medical and legal bills to compensate an injured employee.

Recommended Business Insurance Coverage in New York

The following insurance coverage is recommended for New York small businesses:
  1. Small Business Owner’s Insurance.
    A Business Owner’s Policy (or BOP) bundles both property insurance and general liability into one convenient, comprehensive policy for small business owners. It typically covers losses and damages related to buildings used for business purposes. It also covers customer medical expenses for onsite third-party accidents and advertising damage claims.

  2. General Liability Insurance.
    This coverage helps small business owners manage the financial burden of paying out costly customer injury claims. General liability insurance also extends to legal expenses related to slander and libel lawsuits. Often commercial leases will require small businesses to carry this coverage.

  3. Professional Liability Insurance.
    With Professional Liability coverage in place, small businesses and independent professionals providing expert services and consultation can protect themselves from costs resulting from work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. 

  4. Cyber Liability Insurance.
    Even small businesses can experience a data breach or cyber attack. And for small businesses in New York, Cyber Liability coverage is protection designed for malicious hacking and cyberattacks. It typically covers the costs related to customer notification and fraud monitoring, as well as legal fees and system damage. 

Our Small Business Insurance Company Is Here to Help

B2Z understands that insurance can be confusing, so we set out to make it understandable and easy to purchase.
  1. Q
    Does B2Z offer small business coverage in New York?
  2. Q
    Q: How do I get a quote for small business insurance in New York?

    Simply click on the Get Your Quote button and answer a few questions. Complete your profile and purchase your preferred coverage.