Required insurance policies for small businesses in New York

State laws can affect which business liability insurance policies you need for your small business. These policies are required in New York.

Workers’ compensation insurance

New York state law requires every business that has employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and protects employers from liability over an injury.

Commercial auto insurance

All business-owned vehicles in New York must be covered by commercial auto insurance. 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.

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

Recommended insurance policies for small businesses in New York

General liability insurance

This policy is important for all New York businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.

BEST FOR

• Customer injuries at your business
• Damaged customer property
• Libel or slander lawsuits

Special Financing is available for some of these policies through Strand Finance! Ask us for the details.