Best small business insurance companies in New York | Fortune Recommends
Best small business insurance companies in New York | Fortune Recommends
In New York, there are 2.3 million small businesses in operation. Those businesses employ about 48% of the state’s workforce. New York is home to a large variety of businesses in multiple industries; some of the largest include transportation, real estate, healthcare, construction and retail.
Businesses in New York face multiple risks, including damages related to floods and winter storms. To protect your business and keep it operating, you’ll likely need to purchase one or more insurance products. We identified the best small business insurers in New York based on their products, customer satisfaction and financial stability (view full methodology).
The 5 best small business insurance providers in New York for 2024
*Last updated February 29, 2024.
Businesses in New York face unique challenges and different insurance requirements than other states. To adequately insure your business, consider purchasing coverage from one of the following companies (we’ve also have’ve also identified the best insurance companies for small businesses across the entire country):
Best Overall: Chubb
About: Chubb is a global insurance company headquartered in Zurich, Switzerland. It operates in 54 countries, providing commercial insurance and risk management programs to businesses of all sizes. Its commercial business insurance issues products like general liability, workers’ compensation and cyber insurance. Chubb is a top insurer. In fact, it was the top writer of commercial insurance lines based on direct premiums written in 2022.
Chubb is our pick as the best overall insurer for New York small businesses because of the number of insurance products it offers and its easy-to-use small business insurance website. Chubb serves small businesses of varying sizes, from independent contractors to retail stores with dozens of employees. You can use the insurer’s online tools to find out which insurance products your business needs and, if your business has under $2 million in revenue, get quotes for coverage online. Chubb also ranked best overall for small businesses in California.
Best for Business Owners’ Policies: CoverHound
About: Shopping around for insurance is key to finding the best rates, but it can be a time-consuming chore. CoverHound is a marketplace that simplifies and streamlines the process by connecting users to quotes from leading insurers, such as Chubb or Nationwide. You can purchase multiple forms of business insurance through CoverHound’s platform, and your coverage can go into effect in as little as 24 hours.
New York has experienced huge leaps in entrepreneurship, so CoverHound is best-suited for independent contractors, freelancers and microbusiness owners who need business owners’ policies (BOPs) — packages of common small business insurance products.
CoverHound allows budget-focused business owners to quickly and easily compare BOP quotes from top insurers online, and they can purchase coverage right away. Once they pay the premium, coverage can go into effect quickly. We also ranked CoverHound as best small business insurance marketplace across the U.S.
Best for Landlord Insurance: Farmers Insurance
About: Farmers Insurance is the ninth-largest writer of property and casualty insurance in the United States based on direct premiums written. Founded in 1928, Farmers has expanded its operations to issue both personal and commercial insurance products. For small businesses, it has multiple insurance options, including property and general liability coverage, commercial auto insurance and specialty products.
In New York, nearly half of the state’s population rents their homes, making it an appealing place for landlords. Farmers Insurance is a standout insurer for landlord coverage because it has insurance options for different property types, from single-family homes to multi-unit apartment buildings. Farmers also offers SmartMove, a tenant-screening tool offered in partnership with TransUnion, one of the major credit bureaus, to evaluate property applicants.
Best for Commercial Auto Insurance: The Hartford
About: Since 1810, The Hartford has been a well-known writer of personal and commercial insurance, and it currently serves over one million small businesses. In New York, it sells a variety of small business insurance products, including BOPs, business income interruption coverage and commercial auto insurance.
Transportation is a leading industry in New York, and the state requires all drivers to meet minimum liability coverages. Due to winter storms and heavy rains that can affect the state, New York business owners may need additional coverage. The Hartford has commercial auto insurance policies to protect you if you or an employee are in an accident while driving a covered vehicle for work purposes. It also covers a variety of vehicle types, from cars to service utility trucks. The company’s rates are competitive; on average, customers pay an average of $574 per month. The Hartford also provides the best insurance company with add-on options for small businesses.
Best for Disability Benefits: NYSIF
About: NYSIF is a provider of workers’ compensation and disability benefits to New York businesses. It’s a public insurance carrier and non-profit organization, and NYSIF must provide insurance to any New York-based business, regardless of the type of business, safety record or size.
NYSIF is the best insurer for small businesses that need to purchase disability benefits for their workers — mandatory coverage in New York. Because NYSIF is a not-for-profit organization, its products may be cheaper than the rates of other insurers. NYSIF also allows employers to add enhanced benefits to their employees to create more appealing benefits packages. With enriched benefits, employers can provide disability benefits that are up to five times the required rate.
What to know about Small Business Insurance in NY
In New York, you may need one or more of the following insurance products:
Learn more about ways to safeguard your company with our comprehensive guide to small business insurance.
How to choose a Small Business Insurance in NY
The insurance industry in New York is facing several challenges as some insurers limit new commercial business, restrict coverage limits or non-renew customers. These changes in the industry may give you fewer options as you shop for an insurer, but there are still several insurance companies issuing policies.
When considering your options, keep the following factors in mind:
Frequently asked questions
In the state of New York, employers with one or more employees must provide their workers with workers’ compensation insurance and disability benefits. You have the option of providing these benefits through a private insurer, or you get coverage through NYSIF, a non-profit organization serving New York employers.
If you have a vehicle that you use for your business, you’ll also need commercial auto insurance for your and your employees that meets the state-minimum requirements.
What are the commercial auto insurance requirements for New York?
In New York, all vehicles must have coverage that meets the following minimum requirements:
How much does business insurance in New York cost?
Prices vary based on your business type, location and size. In general, New York business owners should expect to pay anywhere from $25 to $600 per month for general liability insurance.
Our methodology
We identified the five best small business insurance companies in New York based on the following information:
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.
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