New York stands to be the 5h most entrepreneurial state in the country. It covers 2.1 million small businesses giving employment to 3.9 million employees. As these small businesses are on great height, it is necessary to ponder over the insurance requirements in the state.

Business Insurance does not provide any assured success to the business. But at the same time are important to reduce the risk associated with many other factors. Each business in New York faces unexampled risks and therefore needs various levels of coverage.

Types of New York’s Small Business Insurance:

  1. Business Owner’s policy-

Business owner’s policy is a beneficial one. BOP provides numerous liability coverage. Some of the indemnity claims that New York small business owners insurance coverage protects them from injury to employees, liability claims, income loss, fire, employee fraud, equipment breakdown or failure, etc.

  1. General Liability Insurance in New York-

General liability insurance is given to the companies in New York to protect them from any random loss whether it may be financial loss or some physical harm. Some of the common risks covered under general liability insurance are liabilities from products sold, contractual liabilities and on-work accidents. The loss or injury might be from negligence. This particular insurance for Small business in New York may cover single policy or can include several policies.

  1. Worker’s Compensation Insurance-

Worker’s compensation insurance helps the employees to get additional benefit in case of some injury or loss they might come across at the work place. If any company is not providing the same to its employees, it is charged with fines and penalties. So, it is a mandatory insurance for the employees in New York.

  1. Commercial Auto Insurance-

Commercial auto insurance provides coverage to the vehicles of Small businesses in New York. Whether a business owns a single vehicle, that too will be insured in case of any misshape due to accident or damage from any natural disaster. Commercial auto insurance provides security for the company’s trucks, cars, vans and other vehicles.

  1. Errors and omissions Insurance in New york-

Errors and omissions insurance policy provides assurance to the companies from any sort of lawsuits or claims made by some clients or customers for some mistakes, negligence or careless duties. Therefore, this policy helps the business owners with the cost of courts, legal defense as well as with settlements.


Further, Small Businesses in New York also get some secured bonds which servers for their protection.

Some of them are as follows:

  • Fidelity Bonds- Fidelity bonds provides security against theft or fraud cases or from embezzlement. Three common fidelity bonds are business service bonds, ERISA bonds and standard employee dishonesty bond. These bonds provide help in the financial losses of money, security or properties.
  • Surety Bonds- Three parties mutually come together and share a bond which is known as surety bond that is an obligatory agreement or contract between the principal, obligee and insurance company. Owners of Small Businesses in New York require the surety bond in order to get assured payment of utility expenses or sales taxes. Surety bond provides indemnity to the beneficiary from loss if contract is not fulfilled.


Having the small businesses at peak, insurance for these businesses is also required. Not having right kind of insurance may put you and your employees at risk. Therefore, it is advisable for the owners of Small Businesses in New York to get secured with the variety of insurance offered to them which definitely secures them with loss due to accident, fire, theft or any another damage due to any of the mishap.

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