The city with several small businesses- 


New York, also known as ‘The City’, is home to several small businesses. As a matter of fact, with almost 2 million small businesses, which makes a significant fraction of 99.75 of the total businesses present in New York, it is one of the leading cities in this regard. And, the most fantastic thing about NY is the diversity it represents in business owners as well as employees.


If you are a small business owner in New York or plan to start one, then do remember that the state laws can affect the insurance policies that one needs to own for starting a small business in the city.


The required policies of small business insurance in New York are mentioned as below-


Worker’s compensation Insurance– This insurance policy is known to cover medical bills for work-related injuries as well as protects the employees from liability over that injury.


Commercial auto insurance– By law, all those vehicles that are used for the business work are covered under commercial auto insurance. Under this insurance the requirements include- bodily injury liability of $25,000/ person whereas $50,000/ accident, property damage liability of $10,000/ season, liability for death of $50,000 /accident whereas $100,000/ accident and personal injury protection of $50,000.



What are the insurance policies that the state of New York mandates? 


This is a known fact that the requirement of every business is different. At the same time, all the companies must consider the effect of protecting their business with the correct small business insurance NY. In this regard, some of the recommended insurance policies for small businesses in NY are mentioned as follows-


  • General liability Insurance-

The concerned policy is essential for all kinds of small businesses in the city. It mainly covers the usual risks, such as customer property damage, injuries.


  • Professional liability insurance– The concerned policy, also known as errors and omissions, tends to protect those professionals who are experts in one or the other field. It further covers the lawsuits of clients over the mistakes as well as the deadlines that could not be completed on time.


  • Cyber liability insurance

This policy or insurance tends to help various small businesses operating in New York to protect themselves from unwanted cyber attacks as well as data breaches. Under this policy, the business owner needs to pay the costs required for client notification fees, legal fees, and other required charges as well.


  • Business Owner’s Policy

The Business Owner’s policy is a combination of two essential policies, namely, property insurance and general liability insurance. If you are looking for a cost-effective and affordable kind of commercial insurance in New York, then this is your cup of tea.


  • Worker’s compensation insurance- If you own a small business in New York, then state law requires you and every small business owners that employ people, for part-time or full-time, to have worker’s compensation insurance covered. This is due to the reason that this policy provides medical costs for the injuries that employees can suffer while working.
  • Commercial auto insurance

If you have a business-owned vehicle and that is operating in NY city then, you need to have this policy covered. This policy protects against property damage, injuries, vehicle theft, as well as any weather damage too.


So, please choose the right insurance that suits your business needs and get it covered as soon as possible.


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