Small business owners in New York have specific insurance requirements that are mandated by the state. However, since it's impossible to know when a hazard could arise ahead of time, most business owners choose to have additional insurance coverage beyond what the state demands.
You run your business in a particular way. Help keep protect your assets with a bespoke commercial insurance package that's tailored for small business like yours. AmVenture's insurance solutions can help keep your business protected.
State-Mandated Small Business Insurance Requirements in New York
In New York, if you have one or more employees, you're required to have workers' compensation. The policy can offer crucial protection for your business and staff if an employee suffers a work-related accident, injury or illness.
With workers' compensation, injured employees can receive compensation for medical treatments, hospital visits, lost wages, death and funeral benefits, and more. Coverage may also include protection for your small business against liability claims; injured employees who draw benefits may be prohibited from successfully suing your business for responsibility for workplace injuries.
While workers' compensation protects employees for work-related accidents, injuries, and illnesses, state disability insurance (SDI) assists them in recovering for non-work-related incidents. The policy is also a requirement of the state and typically covers short-term and temporary disabilities that could require employees to take time off work.
Additionally, if you own or operate vehicles for your business, you must carry commercial auto insurance in New York. If you use your personal vehicle for business purposes and you're involved in an accident, your standard auto insurance most likely won't cover you for medical expenses, liability claims, or property damage. Personal auto insurance also won't typically cover you for accidents, damage, or medical claims that arise from an accident your employees cause or suffer while driving one of your vehicles.
Other Small Business Insurance Coverage to Consider in New York
Businessowners Policy (BOP): You may not be required to have a BOP in New York; however, the policy could serve to shield your small business in multiple ways. Coverage may include:
- Property or inventory damage: coverage for damage caused by a catastrophe such as a fire or an act of theft or vandalism.
- Third-party liability claims: coverage for litigation costs stemming from third-party allegations of bodily injury, property damage, advertising injury, libel, slander, and more.
- Business interruption: coverage for loss of income if you have to close your business temporarily due to a covered event like property damage.
Cyber Liability Insurance: Any time you rely on the internet for business purposes, the possibility of a data breach or cyberattack is always present. If you store customers' email addresses, phone numbers, orfinancial data online and a hacker is able to steal their information, you could be held liable. Cyber liability insurance could help you cover some of the costs associated with a cyberattack or data breach.
Employment Practices Liability Insurance (EPLI): An EPLI policy could help safeguard your small business if a past or current employee sues you for harassment, discrimination, wrongful termination, demotion, or retaliation, by covering the costs of litigation.
How to Get Commercial Insurance in New York
To start equipping your New York business with the specific level and types of insurance protection, reach out to AmVenture today. One of our knowledgeable professionals will help you find insurance solutions to address many of your biggest risks. To get started, fill out our brief form for your free quote.