Finding the best general liability insurance provider in New York requires careful consideration of various key factors, including coverage options, pricing, financial strength and customer satisfaction.
In our in-depth analysis, Thimble emerged as the best overall company and also the most affordable for general liability insurance in the state. For LLCs, Thimble offers monthly rates of $69, making it an attractive choice. Sole proprietors with no employees can enjoy a monthly cost of just $22.
Best General Liability Insurance in New York
Best Overall General Liability Insurance in New York
MoneyGeek found that Thimble is the best general liability insurance provider in Rhode Island, earning an overall MoneyGeek score of 94 out of 100.
The table below presents the costs and MoneyGeek scores for all the companies we analyzed in New York, ranked from least to most expensive. Our ranking may be a valuable resource for business owners searching for the best general liability insurance that aligns with their specific needs. It allows for easy comparison and informed decision-making when selecting an insurance provider.
How was this MoneyGeek score calculated?
Most affordable rates for sole proprietors
Fast online quote process
Strong financial backing
Low customer service rating
Only provides online customer support
Thimble, the leading general liability insurance company, excels in various categories, showcasing exceptional performance. The insurer's strengths include comprehensive coverage options, competitive pricing and a user-friendly digital platform. Thimble's high financial stability rating indicates its strong ability to cover customer claims and fulfill its financial commitments.
While Thimble does receive a higher number of customer complaints, based on data from the National Association of Insurance Commissioners (NAIC), it stands out for its speedy online quote system. Thimble's quote generation process takes approximately 18 seconds, making it the fastest among the insurers we analyzed.
With a commitment to delivering reliable and affordable coverage, coupled with its outstanding performance in key areas, Thimble is a top choice for businesses of all sizes.
Cheapest General Liability Insurance in New York
Thimble ranks as the most affordable general liability insurance company in New York. It offers competitive average rates of $69 per month for LLCs and $22 per month for sole proprietors.
Our comprehensive affordability score, which considers the monthly costs for both business types, enables us to rank companies and determine the cheapest options. It's important to note that the winner may not always offer the lowest price for both entity types.
How was this MoneyGeek score calculated?
Least expensive premiums for sole proprietors
Second-cheapest for LLCs
Excellent online quote process score
Above-average customer satisfaction complaints
Thimble is MoneyGeek's top choice for the most affordable general liability insurance provider. For LLCs, Thimble ranks as the second-cheapest option, with average monthly rates of $69. It takes the lead for sole proprietors, with the lowest average monthly premiums starting at $22.
Another notable advantage of Thimble is its fast and user-friendly online quote process. Potential policyholders can obtain quotes in under 30 seconds, streamlining the insurance purchasing experience.
Furthermore, the insurer maintains strong financial stability, providing customers with confidence that claims will be covered. Its robust financial backing ensures that the company has enough resources to meet its obligations.
However, it's important to consider that Thimble specializes in general liability insurance and may have limited coverage options compared to other providers. Availability may also vary depending on the location of your business.
Best General Liability Insurance for Employers in New York
With a MoneyGeek score of 97 out of 100, Nationwide is the best general liability insurance provider for employers.
These rankings are based on the average monthly cost for LLCs with 20 employees. Nationwide's average monthly rate for LLCs is $90.
Note that employee count can significantly impact the cost of general liability insurance. Companies that employ less than 20 people can expect to pay less than our average cost, whereas a company with a greater employee count may pay more.
How was this MoneyGeek score calculated?
High financial stability score
Excellent customer satisfaction rating
Charges third-cheapest rates for LLCs
May take longer to get an online quote
Unavailable in some states
With an outstanding overall MoneyGeek score of 97 out of 100, Nationwide is a versatile insurance provider offering small business policies across various industries. Whether it's photography studios, retail stores, wholesalers or specialized industries like breweries and senior living facilities, Nationwide provides coverage tailored to the unique needs of each sector. The insurer offers a total of 14 industry specialties, ensuring that businesses in different sectors can find the coverage they need.
Small business owners can find common coverages, including professional liability, commercial property, workers' compensation and commercial auto and business owners policies (BOP). The convenience of filing claims online sets Nationwide apart, although policy purchase still requires agent assistance.
The insurer provides an online assessment tool to help you find the right plan, but it's essential to consult a Nationwide agent to determine the best options for your business.
Best General Liability Insurance for Sole Proprietors in New York
With an impressive MoneyGeek score of 97 out of 100, biBERK ranks as the best provider for sole proprietors. We evaluated the average cost for sole proprietors with no employees, and biBERK stands out with a remarkably low monthly cost of just $23. It's worth noting that sole proprietors in riskier industries, like construction, may incur higher premiums.
How was this MoneyGeek score calculated?
Offers the second-cheapest rates for sole proprietors
User-friendly and intuitive online platform
A++ AM Best financial strength rating
May take a few minutes to get a quote online
biBERK is a leading insurance company specializing in providing general liability insurance specifically designed for sole proprietors. Its online platform offers a streamlined experience, allowing sole proprietors to obtain quotes, purchase coverage and manage their policies easily. The company provides customizable coverage options, ensuring that sole proprietors can tailor their insurance to meet their business needs.
biBERK aims to provide cost-effective coverage for sole proprietors and help them manage their insurance costs. As a subsidiary of Berkshire Hathaway, biBERK benefits from the financial stability and strength of a reputable parent company, offering peace of mind to policyholders.
While biBERK specializes in general liability insurance, it's important to note that their focus on online services may result in limited opportunities for personalized support. Availability may also vary by state, so sole proprietors need to consider these factors alongside their business requirements when selecting general liability insurance coverage. Comparing quotes from several insurance companies can assist you in finding the best fit for your business's needs.
Do You Need General Liability Insurance in New York?
Although New York State does not legally mandate general liability coverage, buying general liability coverage is still important for business owners. While commercial auto insurance and workers' compensation are compulsory, general liability insurance may be necessary to acquire business licenses or secure contracts in certain industries. It covers potential liabilities and can protect your business in case of unforeseen incidents or legal claims.
General liability insurance protects your business from losses arising from claims related to injuries, property damage and associated costs like legal fees, medical expenses and property repairs. Having general liability coverage can help safeguard a business's reputation and assets in the event of accidents or incidents during business operations. It is an essential component of comprehensive business insurance.
In New York, businesses must have workers' compensation insurance if they have employees, with a few exceptions. Sole proprietors and business owners without employees may be exempt from this requirement. This coverage ensures employees receive benefits for work-related injuries or illnesses, including medical expenses, disability benefits and lost wages.
On the other hand, commercial auto insurance is required for all vehicles owned by businesses in New York, regardless of the number of employees. This insurance protects against property damage and bodily injury liability resulting from car accidents. Companies must obtain commercial auto insurance for their company-owned vehicles with minimum coverage limits that include the following:
- $25,000 per person
- $50,000 per accident for bodily injury
- $10,000 for property damage
Both workers' compensation and commercial auto insurance are essential parts of a comprehensive business insurance plan.
Small business owners in New York can find valuable assistance from the state's Empire State Development (ESD) program. ESD offers a range of resources and support programs designed to foster business growth and success.
This program offers various services, including business consulting, mentorship, access to capital and specialized workshops to enhance business skills and expand market opportunities. It is designed to assist small businesses in achieving their growth objectives and overcoming challenges they may face.
How Much Is General Liability Insurance in New York?
In New York, the average monthly cost of general liability insurance is $186 for LLCs and $31 for sole proprietors. These costs may vary depending on factors such as the size and nature of the business.
General liability insurance typically includes a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible. The aggregate limit is the maximum amount the insurance company will pay for all covered claims during the policy period. The occurrence limit represents the maximum amount the insurance company will pay for a single claim. The $0 deductible means the business owner would not have to pay any out-of-pocket expenses before the insurance coverage is applied. These policy limits provide financial protection and coverage for potential liabilities and damages that may occur while in business operations.
Factors That Impact General Liability Insurance Costs in New York
General liability insurance costs vary depending on several aspects that impact coverage costs and premiums. Policy limits determine the level of protection and can influence premiums, with higher limits often leading to higher costs.
The size of your business, including its number of employees and payroll costs, can also affect insurance expenses, as companies with more employees and higher payrolls may face higher premiums. The location of your business also plays a role, with riskier areas incurring increased insurance costs. Previous claims histories and the industry type of your business also contribute to pricing.
The following table highlights the average costs of general liability insurance for cleaning businesses, software development companies and general contractors in New York.
The chosen coverage limits for general liability insurance can impact premiums. Higher coverage limits provide increased protection but may result in higher expenses.
Number of employees and payroll costs
The size of your business, the number of people you employ and the amount spent on payroll can impact your insurance costs. Companies with more employees and higher payroll costs may face higher premiums. Our data for LLCs and sole proprietors in New York demonstrates cost variations based on employee counts.
The location of your business is another critical factor. High-risk locations, such as areas prone to natural disasters or higher crime rates, can lead to increased insurance costs. Note that statewide averages may differ at the city level.
A history of claims indicates a higher risk profile, which insurance companies consider when determining premiums. Businesses with a record of filing claims may be charged higher premiums to account for the increased likelihood of future claims. It is important for companies to manage their risks effectively and mitigate potential liabilities to maintain lower insurance costs.
The industry in which a business operates also influences general liability insurance costs. Businesses in high-risk sectors, like construction, often have higher premiums due to the increased potential for accidents or claims.
Frequently Asked Questions About General Liability Insurance in New York
New York business owners should prioritize considering general liability insurance for their companies. To assist them in finding the best and most affordable insurers in the state and provide valuable insights into coverage details and requirements, we have answered some commonly asked questions.
About Melissa Wylie
- biBERK. "biBERK." Accessed May 11, 2023.
- biBERK. "General Liability Insurance From biBERK | Get A Quote Today." Accessed May 11, 2023.
- New York Gov. "Empire State Development." Accessed June 12, 2023.
- Thimble. "General Liability Insurance for Small Businesses." Accessed May 11, 2023.