NEXT tops our analysis of New York business insurance providers because of its strong customer service and comprehensive coverage. The Hartford and Simply Business are also reliable options for small business owners across the state.
Business Insurance in New York
NEXT tops our business insurance New York rankings with a MoneyGeek score of 4.64 out of 5.Â
Find affordable coverage that protects your small business in New York below.
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Updated: August 18, 2025
Advertising & Editorial Disclosure
Key Takeaways
Small business owners in New York can find reliable coverage through NEXT, The Hartford and Simply Business, which rank as the state's top-rated providers.
The right business insurance choice in New York depends on your specific industry risks, number of employees and desired coverage limits.
To secure the best coverage, evaluate your business risks, get quotes from multiple providers, check customer service ratings and look for discounts.
Best Business Insurance Companies in New York
| NEXT | 4.64 | 3 | 1 | 2 |
| The Hartford | 4.61 | 2 | 2 | 3 |
| Simply Business | 4.50 | 4 | 5 | 1 |
| Nationwide | 4.47 | 8 | 2 | 4 |
| biBERK | 4.42 | 7 | 2 | 5 |
| Coverdash | 4.41 | 6 | 6 | 2 |
| Thimble | 4.34 | 1 | 8 | 5 |
| Progressive Commercial | 4.31 | 5 | 7 | 5 |
| Hiscox | 4.30 | 7 | 4 | 6 |
| Chubb | 4.27 | 9 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
The Hartford leads New York businesses with top-rated general liability coverage and business owner's policies (BOP). NEXT provides the best professional liability insurance and workers' compensation coverage.
| Business Owners Policy | The Hartford | 4.67 |
| General Liability | The Hartford | 4.59 |
| Professional Liability (E&O) | NEXT | 4.76 |
| Workers Compensation | NEXT | 4.60 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best New York Small Business Insurance Reviews
Our research identifies the top three business insurance providers in New York based on coverage options and value. Here's what makes each company stand out for small business owners seeking comprehensive protection.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ of 5
4.5/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$120This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$80This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5Our Survey: Likely to Be Recommended to Others
4.8/5
The Hartford
Best for Affordability
MoneyGeek Rating
4.6/ of 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$97This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$81This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5#1 National RankingOur Survey: Likely to Be Recommended to Others
4.5/5#2 National Ranking
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ of 5
4.5/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$111This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$83This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
Cheapest Business Insurance Companies in New York
The Hartford provides the most affordable business insurance in New York at $99 monthly ($1,186 annually). Thimble and Simply Business round out the top three budget-friendly options with rates of $107 and $112 per month. You can compare costs and coverage details for all providers in the table below.
| The Hartford | $99 | $1,186 |
| Thimble | $107 | $1,286 |
| Simply Business | $112 | $1,349 |
| NEXT | $116 | $1,394 |
| Progressive Commercial | $118 | $1,410 |
| Coverdash | $118 | $1,412 |
| biBERK | $118 | $1,419 |
| Nationwide | $119 | $1,430 |
| Hiscox | $123 | $1,474 |
| Chubb | $137 | $1,641 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in New York
The Hartford offers the cheapest general liability coverage in New York at $97 per month. Simply Business provides the next most affordable option at $111 monthly. Compare all provider rates in the table below.
| The Hartford | $97 | $1,165 |
| Simply Business | $111 | $1,338 |
| Nationwide | $114 | $1,371 |
| Progressive Commercial | $119 | $1,426 |
| NEXT | $120 | $1,445 |
| Coverdash | $121 | $1,447 |
| Thimble | $122 | $1,468 |
| biBERK | $130 | $1,557 |
| Hiscox | $130 | $1,559 |
| Chubb | $139 | $1,662 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in New York
NEXT offers the cheapest professional liability insurance (E&O) at $82 monthly ($988 annually). The Hartford is another affordable option for businesses in the state.
| NEXT | $82 | $988 |
| The Hartford | $82 | $989 |
| Thimble | $86 | $1,038 |
| Hiscox | $88 | $1,055 |
| Simply Business | $89 | $1,065 |
| Progressive Commercial | $89 | $1,066 |
| Coverdash | $90 | $1,081 |
| biBERK | $91 | $1,089 |
| Nationwide | $97 | $1,165 |
| Chubb | $103 | $1,230 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in New York
NEXT offers New York's cheapest workers' comp coverage at $80 monthly ($963 annually). Thimble and The Hartford also provide competitive rates, making all three solid choices for business coverage.
| NEXT | $80 | $963 |
| Thimble | $81 | $971 |
| The Hartford | $81 | $973 |
| Hiscox | $81 | $978 |
| Simply Business | $83 | $994 |
| Progressive Commercial | $84 | $1,005 |
| Coverdash | $85 | $1,016 |
| biBERK | $85 | $1,023 |
| Nationwide | $95 | $1,143 |
| Chubb | $99 | $1,185 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in New York
The Hartford offers the cheapest BOP rates in New York, with monthly premiums averaging $135 ($1,616 annually). Business owners can also find affordable BOP insurance through Thimble, Simply Business and biBERK.
| The Hartford | $135 | $1,616 |
| Thimble | $139 | $1,668 |
| Simply Business | $167 | $2,001 |
| biBERK | $167 | $2,007 |
| Nationwide | $170 | $2,039 |
| Coverdash | $175 | $2,103 |
| Progressive Commercial | $179 | $2,143 |
| NEXT | $182 | $2,181 |
| Hiscox | $192 | $2,306 |
| Chubb | $207 | $2,487 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in New York?
Business insurance in New York ranges from $85 to $171 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $171 |
| General Liability | $120 |
| Professional Liability (E&O) | $90 |
| Workers Comp | $85 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in New York vary by industry and coverage type. For example, our analysis shows speech therapists pay just $7 monthly for workers' compensation, while pressure washing businesses need $1,547 monthly for a business owner's policy.
Data filtered by:Results filtered by:
Select
Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $37 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Your New York business insurance premiums might be higher than expected. Here are the key factors that determine your insurance costs in the state:
Industry Risk Level
Your line of work drives insurance costs more than any other factor. High-risk industries like construction face steeper rates due to workplace hazards and accident potential. Construction companies pay $500 monthly for basic coverage, while a consulting business might pay just $40 for similar protection levels.
Geographic Location and Weather Risks
Your business location affects insurance rates based on local risks. New York businesses face particular challenges from severe storms, flooding and winter weather. According to FEMA data, New York has declared 113 major disasters since 1953, with storm-related property damage driving up insurance costs, especially in coastal and flood-prone areas.
Business Size
Your workforce size directly impacts insurance costs. Workers' compensation rates vary by industry, ranging from $1.25 to $9.45 per $100 of payroll. A retail store with 15 employees pays substantially more than a solo consultant, since more workers mean more potential claims.
Claims History
Your claims record shapes future premiums. Even one liability claim can increase rates across multiple coverage types by 10-30%. Insurance companies look back three to five years when setting rates, rewarding claim-free businesses with lower premiums.
Coverage Types and Limits
Your coverage choices impact costs. While higher limits increase premiums, bundling coverage through a Business Owner's Policy often saves 10-20% compared to separate policies. Customize your coverage limits based on your specific risks and assets.
Years in Business
New businesses pay more because insurers lack data to assess their risk. First-year operations often pay 15-25% higher premiums. After three years of safe operation, many businesses qualify for lower rates and additional coverage options.
Professional Certifications
Safety certifications and professional licenses can reduce your insurance costs. Many insurers offer 5-15% discounts for OSHA safety certifications, industry-specific training programs, and professional credentials that demonstrate risk management expertise.
New York Business Insurance Buying Guide
Getting business insurance can feel overwhelming when you're busy running your company. Our straightforward guide shows New York business owners exactly what they need to know, making the process simple and clear.
What Coverage Is Required?
We've researched all New York business insurance requirements to save you time. Check the section below for a complete breakdown of what coverage your business needs.
Workers' Comp
New York requires workers' compensation insurance for nearly all businesses, with very strict enforcement and few exceptions.
You must carry workers' comp if you have one or more employees, including part-time, seasonal and temporary workers. New York has some of the strictest rules in the nation: corporate officers and LLC members who work in the business are automatically covered and cannot opt out unless they meet very specific criteria. Even sole proprietors in construction and certain other industries must carry coverage. The state aggressively audits businesses and imposes heavy penalties for non-compliance.
Commercial Auto Insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. New York requires all vehicles to carry at least $25,000 per person and $50,000 per accident for bodily injury, plus $10,000 for property damage. You'll also need personal injury protection coverage of at least $50,000, which covers medical expenses and lost wages regardless of fault.
Unemployment Insurance
New York requires unemployment insurance for businesses that pay wages of $300 or more in any quarter or employ one or more workers for four days during a calendar year. You must register with the New York Department of Labor and pay quarterly contributions. The state has one of the lowest thresholds in the country, making it very easy to trigger coverage requirements.
Disability Benefits
New York requires disability benefits insurance through payroll deductions from employees. This coverage provides partial wage replacement for workers who can't work due to non-work-related injuries, illnesses or pregnancy. Employers must participate in the state program or provide equivalent private coverage that meets or exceeds state benefits.
Professional Liability Insurance
If you hold a professional license in New York for medical, legal, architectural or engineering work, you'll need professional liability insurance. Healthcare providers must carry malpractice coverage with minimum amounts that vary by specialty, while other professionals should check with their licensing boards for specific requirements.
Contractor Bonds and Insurance
If you hold a contractor license in New York, you'll need to carry liability insurance and may need to post a surety bond depending on your work type and location. New York City has additional requirements beyond state mandates. Home improvement contractors must carry significant liability coverage and register with local authorities. This protects customers if you don't complete work as promised or follow licensing rules.
What Coverage Do We Recommend?
New York keeps business insurance requirements minimal, but smart coverage choices protect your company's future. Here's our analysis of the best coverage options for the state's leading industries:
Restaurant | General liability, product liability, commercial property, equipment breakdown, business interruption, terrorism coverage, cyber liability, celebrity dining coverage, liquor liability, workers' compensation | New York restaurants face extreme liability from celebrity clientele, terrorism risks and cyber attacks on payment systems. NYC establishments require elevated limits due to high-profile incidents, while upstate locations face seasonal tourism and weather-related closures. |
Tech/IT | Professional liability (E&O), cyber liability, general liability, commercial property, intellectual property insurance, directors & officers (D&O), terrorism coverage, financial services IT coverage | New York tech companies face massive cyber attack targeting, financial services regulatory compliance, and IP disputes. Wall Street proximity creates elevated cyber risks, while fintech operations require specialized coverage for financial data breaches and regulatory violations. |
Retail | General liability, commercial property, business interruption, terrorism coverage, cyber liability, commercial crime, high-value merchandise coverage, celebrity customer liability, employment practices liability | New York retailers on Fifth Avenue and throughout NYC face terrorism risks, high theft rates, and celebrity customer liability. Luxury retail requires specialized coverage for high-value merchandise, while tourist areas need protection from visitor injuries and reputation damage. |
Construction/Contractor | General liability, workers' compensation, commercial auto, builder's risk, professional liability, terrorism coverage, high-rise construction coverage, environmental remediation, nor'easter protection | New York construction faces terrorism risks, complex urban liability, and environmental remediation from historical contamination. Manhattan high-rise construction requires specialized coverage for crane operations, neighbor damage, and pedestrian safety in dense urban environments. |
Security | General liability, professional liability, commercial auto, workers' compensation, cyber liability, firearms coverage, terrorism response coverage, celebrity protection coverage, financial district security | New York security companies face terrorism threats, celebrity protection liability, and financial district security requirements. Wall Street operations require specialized coverage for high-security environments, while entertainment security creates elevated liability from crowd control and VIP protection. |
Photography | General liability, professional liability, equipment coverage, commercial auto, terrorism coverage, celebrity photography coverage, fashion shoot coverage, location liability, intellectual property coverage | New York photographers face equipment theft, celebrity photography disputes, and location liability in high-risk urban environments. Fashion and commercial photography requires specialized coverage for expensive equipment, model injuries, and copyright disputes. |
How to Get the Best Cheap Business Insurance in New York
Getting business insurance in New York can strain your budget and time. Here are proven ways to secure the coverage you need while keeping costs manageable:
- 1
Assess Your Actual Risks First
Start by analyzing real risks specific to your New York business operations. A restaurant in Manhattan needs strong liability and property coverage, while a Brooklyn consulting firm might focus more on professional liability protection.
- 2
Get Quotes from Multiple Insurers
Insurance rates can vary significantly between providers in New York. Contact at least three insurance companies directly and work with an independent agent who can access multiple carriers for the best rates.
- 3
Choose Providers Based on Service Quality
Look beyond just price when selecting an insurer. Check financial strength ratings and read reviews from other New York business owners about claims experiences and customer service quality.
- 4
Maximize Available Discounts
Many insurers offer multi-policy discounts when bundling business coverage types. A retail store could save by combining general liability with property insurance and maintaining a clean claims record.
- 5
Review Coverage Annually
Business needs change, especially in New York's dynamic market. A startup that began with basic coverage might need expanded protection after adding employees or new services.
New York Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are New York's best business insurance providers. However, what's best for you depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in New York: FAQ
Small business owners have many questions about finding the right business insurance in New York. Below, we answer the most frequently asked questions:
What business insurance is required by law in New York?
New York requires workers' compensation insurance for businesses with employees and disability benefits coverage. Commercial auto insurance minimums are $25,000/$50,000 for bodily injury and $10,000 for property damage.
How much does business insurance cost in New York?
Our analysis shows that costs range from $85 to $171 monthly, depending on coverage. Workers' comp is the cheapest at $85, while BOPs cost $171. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in New York?
The Hartford offers the lowest rates at $99 monthly in New York, followed by Thimble ($107) and Simply Business ($112). Always compare quotes since rates vary based on specific risks.
What business insurance do I need for my small business in New York?
Begin with general liability insurance to protect against customer injuries and property damage. Include workers' compensation for employees and commercial auto for company vehicles. Retailers need property coverage, while contractors require equipment protection and builders risk insurance.
What is the best business insurance company in New York?
NEXT leads business insurance providers in New York with a 4.64 out of 5.0 rating. The Hartford and Simply Business round out the top choices.
Consider comparing multiple insurance providers to find coverage that matches your business requirements.
Do small businesses in New York need workers' compensation insurance?
Yes, New York state law requires all businesses with employees to carry workers' compensation insurance. Even businesses with just one part-time worker must maintain this coverage to protect against workplace injuries.
What factors affect business insurance costs in New York?
Your industry significantly impacts costs. Construction businesses pay higher premiums than consulting firms. Coastal locations in New York face steeper rates due to hurricane risks. Employee count affects workers' comp costs, while claims history and safety certifications influence rates.
How do I get cheap business insurance in New York?
Compare quotes from top insurers like NEXT, The Hartford and Simply Business. Research their service quality and claims handling. Bundle policies and implement safety measures for better rates.
What's the difference between general liability and errors and omissions (professional liability) insurance in New York?
General liability insurance protects against physical injuries and property damage, while errors and omissions insurance covers professional mistakes, negligence and service-related errors in your work.
Can I get business insurance quotes online in New York?
Yes, leading insurance providers offer online quotes in New York. Complex businesses may need an agent's assistance for specialized coverage like pollution liability. Have your business details ready for accurate quotes.
How We Scored the Best Business Insurance Companies in New York
Small business owners in New York need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help New York entrepreneurs navigate challenges like hurricane risks and the state's strict workers' compensation laws.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We analyzed premium costs across multiple carriers and coverage types, comparing rates for similar business profiles to identify the most competitive options.
- Customer experience (30% of score): Our evaluation includes claims processing speed, customer service response times and user satisfaction ratings from verified policyholders.
- Coverage options (15% of score): To assess insurance versatility, we examined policy customization options, industry-specific endorsements and coverage limit flexibility.
- Financial strength (5% of score): We reviewed AM Best ratings and other financial stability indicators to ensure reliable claims-paying ability.
This approach helps New York small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "NEXT Empowers Agents with Enhanced Products, Cutting-Edge Digital Tools, Opening New Revenue Opportunities and Sparking Momentum in Small Business Insurance." Accessed August 18, 2025.
- Simply Business. "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator." Accessed August 18, 2025.
- The Hartford. "Customer Claims Ratings and Reviews." Accessed August 18, 2025.
- Trustpilot. "NEXT." Accessed August 18, 2025.
- Trustpilot. "Simply Business US." Accessed August 18, 2025.
- Trustpilot. "The Hartford." Accessed August 18, 2025.
- FEMA. "Disasters and Other Declarations." Accessed August 18, 2025.