Best small business insurance companies in New York

Best small business insurance companies in New York

In New York, there are 2.3 million small businesses in operation. Those businesses employ about 48% of the state’s workforce. New York is home to a large variety of businesses in multiple industries; some of the largest include transportation, real estate, healthcare, construction and retail.

Businesses in New York face multiple risks, including damages related to floods and winter storms. To protect your business and keep it operating, you’ll likely need to purchase one or more insurance products. We identified the best small business insurers in New York based on their products, customer satisfaction and financial stability (view full methodology).  

The 5 best small business insurance providers in New York for 2024

  1. Best overall: Chubb
  2. Best for business owners’ policies: CoverHound
  3. Best for landlord insurance: Farmers Insurance
  4. Best for Commercial Auto Insurance: The Hartford
  5. Best for Disability Benefits: NYSIF

*Last updated February 29, 2024. 

Businesses in New York face unique challenges and different insurance requirements than other states. To adequately insure your business, consider purchasing coverage from one of the following companies (we’ve also have’ve also identified the best insurance companies for small businesses across the entire country):

Best Overall: Chubb

About: Chubb is a global insurance company headquartered in Zurich, Switzerland. It operates in 54 countries, providing commercial insurance and risk management programs to businesses of all sizes. Its commercial business insurance issues products like general liability, workers’ compensation and cyber insurance. Chubb is a top insurer. In fact, it was the top writer of commercial insurance lines based on direct premiums written in 2022. 

  • AM Best Rating: A++ (Superior)
  • J.D. Power Customer Satisfaction Ranking: 9th out of 13 insurers
  • Number of Small Business Products: 7
  • Customer support: Small businesses with revenues of $2 million or less can get quotes online. You also have the option of reaching out to a local agent or contacting customer support via phone. 

Our verdict 

Chubb is our pick as the best overall insurer for New York small businesses because of the number of insurance products it offers and its easy-to-use small business insurance website. Chubb serves small businesses of varying sizes, from independent contractors to retail stores with dozens of employees. You can use the insurer’s online tools to find out which insurance products your business needs and, if your business has under $2 million in revenue, get quotes for coverage online. Chubb also ranked best overall for small businesses in California.

Best for Business Owners’ Policies: CoverHound

About: Shopping around for insurance is key to finding the best rates, but it can be a time-consuming chore. CoverHound is a marketplace that simplifies and streamlines the process by connecting users to quotes from leading insurers, such as Chubb or Nationwide. You can purchase multiple forms of business insurance through CoverHound’s platform, and your coverage can go into effect in as little as 24 hours. 

  • AM Best Rating: Not applicable.
  • J.D. Power Customer Satisfaction Ranking: Not ranked. 
  • Number of Small Business Products: 13
  • Customer support: You can request quotes and purchase coverage online. Customer support is also available via email or phone, and you can make an appointment to speak with a licensed advisor. 

Our verdict 

New York has experienced huge leaps in entrepreneurship, so CoverHound is best-suited for independent contractors, freelancers and microbusiness owners who need business owners’ policies (BOPs) — packages of common small business insurance products. 

CoverHound allows budget-focused business owners to quickly and easily compare BOP quotes from top insurers online, and they can purchase coverage right away. Once they pay the premium, coverage can go into effect quickly. We also ranked CoverHound as best small business insurance marketplace across the U.S.

Best for Landlord Insurance: Farmers Insurance

About: Farmers Insurance is the ninth-largest writer of property and casualty insurance in the United States based on direct premiums written. Founded in 1928, Farmers has expanded its operations to issue both personal and commercial insurance products. For small businesses, it has multiple insurance options, including property and general liability coverage, commercial auto insurance and specialty products. 

  • AM Best Rating: A (Excellent)
  • J.D. Power Customer Satisfaction Ranking: 4th out of 13 insurers
  • Number of Small Business Products: 7
  • Customer support: You cannot get quotes online, but you can get help by contacting a local agent or by reaching out to customer support via live chat or phone.

Our verdict 

In New York, nearly half of the state’s population rents their homes, making it an appealing place for landlords. Farmers Insurance is a standout insurer for landlord coverage because it has insurance options for different property types, from single-family homes to multi-unit apartment buildings. Farmers also offers SmartMove, a tenant-screening tool offered in partnership with TransUnion, one of the major credit bureaus, to evaluate property applicants. 

Best for Commercial Auto Insurance: The Hartford

About: Since 1810, The Hartford has been a well-known writer of personal and commercial insurance, and it currently serves over one million small businesses. In New York, it sells a variety of small business insurance products, including BOPs, business income interruption coverage and commercial auto insurance. 

  • AM Best Rating: A+ (Superior)
  • J.D. Power Customer Satisfaction Ranking: 10th out of 13 insurers
  • Number of Small Business Products: 17
  • Customer support: You can get quotes for small business insurance online or by contacting an agent. For other help, contact customer support via phone. 

Our verdict 

Transportation is a leading industry in New York, and the state requires all drivers to meet minimum liability coverages. Due to winter storms and heavy rains that can affect the state, New York business owners may need additional coverage. The Hartford has commercial auto insurance policies to protect you if you or an employee are in an accident while driving a covered vehicle for work purposes. It also covers a variety of vehicle types, from cars to service utility trucks. The company’s rates are competitive; on average, customers pay an average of $574 per month.  The Hartford also provides the best insurance company with add-on options for small businesses.

Best for Disability Benefits: NYSIF

About: NYSIF is a provider of workers’ compensation and disability benefits to New York businesses. It’s a public insurance carrier and non-profit organization, and NYSIF must provide insurance to any New York-based business, regardless of the type of business, safety record or size. 

  • AM Best Rating: Not rated. 
  • J.D. Power Customer Satisfaction Ranking: Not ranked. 
  • Number of Small Business Products: 3
  • Customer support: You can get quotes for coverage online. Customer support is available via phone or email. 

Our verdict 

NYSIF is the best insurer for small businesses that need to purchase disability benefits for their workers — mandatory coverage in New York. Because NYSIF is a not-for-profit organization, its products may be cheaper than the rates of other insurers. NYSIF also allows employers to add enhanced benefits to their employees to create more appealing benefits packages. With enriched benefits, employers can provide disability benefits that are up to five times the required rate.  

What to know about Small Business Insurance in NY

In New York, you may need one or more of the following insurance products: 

  • General liability: General liability provides coverage for injuries that occur to individuals visiting your premises; for example, general liability would cover a customer who trips and falls in your store. It would cover any legal costs you may incur, as well as any settlement fees. 
  • Professional liability: Professional liability coverage protects you from lawsuits related to professional negligence or errors. For example, a marketing representative misses a client’s feedback and prints thousands of brochures with the wrong information. Professional liability coverage would cover any costs related to lawsuits that occur or damages resulting from that mistake. 
  • Property damage: Property coverage protects your buildings, inventory and equipment from theft and damage related to fires or natural disasters. 
  • Business owners’ policies (BOPs): A BOP is actually a package of common business insurance products that are combined into one policy. General liability and professional liability insurance are commonly included in BOPs. 
  • Commercial auto: Commercial auto insurance is for any vehicles you or your employees operate in the course of your business operations. 
  • Workers’ compensation: Workers’ compensation pays a portion of a worker’s salary to them if they are injured or become ill on the job. If they die while working, workers’ compensation would also pay a benefit to the family. Workers’ compensation coverage is required in New York. 
  • Disability benefits: Disability benefits partially replace a worker’s wages who are unable to work due to an illness or injury that occurred away from work. New York is one of the only states to require employers to provide disability benefits.

Learn more about ways to safeguard your company with our comprehensive guide to small business insurance.

How to choose a Small Business Insurance in NY

The insurance industry in New York is facing several challenges as some insurers limit new commercial business, restrict coverage limits or non-renew customers. These changes in the industry may give you fewer options as you shop for an insurer, but there are still several insurance companies issuing policies. 

When considering your options, keep the following factors in mind: 

  • Business risk: Think about what risks your business faces, both from a property damage and liability perspective. For example, if you own a retail business with valuable stock, you may be at risk of theft and need a higher level of property coverage. Or if you have tenants or people who visit your business property, you may need liability coverage to protect against any injuries or damages. 
  • Employees: If you have employees in New York, you must issue both workers’ compensation and disability benefits. And if your employees need to make deliveries or transport equipment, you’ll also need a commercial auto policy. 
  • Data: If you process customer payment information digitally or store customer data, you’ll likely need cyber insurance to protect against data breaches. 

Frequently asked questions

What type of business insurance is required in New York?

In the state of New York, employers with one or more employees must provide their workers with workers’ compensation insurance and  disability benefits. You have the option of providing these benefits through a private insurer, or you get coverage through NYSIF, a non-profit organization serving New York employers. 

If you have a vehicle that you use for your business, you’ll also need commercial auto insurance for your and your employees that meets the state-minimum requirements. 

What are the commercial auto insurance requirements for New York? 

In New York, all vehicles must have coverage that meets the following minimum requirements: 

  • $25,000 in bodily injury insurance per person
  • $50,000 in bodily injury insurance per accident
  • $10,000 in property damage insurance. 

How much does business insurance in New York cost? 

Prices vary based on your business type, location and size. In general, New York business owners should expect to pay anywhere from $25 to $600 per month for general liability insurance. 

Our methodology 

We identified the five best small business insurance companies in New York based on the following information: 

  • Financial stability: To ensure that the insurer was financially sound and able to afford its claims, we looked for companies with a rating from AM Best, a credit rating agency, of A (Excellent) or better. 
  • Customer service: Companies that scored highly in the J.D. Power U.S. Small Commercial Insurance Study were given priority consideration, and we also considered the number of complaints consumers submitted about a company to the National Association of Insurance Commissioners (NAIC). 
  • Availability: Because of the unique insurance requirements New York businesses face, we looked for companies that offered multiple insurance products, particularly workers’ compensation coverage.