It’s no secret that we love insurance here at Talage, and odds are you don’t (that’s ok - we can still be friends). But, we do know you love your business and want to protect it, so we’ve provided information about insurance in New York. Our advice: protect what you’ve built and carry both workers’ comp and liability insurance.
What kind of business insurance do I need in New York?
Workers’ Compensation Insurance in New YorkEvery employer in New York is required by law to carry workers’ compensation insurance if they have one or more employees (so, if you have any employees). This applies to all industries (private, public, non-profit) and employees (full time, part time, minors). The bottom line - if you have employees, you need a workers’ compensation insurance policy.
Workers' compensation insurance helps protect your business from the costs associated with an employee injured at work. Typically, it would pay for medical bills and recovery costs, as well as some of the missed wages. In the event of a death, workers’ compensation insurance can help with the costs of the funeral or death benefits to the employee’s family. Workers’ comp can also help cover legal expenses if an employee sues the business over an injury that isn’t covered by the policy.
General Liability Insurance in New YorkGeneral liability insurance isn’t required by law, but we believe every business should protect itself with liability insurance. It pairs nicely with workers’ compensation insurance because it can cover expenses for non-employee injuries that occur at your business. What’s more, it covers product liability, libel/slander, and even damage you may cause to somebody else’s property. If your business is sued your liability insurance policy may cover you for legal expenses (both legal fees and settlements). If you like tightrope walking without a net, you’re probably not the type that would want liability insurance. For everybody else, this policy (sold together as a business owner’s policy - BOP) helps protect the business you’ve built.
Property Insurance in New YorkProperty insurance isn’t required by law either, but if you have a landlord, they’ll likely require that you carry property insurance. It typically comes bundled with liability insurance as a business owner’s policy (BOP). This portion of the bundle protects your building and its contents from terrifying things like fire, explosions, burst water pipes, storms, and theft. Coverage against other natural disasters typically need to be added on to the policy.
What do I need to know about Workers’ Comp Insurance in New York?All states have unique exemptions to their Workers’ Compensation insurance laws. We’ve outlined a few of the unique aspects of the state of New York, but for a complete and updated listing, be sure to visit the New York State website.
- The law requires employers operating in New York State to have workers' compensation coverage for their employees, with limited exceptions. Employers are required to obtain and keep in effect workers' compensation coverage for all employees, even part-time employees and family members that are employed by the company.
- Part-time employees, borrowed employees, leased employees, family members and volunteers working for a for-profit business must also be covered under the Workers’ Compensation Law.
- Hundreds of private insurance carriers are currently authorized by the Department of Financial Services to provide workers’ compensation insurance to employers in New York. You can shop with Talage to get quotes from our network of private insurance carriers.
- New York also operates the New York State Insurance Fund (NYSIF), which seeks to guarantee the availability of workers' compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Learn more on the NYSIF website.
- New York employers that fail to secure Workers’ Comp insurance could face a fine of $2,000 for every 10 days without coverage and the possibility of a misdemeanor or a felony, with significant fines. If you’re a sole proprietor with no employees, Workers' Comp is not required in New York. A sole proprietor can still purchase Workers’ Comp coverage for themselves.
Who can provide insurance coverage in New York?You can obtain Workers’ Comp and Liability insurance from a licensed insurance company. We can help find you a policy right here on the Talage website! You can shop and compare quotes instantly online and purchase a plan in only 12 minutes.
If you’re unable to find a carrier, you can go through the New York State Insurance Fund.