Top Small Business Insurance Company

Top small business insurance companies of New York (NY)

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We identified the Top small business insurance companies in New York. There are approximately 2.3 million small businesses in New York. These businesses employ 48% of New York’s workforce. New York has a wide range of businesses across multiple industries. Some of the biggest include transportation, real estate, healthcare, construction, and retail.

New York businesses face a variety of risks, such as damage from winter storms and floods. You’ll need Insurance to protect your business. Based on the products they offer, their customer satisfaction and their financial stability,

Top 5 small business insurance providers in New York

  1. Best overall: Chubb
  2. Best Insurance for business owners: CoverHound
  3. Farmer’s Insurance is the best for landlord insurance.
  4. Best Commercial Auto Insurance: Hartford
  5. The Best Disability Benefits: New York State Insurance Fund

Enterprises operating in New York encounter distinct obstacles and possess varying insurance needs compared to businesses in other states. To adequately insure your business, consider purchasing coverage from one of the following companies

Chubb

Chubb, a global insurer with headquarters in Zurich, Switzerland. It provides commercial Insurance and risk-management programs to companies of all sizes in 54 countries. Commercial business insurance products include general liability, workers’ compensation and cyber Insurance. Chubb is one of the top insurers. It was, in fact, the leading writer of commercial lines insurance based on premiums directly written in 2022.

  • AM Best Rated: A++
  • J.D. J.D. Power Ranking for Customer Satisfaction: 9th place out of 13 insurers
  • Small Business Product Number: 7
  • Customer Support: Small businesses with revenue of less than $2 million can obtain quotes online. You can also contact a local agent or customer service via telephone.

Our verdict

We chose Chubb as the best insurer for New York’s small businesses due to the wide range of products and easy-to-use website. Chubb offers Insurance for small businesses in a variety of sizes. This includes independent contractors and retail stores with many employees. The online tools of the insurer allow you to determine which insurance products are best for your business. If your company has less than $2 million in annual revenue, you can also get a quote online. Chubb was also named the best for small business in California.

Cover Hound

Comparing insurance rates is the key to getting the best deal, but it’s a tedious task. CoverHound, a marketplace for insurance quotes from top insurers such as Chubb and Nationwide, simplifies the process. CoverHound allows you to purchase a variety of forms of business coverage. Your policy can be in effect within 24 hours.

  • AM Best Rated: Does not apply
  • J.D. J.D.
  • Small Business Product Number: 13.
  • Customer Support: You may request quotes or purchase coverage online. You can also contact customer support via phone or email and make an appointment with a licensed adviser.

Our verdict

CoverHound’s business owners policies (BOPs), which are a package of small business insurance, are best suited to independent contractors, freelancers, and microbusiness owners in New York.

CoverHound allows business owners who are looking for a BOP quote to compare quotes online from leading insurers and purchase coverage immediately. After paying the premium, they can get coverage quickly. CoverHound was also named the best marketplace for small business insurance in the U.S.

Farmers Insurance

Farmers Insurance ranks ninth in the United States for direct premiums written. Farmers Insurance was founded in 1928 and has since expanded to offer both commercial and personal insurance products. It offers a variety of insurance products for small businesses, including general liability, property insurance, commercial auto coverage and speciality insurance.

  • AM Best Rating: A (Excellent)
  • J.D. J.D. Power Ranking for Customer Satisfaction: 4th place out of 13 insurers
  • Small Business Product Number: 7.
  • Customer Support: You can’t get quotes online. However, you can contact a local agent via phone or live chat.

Our verdict

Nearly half of New York’s residents rent their homes. This makes it a desirable place for landlords. Insurance stands out as a top insurer because it offers Insurance for a variety of property types – from single-family houses to apartment buildings with multiple units. It offers SmartMove, a tenant screening tool in partnership with TransUnion – one of the largest credit bureaus – to evaluate applicants.

American Express Business Line Of Credit

Hartford

Best for Commercial Auto Insurance

The Hartford is a leading provider of commercial and personal Insurance. It currently services over 1 million small businesses. It sells small business insurance in New York, including business interruption coverage, BOPs and commercial auto insurance.

  • AM Best Rated: A+
  • J.D. J.D. Power Ranking for Customer Satisfaction: 10th place out of 13 insurance companies
  • Small Business Product Number: 17.
  • Customer Support: You may get quotes online for small business insurance or contact an agent. Contact customer service via telephone for any other assistance.

Our verdict

New York is home to a large transportation industry, which requires that all drivers have minimum liability coverage. New York businesses may require additional coverage due to the possibility of heavy rains or winter storms. You or your employee can be protected by Hartford’s commercial auto insurance policy if they are involved in an accident when driving a vehicle covered for work. The Hartford offers coverage for a wide range of vehicles, including cars and service utility trucks. Customers pay $574 on average per month. Hartford is also the top insurance company for small businesses.

NYSIF The Best Disability Benefits

NYSIF provides workers’ compensation benefits and disability insurance to New York-based businesses. This is a non-profit public insurer and must insure any New York-based company, no matter the size, type or safety record.

  • AM: Best Rating: Not rated.
  • J.D. J.D.
  • Small Business Product Number: 3.
  • Customer Support 24/7
  • Our verdict

We offers the best Insurance for small business owners who need to provide disability coverage for their employees — a New York state requirement. NYSIF’s products are often cheaper than those of other insurance companies because it is a non-profit. Employers can enhance benefits for their employees through NYSIF, crafting more appealing benefits packages. Employers can offer disability benefits up to five times the rate required with enriched benefits.

What you need to know about small business insurance in N.Y.

You may require one or more insurance products in New York:

  • General Liability: General Liability provides coverage for injuries to visitors of your premises. For example, it would cover an injured customer who falls and trips to your shop. This includes any legal fees and settlement fees that you incur.
  • Professional Liability: Professional Liability coverage protects you against lawsuits relating to professional negligence and errors. A marketing representative might miss a client’s feedback and then print thousands of brochures that contain the wrong information. Professional liability insurance would cover costs related to lawsuits or damages that result from the mistake.
  • Property Damage: Property Coverage protects your building, inventory, and equipment against theft and damage caused by fires and natural disasters.
  • Business Owners’ Policies (BOPs). A business owner’s policy is a combination of several common insurance products for businesses. BOPs often include general liability and professional Insurance.
  • Commercial auto insurance: Commercial automobile insurance covers any vehicles that you or your employees use in the course of their business.
  • Workers compensation: Workers’ compensation pays out a portion of the worker’s wage if they are injured on the job. Workers’ compensation will also pay benefits to their families if they die on the job.
  • Disablement benefits: I mean to replace part of a worker’s wage if they become unable to do their job due to an injury or illness that happened away from the workplace – the disability benefits are. New York is the only state that requires employers to offer disability benefits.

How do you choose the right Small Business Insurance for N.Y.

New York’s insurance industry is faced with several challenges. Some insurers restrict new commercial businesses or coverage limits, while others refuse to renew customers. You may have fewer choices when shopping for an insurance company, but you can still find several companies that offer policies.

Consider the following when evaluating your options:

  • Business Risk: Consider the risks that your business faces from both a liability and property damage perspective. If you run a retail store with expensive stock, then you might be more at risk for theft and, therefore, need higher property coverage. If you have visitors or tenants who come to your property, liability coverage may be needed.
  • EmployeesIf your employees are in New York you will need to provide both workers’ compensation benefits and disability insurance. If your employees are required to deliver goods or transport equipment you will also need a policy for commercial autos.
  • Data If you store or process payment information electronically, or if you process payments digitally for customers, you will likely need cyber insurance protection against data breaches.