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    New York General Liability Insurance

    There are 2.2 million small businesses in New York. This represents 99.8% of all New York companies. These small businesses employ around 4.1 million New Yorkers, roughly half of all state employment. 

    If you own one of the numerous small businesses in New York, you must be aware of the state's insurance regulations.

    Requirements For General Liability Insurance In New York 

    In New York, Commercial Liability Insurance is not required for businesses. Recent proposals for tort reform aside, New York does not impose a cap on awards for personal injuries. However, it does use a system of pure comparative negligence that reduces the amount awarded by percentage of liability. There are accidents and lawsuits in the Empire State. If your company owns property or other valuable assets, it would be prudent to invest in enough commercial general liability coverage to limit its risk exposure.

    What General Liability Insurance Covers In New York 

    Commercial liability insurance (also known as business liability insurance and commercial general liability insurance) safeguards your New York business against financial loss resulting from claims of injury or damage caused by you or your workers to third parties. Usually, a policy covers:

    Bodily InjuryPhysical damage to a non-employee at your place of business and injuries caused by you or an employee at a client's residence or place of business
    Property DamageYou or an employee committed property damage to another individual
    Personal Injury Acts such as libel, slander, copyright infringement, invasion of property or privacy, unlawful eviction, and false arrest that cause harm to a person's reputation or rights
    Advertising InjuryLosses resulting from your advertising
    Legal Defense and JudgmentsCosts to defend against legitimate and frivolous lawsuits and judgments, up to the coverage maximum. Note that this does not often include punitive damages for negligence or intentional misbehavior

    Who Needs General Liability Insurance?

    Small Business Owners

    In the coming decade, four out of ten small business owners will certainly face a property or general liability claim. Claims range from unforeseen incidences, such as a break-in, to unexpected accidents, such as a client tripping and falling and becoming wounded.

    Cost Of General Liability Insurance In New York 

    Depending on a number of variables, the annual cost of your general liability insurance can range from a few hundred to a few thousand dollars. A major factor is the nature of your business. Higher companies incur higher general liability insurance premiums than lower-risk ones.

    For instance, construction companies are likely to receive and pay greater insurance quotes and premiums than consulting firms. Other variables that can affect the price of liability insurance include:

    • Location
    • Age
    • Number of employees
    • Policy details, like coverage limits and deductibles
    • Building condition
    • Insurance claims history

    The easiest approach to determine the cost of your commercial general liability insurance is to request quotations. You can customize your policy to your particular requirements. Find out how liability insurance may protect your business by requesting a quote from the insurance provider.

    Quick Small Business Statistics In New York

    Gross state product-wise, New York is the third largest economy in the United States, behind Texas and California. Financially, the state is comparable to countries such as Canada and South Korea, with a GDP of approximately $1.7 trillion.

    New York's economy is primarily driven by big businesses, particularly in the Manhattan region, which is the leading center for banking and finance in the United States. However, over time, small businesses have grown to comprise a substantial portion of the state's economy.

    Here is an extensive list of New York state small business statistics:

    • 2.2 million small businesses (SMBs) in New York account for 99.8% of the state's businesses
    • 4.1 million people are employed by small businesses, accounting for 49.8% of all state employees
    • 98% of businesses in New York have fewer than 100 employees
    • Small patenting firms produce 13 more patents per employee than their larger counterparts
    • 36% of SMBs in New York are less than five years
    • 72% of the state's microbusinesses generate less than $1,000,000 annually
    • 13% of New York's small and medium-sized businesses are deemed to have a high credit risk, according to credit facilities
    • 60% of small businesses have fewer than 5 employees
    • Manhattan has the highest average monthly earnings for small businesses with $7,214, followed by Nassau County with $4,518 and Suffolk County with $4,224 on Long Island
    • New York state law mandates that every new New York LLC appoint a New York registered agent who will be reachable during normal business hours at a physical New York address
    • With 236,142 employees, or 14.28% of total employment, the accommodation and food services sector is the most populated industry
    • The sector of management of companies and enterprises has the highest average monthly revenue of $13,191, preceded by the sector of finance and insurance with $10,652
    • The business income tax base in New York is 6.5%
    • Small business owners are obligated to pay state income tax. Income tax rates range from 4% to 8.82%
    • 37% of small business employees remain at their workplaces for at least eight years
    • With approximately 2,451 employees, the mining, quarrying, and oil and gas extraction industries employ the fewest individuals

    Check out these resources for more information:

    Frequently Asked Questions 

    Below are some of the frequently asked questions regarding general liability insurance in New York:

    What is the New York no fault law?

    New York is a "no-fault" insurance state, meaning that policyholders are typically reimbursed for damages by their insurance company regardless of who caused the accident. After an accident, policyholders can be reimbursed for medical expenses and other losses that may arise.

    When did New York become a no-fault state?

    The New York No-Fault Automobile Insurance was passed in the 1970s to guarantee that insurance companies would pay for legitimate crash-related medical expenses, lost wages, and incidental costs, regardless of who was at fault in a collision.

    What is the minimum liability coverage in NY?

    All drivers in New York are required by law to carry auto insurance with liability limits of at least 25/50/10 and a variety of additional coverages. This consists of: $25,000 in bodily injury per individual. Per accident, bodily injury compensation is $50,000.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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