New York Business Insurance Requirements and Laws
The state of New York requires all businesses with any number of employees, full or part-time, to have workers’ compensation insurance, which includes disability benefits. Commercial auto insurance is also required for businesses that utilize work vehicles to cover the cost of any accidents on the road.
According to the Bureau of Labor Statistics, New York recorded 129,000 nonfatal occupational injuries and illnesses in 2020. It’s recommended that New York small businesses be covered not only with workers’ compensation insurance but also have general liability insurance, professional liability insurance, cyber insurance and commercial property insurance.