Comprehensive Business Insurance for New York Companies
Protect your business from lawsuits, property damage, and employee injuries with customized commercial insurance solutions.
Get Your Business Insurance Quote Today
Let us help you explore coverage options tailored to your business needs.
Why Business Insurance Matters
A single lawsuit, property fire, or employee injury could put your business at risk. According to the U.S. Small Business Administration, many small businesses fail within a year of experiencing an uninsured loss. Proper insurance coverage helps protect your assets, employees, and business continuity.
What Is Business Insurance?
Business insurance is a collection of coverage types designed to protect companies from financial losses due to lawsuits, property damage, employee injuries, and other business risks. Think of it as a safety net that helps your business survive unexpected events that could otherwise cause significant financial hardship.
Unlike personal insurance, business insurance addresses the unique risks that come with operating a company—from customer injuries on your premises to professional mistakes, employee claims, and damage to business property and equipment.
Most businesses need multiple types of coverage working together to provide comprehensive protection. A Business Owner Policy (BOP) bundles several common coverages at a discounted rate, while larger or higher-risk operations may need standalone policies for each coverage type.
Core Coverage Types
- •General Liability
- •Commercial Property
- •Workers' Compensation
- •Professional Liability
- •Commercial Auto
- •Cyber Liability
Business Insurance Coverage Types
Each business has unique needs. We offer the following coverages to help address the insurance requirements of your business:
General Liability
Protection against third-party bodily injury, property damage, and advertising injury claims. The foundation of most business insurance programs.
Commercial Property
Coverage for your building, equipment, inventory, furniture, and other business property against fire, theft, vandalism, and other covered perils.
Workers' Compensation
Mandatory NY coverage for employee work-related injuries and illnesses. Provides medical benefits and wage replacement for injured workers.
Professional Liability (E&O)
Protection against claims of professional negligence, errors, or omissions in the services you provide to clients.
Commercial Auto
Coverage for vehicles used in your business operations, including liability, collision, comprehensive, and hired/non-owned auto.
Product Liability
Protection against claims arising from products you manufacture, distribute, or sell that cause injury or property damage.
Liquor Liability
Required coverage for businesses that serve, sell, or manufacture alcoholic beverages. Protects against alcohol-related claims.
Employment Practices Liability
Protection against employee claims of discrimination, harassment, wrongful termination, and other employment-related issues.
Directors & Officers (D&O)
Coverage for company leaders against claims alleging wrongful acts in their management capacity.
Commercial Umbrella
Additional liability limits above your primary policies. Provides extra protection for catastrophic claims.
Cyber Liability
Protection against data breaches, ransomware attacks, and other cyber incidents that can disrupt operations and expose sensitive data.
Business Interruption
Replaces lost income and covers operating expenses when your business is forced to close due to a covered loss.
Commercial Crime
Coverage for losses from employee theft, forgery, fraud, and computer fraud targeting your business.
Inland Marine
Protection for property in transit, mobile equipment, tools, and goods at off-site locations.
Surety Bonds
Financial guarantees required for contracts, licensing, and legal obligations. Includes performance, bid, and license bonds.
Environmental Liability
Coverage for pollution-related claims and cleanup costs arising from your business operations.
Equipment Breakdown
Covers repair or replacement costs when mechanical or electrical equipment fails, plus resulting business income loss.
NY State Disability
Mandatory coverage providing wage replacement for employees disabled by off-the-job illness or injury.
Business Owner Policy (BOP)
A Business Owner Policy bundles General Liability and Commercial Property coverage into a single, cost-effective package. It's an excellent option for small to medium-sized businesses looking to simplify their insurance program while potentially reducing costs.
BOP May Be Right For You If:
- You operate from a physical location
- You have business equipment or inventory to protect
- You want simplified billing and policy management
- Your business meets carrier eligibility requirements
Common BOP Coverages
- General Liability: Third-party injury/damage
- Building Coverage: Your owned building
- Business Personal Property: Equipment, furniture, inventory
- Business Income: Lost income after covered loss
- Extra Expense: Costs to resume operations
Additional coverages like Equipment Breakdown, Cyber Liability, and Employee Dishonesty can often be added.
Understanding Business Insurance Coverage
Typically Covered
- ✓Customer Injuries: Slips, falls, and other injuries on your premises
- ✓Property Damage: Damage you cause to client property during operations
- ✓Fire & Weather: Damage to your building and contents from covered perils
- ✓Employee Injuries: Work-related injuries covered by Workers' Comp
- ✓Vehicle Accidents: Covered under Commercial Auto policy
- ✓Professional Mistakes: Errors covered by E&O/Professional Liability
Common Exclusions
- ✗Intentional Acts: Deliberate damage or harm is never covered
- ✗Flood & Earthquake: Require separate policies in most cases
- ✗Wear & Tear: Normal deterioration and maintenance issues
- ✗Professional Services: Not covered by General Liability (need E&O)
- ✗Employment Claims: Require EPLI coverage separately
- ✗Cyber Incidents: Typically require dedicated Cyber Liability policy
Not Sure What Coverage You Need?
Let us help you review your business risks and explore appropriate coverage options. Free consultation included.
What Affects Business Insurance Costs?
Your premium is determined by multiple factors that reflect your business's unique risk profile:
Industry Type
High-risk industries like construction pay more than low-risk office businesses. Your business classification code determines base rates.
Revenue & Payroll
Larger operations with more revenue and employees typically pay higher premiums due to increased exposure.
Location
Urban locations, crime rates, proximity to fire stations, and natural disaster risk all impact property and liability rates.
Claims History
Past claims can increase premiums. A clean claims history often qualifies for better rates and preferred programs.
Coverage Limits
Higher limits and lower deductibles increase premiums. Finding the right balance is key to value.
Risk Management
Safety programs, employee training, and security measures may qualify you for premium credits.
Typical Cost Ranges
While every business is unique, here are general annual premium ranges for common coverages:
*Ranges shown are estimates for small businesses. Actual premiums vary based on individual risk factors.
Industry-Specific Business Insurance
Different industries face different risks. We offer specialized coverage programs for many business types:
Retail & Storefronts
Coverage for shops, boutiques, and retail businesses including product liability and customer injury protection.
Restaurants & Food Service
Specialized coverage including liquor liability, food spoilage, and equipment breakdown for restaurants and bars.
Contractors & Construction
Coverage for general contractors, subcontractors, and construction businesses including tools and equipment.
Professional Offices
Coverage for consultants, accountants, attorneys, and other professional service businesses.
Trucking & Transportation
Specialized coverage for trucking companies, delivery services, and transportation businesses.
Nonprofits & Organizations
Tailored coverage for nonprofit organizations including D&O and volunteer liability.
More Industry Programs
Frequently Asked Questions
What types of business insurance do I need?
Most businesses need General Liability, Commercial Property, and Workers' Compensation at minimum. Depending on your industry, you may also need Professional Liability, Commercial Auto, Cyber Liability, or specialized coverage. A Business Owner Policy (BOP) bundles common coverages at a discount.
How much does business insurance cost in New York?
Business insurance costs vary significantly based on industry, size, location, and coverage needs. Small businesses typically pay $500-$3,000 annually for general liability alone. A complete insurance program with multiple coverages may range from $2,000-$15,000+ per year depending on risk factors.
What is a Business Owner Policy (BOP)?
A Business Owner Policy combines General Liability and Commercial Property insurance into a single, cost-effective package. It's designed for small to medium businesses and often costs less than purchasing coverages separately. Many BOPs can be customized with additional endorsements.
Is business insurance required in New York?
Workers' Compensation is mandatory for virtually all NY businesses with employees. While General Liability isn't legally required, it's often contractually required by landlords, clients, and vendors. Professional licenses in certain fields may also require specific coverage.
How do I get a certificate of insurance?
Certificates of Insurance (COIs) can be issued same-day for active policies. COIs provide proof of coverage to landlords, clients, and contractors. Contact us with the certificate holder requirements, and we can typically issue certificates within hours.
What does General Liability insurance cover?
General Liability covers third-party bodily injury, property damage, and personal/advertising injury claims. It protects your business if a customer slips and falls, if you damage client property, or if you face advertising-related lawsuits. It does not cover employee injuries or professional mistakes.
Related Insurance Resources
Important Information
This information is provided for general educational purposes only and does not constitute insurance advice or policy recommendations. Coverage features described are examples and may not be available in all policies or from all carriers. Actual coverage is subject to the terms, conditions, and exclusions of the policy as issued. Please consult with a licensed insurance professional to discuss your specific coverage needs and options. Stan Steele Agency is licensed in New York State.
Protect Your Business Today
Every business faces unique risks. Let us help you explore coverage options designed to protect what you've worked hard to build.
Why Work With Us:
- ✓ Multiple carrier options for competitive pricing
- ✓ Same-day certificates of insurance
- ✓ Local service with personal attention
- ✓ Claims assistance when you need it
- ✓ Annual policy reviews to maximize value
Serving Rochester, NY and surrounding areas • Licensed in New York State
