Is workers' comp required in New York?

Yes, nearly all employers in New York State are required to carry workers' compensation insurance for their employees, regardless of the number of employees, including part-time staff. This insurance provides medical benefits and wage replacement to employees injured in the course of their employment. Failure to provide coverage can result in significant penalties.

What are New York's commercial auto insurance minimums?

In New York, commercial auto insurance policies must meet minimum liability coverage limits. These minimums are typically $25,000 for bodily injury to one person, $50,000 for bodily injury to all persons in an accident, and $10,000 for property damage. For vehicles that require a weight-based registration, the liability limits are higher.

How much does business insurance cost in New York?

The cost of business insurance in New York is not a fixed amount and varies widely depending on several factors. These factors include the type of business, the number of employees, the industry, the location of the business, and the specific types and amounts of coverage selected. To get an accurate cost, it is best to obtain a customized quote from an insurance provider based on your specific business needs.

All Licensed States

NY — Licensed & ActiveUpdated Mar 2026

Commercial Insurance in New York.

The most regulated market in the country. We know it well.

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New York has some of the most complex commercial insurance regulations in the nation. From mandatory disability benefits to strict scaffold law liability, businesses operating in New York face unique exposures that don't exist in other states. RISKX navigates New York's regulatory maze so you don't have to — we build coverage packages that keep you compliant and protected.

Key Industries in New York

Financial ServicesReal Estate & ConstructionTechnology HealthcareRetailProfessional Services

Workers' Compensation in New York: Required

New York requires workers' compensation, disability benefits, and Paid Family Leave (PFL) for virtually all employers. Penalties for non-compliance include criminal charges and fines of up to $2,000 per 10-day period.

New York Regulatory Notes

Workers' comp, disability benefits, and Paid Family Leave are all mandatory for employers

New York Labor Law Section 240 (Scaffold Law) creates absolute liability for construction site gravity-related injuries — one of the strictest in the nation

Commercial auto rates in NYC are among the highest in the country due to density and accident frequency

The NY Department of Financial Services closely regulates policy forms and rates — some coverages require state-specific endorsements

Workers' Comp Rate Details — New York

Index Rate

$1.98

per $100 payroll

National Rank

of 51 jurisdictions

vs. Median

82%

above national median

Required At

1 employee

High Cost State

•Required for all employers — 3rd most expensive state in the nation
•New York State Insurance Fund (NYSIF) is the competitive state fund
•Disability benefits insurance (DBL) also required
•Paid Family Leave (PFL) also required

Penalty for non-compliance: Misdemeanor or felony; fines $1,000–$50,000 plus $2,000 for every 10 days without coverage

Rate data: Oregon DCBS 2024 Premium Rate Ranking Study. Index rates represent the median rate per $100 of payroll across all classification codes.

Auto Insurance Minimums — New York

Min. BI Liability

25/50

per person/accident ($K)

Min. Property Damage

$10,000

PIP Required

Yes

No-Fault State

Yes

No-Fault State: New York uses a no-fault auto insurance system. Personal Injury Protection (PIP) covers your own injuries regardless of fault. This affects how commercial auto claims are handled and may require additional coverage.