What Does Business Insurance Cost in New York?
You’ve probably searched for something related to business insurance costs in New York to get to this video.
You could be a startup looking for business insurance for the first time, or you’re looking for ideas on an upcoming renewal for an established business.
In this video and post, I’m going to give you some ideas and my thoughts on business insurance costs in New York, coming right up.
Let’s start off with a fundamental issue that I think is important to talk about.
That is the importance of getting your business insurance right. What I mean is that your business may be your biggest asset. It’s responsible for your income, your wealth, and your long-term net worth.
Protecting it is important and it should be really important for you because it is for me.
If the insurance buying exercise is all about the cheapest premium then you can probably click off this video now, because while we try and achieve the lowest cost for our clients we also want to make sure the client has the right insurance to protect them, and their biggest asset.
Get the insurance wrong on your business and you can be left holding the bag on significant claims and costs, and my job is to make sure that doesn’t happen.
To me, this is about getting the most value for your premium dollar, not just paying the least amount possible.
So, as you investigate business insurance costs online you might see from a lot of big names in the insurance business as well as a lot of what we call insur-tech firms making their pitch.
If you’ve not heard the term Insur-techs these are technology-based firms that try and create a frictionless buying process with little to no human interaction. Quick and simple is the mantra.
Often on these websites, you’ll see things like the average cost of business insurance based on the thousands of quotes they’ve issued is X.
Is that information really helpful for you?
Meaning that out of the thousands of their quotes, the average is a number?
Or you’ll see a chart that says the median cost of business insurance in New York for a basic program is “X”, for a better program is “Y”, and the median cost for the best program is “Z”.
Are median prices helpful?
Probably not as well.
You may also see websites with forms to fill in, and some with info to fill in and get a quote on the spot. Is this the way to go?
In my opinion, forms are a big pain in the butt. You’ll fill these out and a broker is going to call you and ask you more questions to get a quote, so why do all that work up front.
then there is online rating – meaning you input your information and you get a quote and you can buy online.
Is this a good route to go?
I don’t think so. Here, you are doing the work. You’ve got to figure out what you need and why you need it.
Remember, you’re buying the protection critical to safeguarding your biggest asset – your business.
Are you comfortable that after answering a handful of questions you’re getting this right?
Yea, it may be fast and simple, but is it right?
Is it thorough?
Do you know what the fine print says in that 150-page policy document?
Look, I don’t want to sound like a cranky old insurance broker that’s against technology, or that I’m throwing shade at tech-enabled competitors.
The point I want to make is that I believe you need human interaction to make your best decisions because there are hundreds of factors that go into getting the right insurance and technology can’t possibly know or resolve all those nuances.
Leaving it up to an algorithm leaves too many opportunities for mistakes, gaps in coverage, and future headaches.
So, what’s the solution?
In my opinion, it means speaking to a professional broker. Now I understand you may not want to have that conversation just yet. You’re doing your research, qualifying sellers, looking for ideas and you’re not ready to engage.
On top of that, you may just hate the idea of speaking with an insurance salesperson – and I get that.
But when you’re ready I want to assure you that if you’re looking for professional guidance at your pace in a non-pushy sales manner – I can help you.
Why is that conversation important?
A professional and experienced broker can give you guidance on what you need, why you need it, and find the best deal for you.
In the long run, this is going to save you time and money.
Now you may be saying, Okay, but why can’t I just tell you what business insurance will cost in New York?
Well, that’s because there are so many factors affecting business insurance premiums. Here are just a few to consider:
- Your Industry / What you do – a carpenter or other contractor is going to pay way more for insurance than say a law office in New York.
- Geography – regardless of the type of business rates are going to differ in Manhattan than in upstate New York.
- Size of Company – this is a no-brainer. A company with 3 employees regardless of industry is going to pay a lot less than a similar company with 30 employees.
- Claim History- if you had two identical companies side by side and one had no claims in the past three years and the other had four claims in the same time frame, the one with claims will pay more. Maybe a lot more. Claims history has a big impact on rates.
So, with all those variables it’s really difficult to say what business insurance in New York is going to cost.
And that’s why I think having a call with an expert can be really valuable.
If you’re starting up a new company, or have an established company and there’s something that’s got you thinking about a new broker relationship or finding better premiums, then give me a call, or let’s chat.
I promise, no pressure, no gimmicks, just some conversation to see if we’d be a good fit for you and your business.
With over 40 years of experience in business insurance and 4 professional designations, I’m sure we can help you.
And, my team is great at working with clients after the sale to provide advocacy and support to answer questions, issue certificates when you need them, and be there for you.