How much is BOP insurance in New York?

How much is BOP insurance in New York?

The average BOP insurance cost in New York is $896 annually or around $75 monthly. However, rates differ based on business type and industry.

Average annual rates for business types and industries in New York

Here are the average BOP insurance premiums for different business types, based on data from Insureon.

• Building design: $648
• Cleaning services: $907
• Construction: $1,173
• Food and beverage: $1,770
• Healthcare professionals: $841
• IT/technology: $550
• Landscaping: $1,130
• Media and advertising: $670
• Photo and video: $570
• Professional services: $566
• Retail: $1,136
• Sports and fitness: $800

Average BOP insurance cost by company

Insurance companies charge different rates for BOP insurance. Here are the average annual BOP insurance premiums from several national insurance companies:

Companies that offer BOP insurance in New York

If you’re a business owner in New York state shopping for BOP insurance, you have two options: Go with a large national carrier or look for a regional insurer. Each offers advantages.

• National carriers may offer lower rates and a wider range of coverage options. However, their customer service may feel less personal if you’re not working with a local agent.
• Regional carriers may have better knowledge of your local market and the particular needs of its businesses. You may receive more personalized service, but you may also pay more for coverage.

Top regional BOP insurance companies in New York

Here are some of the top regional BOP insurance companies that serve New York business owners:

• Utica First is a New York-based insurer that does business in that state, as well as in eight others, mostly in the Northeast.
• Selective Insurance, based in New Jersey, offers commercial insurance in 35 states, including New York.
• Erie Insurance is headquartered in Pennsylvania and offers commercial and personal lines of insurance in a dozen states.
• Acadia Insurance, based in Maine, does business in the New England region with offices in five states, including New York.

Most commercial insurance companies require New York business owners to call an agent to get quotes. You can, however, use a quote comparison site to get BOP quotes from multiple insurance carriers. Bear in mind that the quote you receive from a comparison site may not be the same as your final quote before binding your policy.

How to estimate BOP insurance costs in New York

Business owner’s policy (BOP) premiums can vary widely in New York. Local insurers consider a number of factors when calculating rates for small businesses, including:

• The industry you’re in. More than any other factor, the type of industry your business operates in will impact the cost of BOP insurance in New York. Industries considered high-risk, like construction and retail – both large sectors in New York state – often have higher BOP premiums than low-risk professional services like consulting.
• Your annual revenue. Small businesses with high yearly revenue usually pay more for BOP insurance than those with lower revenue because they have a larger client base, more assets and complex operations. For example, a financial services firm in New York City that caters to the wealthy will likely need more coverage than a local arts and crafts shop in the Finger Lakes.
• The value of your business property. You can expect a higher premium if you own valuable property in New York. For example, owning a Manhattan storefront or a Brooklyn warehouse with costly inventory or specialized machinery means insurers will charge more to cover potential losses than for a small professional office in suburban Rochester.
• The size of your payroll. New York businesses with large staffs face increased liability risks, especially in high-risk industries like construction. Insurers see more employees as more potential claims, which drives up costs. A small technology business in Syracuse with just a couple of employees generally pays less than a busy operation on Long Island with dozens on the payroll.
• Prior claims history. Your past insurance record matters, too. If your business has filed any insurance claims in the past several years – particularly for property damage or liability issues – carriers will view you as a higher risk than a company with no prior claims.

How to compare carriers to get the best BOP insurance rates in New York

When shopping for BOP insurance in New York, there are several key steps you should take to ensure your small business is getting the best rate possible:

• Understand what’s covered (and what’s not). Many businesses in New York may need more coverage than a BOP provides. This can range from commercial auto insurance for your fleet of service vehicles in Westchester to flood insurance for a restaurant close to the Long Island shore. Ask your broker or agent how these additional coverages may affect your premium.
• Check insurer financial strength ratings. Consult AM Best’s financial strength ratings and look for a carrier with a grade of A (Excellent) or higher. This indicates the insurer is on sound financial footing and can honor its claims obligations, especially in the wake of a disruption like a blizzard in Buffalo or upstate spring flooding that can affect multiple New York businesses and cause millions in damage.
• Read New York customer reviews. Local experiences matter. Look for reviews from New York businesses specifically to see how an insurer handles claims, customer service, and billing in the state. Pay attention to common complaints like denied claims after weather events or delays in processing. TrustPilot, the Better Business Bureau, and the National Association of Insurance Commissioners' complaint index are all good sources.
• Get several rate quotes. The cost of BOP insurance in New York is different for every small business, whether it’s a clothing boutique in Brooklyn or a contractor in Buffalo, and no two insurers will charge the same premium. Experts recommend getting at least three quotes from New York-licensed insurers. You may also want to work with a local agent or broker who specializes in small business insurance and understands what New York entrepreneurs need.

How to lower BOP insurance in New York

If you’re a business owner in New York state, there are several ways to help reduce your business owner’s policy insurance premiums while maintaining adequate protection:

• Bundle your BOP with another policy. Many New York insurance companies offer multi-policy discounts to customers who bundle their BOP with other coverages they need. This can include commercial auto insurance for a delivery service in the Bronx, workers’ compensation insurance (which most businesses in New York are required to have) for a Rochester manufacturer, or professional liability insurance for a legal firm in Westchester.
• Pay your annual premium in full. If it makes financial sense, paying your BOP insurance premium upfront can result in a small discount. Many New York insurers also offer a discount when you enroll in automatic payments, which has the bonus of ensuring you won’t miss a payment or have a lapse in coverage.
• Improve the safety of your business space. No matter where your small business is located in New York state, beefing up your safety and security measures can lead to savings on your premium. Installing a security system may help reduce risk by preventing theft or vandalism while upgrading your fire alarm and sprinkler system can lower the chance of a devastating fire. You may also be eligible for incentives to conduct worker safety training programs.
• Choose a higher deductible. Your commercial property insurance includes a deductible, which you must pay out of pocket before your coverage kicks in. A higher deductible usually translates into a lower premium, but make sure your small business can cover the larger capital outlay in case of a claim.
• Review your policy annually. In New York’s dynamic economy, business needs can change quickly. If your small business has grown by adding more employees, purchasing new equipment or moving to a larger location, you may need to increase your coverage. Conversely, if business has been poor and you’ve been forced to downsize, you may need less coverage. Talk with your agent or broker before policy renewal time to ensure your policy is adequate.