Updated October 2026
New York Business Insurance Requirements 2026: Complete Legal Guide
Every New York business must meet specific insurance requirements. Here is a complete guide to what is legally required — workers comp thresholds, auto minimums, contractor bonds, and non-compliance penalties.
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New York Business Insurance Requirements at a Glance
Workers' Comp Threshold
Mandatory for all employers with any employees; also requires DBL and PFL
Commercial Auto Minimums
$25,000/$50,000 bodily injury, $10,000 property damage; PIP $50,000 minimum — no-fault state
Contractor Bonds
NYC requires HIC (Home Improvement Contractor) license with $20,000 bond; DOB requires licensed cont…
Regulator
New York Department of Financial Services (DFS)
Workers' Compensation in New York
New York requires workers' compensation for virtually all employers with any employees, including domestic employers with 2 or more workers. NY also has a mandatory Disability Benefits Law (DBL) and Paid Family Leave (PFL) requirement.
Regulated by: New York Department of Financial Services (DFS)
Non-Compliance Penalties
WC non-compliance: misdemeanor, fines $2,000–$10,000 per 10-day period, personal liability for all injury costs
Contractor Licensing & Bond Requirements
NYC requires HIC (Home Improvement Contractor) license with $20,000 bond; DOB requires licensed contractors for all permitted work
State Insurance Regulator
New York Department of Financial Services (DFS)
https://www.dfs.ny.gov
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