Finance and banking are two of New York state's biggest economic drivers, but the range of businesses conducted in the Empire State run the gamut from manufacturing/industrial (garments and printing) to technology (nanotechnology and microchips) to agriculture (fruit, dairy and grapes for winemaking). No matter what the business, however, companies can save on New York business insurance by doing some comparison shopping before they buy.

New York Business Insurance: What Do You Need?

There's a wide range of business insurances available in the marketplace. Some coverages are required by New York law, some simply make good economic sense and some could give your business a competitive edge in the marketplace. So the first step in comparing New York business insurance rates is determining what insurance you need and want.

As a successful business owner you know that it's essential to hire good employees and take care of them so that they stay and help your business grow. When you're looking for New York business insurance rates, remember that providing employee benefits such as group medical insurance, group life insurance and disability insurance can give you a competitive edge when it comes to serving your customers. You're required by law to carry workers compensation insurance, which provides some payments to workers who are injured or become ill while working on a job. (The owner and/or officers of a business are personally liable under New York law if the business doesn't have that coverage.)

You'll also want to buy insurance that protects your business from losses from theft (including theft by employees), fire, windstorms, etc. There are three different types of business property insurance: the basic form, which covers only a limited number of perils; the broad form, which covers all perils not specifically excluded; and special policies, which are written to cover losses from perils such as earthquakes and floods, which are excluded from the other types of policies.

As you're comparing New York business insurance rates be sure to ask if the policies you're considering include specific coverages like business interruption (business continuation), which would provide cash for your business expenses while your business was recovering from a fire or other disaster.

Business liability insurance will protect your company from losses when someone is hurt by a product or a service that your company provides or when a customer is injured while on your business premises. Business liability coverage also protects your business if it is found liable for damages for slander or libel, or for false or misleading advertising.

The Best Way to Compare New York Business Insurance Rates

With the variety of coverages available, comparing business insurance premiums and policies might seem to be an overwhelming task. But the time you spend shopping around could yield you hundreds or even thousands of dollars in premium savings--a big boost to your business' bottom line. One way to simplify the comparison shopping process is using a site like LocalInsurance.com, which provides quotes from multiple insurance companies in your area. It's a simple, fast process--you fill out one form and submit it--and LocalInsurance.com does the legwork for you. Whether you operate a dairy farm in upstate New York or a financial services firm not far from Wall Street, local insurance.com can connect you with insurance companies that want your business and will compete for it. That will save you money.