Image Credit: New York City Council
The NYC Hospitality Alliance joined Speaker Julie Menin, Council Members, and industry stakeholders at City Hall to support Introduction 0685-2026 at a press conference ahead of a public hearing on the proposal. This legislation would establish an Office of Insurance Accountability within DCWP to study rising insurance costs, improve transparency, provide guidance to small businesses, and develop policy recommendations to help stabilize the market.
In recent years, NYC’s hospitality industry experienced significant increases in premiums, higher deductibles, coverage limitations, and in some cases non-renewals — making it one of the top concerns identified in our most recent survey. As stated in to our most recent survey, this is a top issue for our industry. Industry reporting highlights that liability insurance costs have risen dramatically for some New York City venues, with one operator in the New York Times reporting increases from approximately $25,000 to $125,000 over the course of their business, and another operator in Gothamist reporting monthly premiums rise from roughly $2,000 to $4,000.
While the bill does not directly lower premiums, it is an important step toward better understanding the drivers behind escalating costs and building a foundation for broader reforms.
The Council committee will now review testimony and consider next steps. We’ll continue to keep you updated as this process moves forward.
“Restaurants, bars, and nightlife venues across New York City are facing rapidly rising insurance costs that threaten their ability to operate. Introduction 685 is a smart, practical step to bring transparency to a complex market and better understand what’s driving these increases. By creating an Office of Insurance Accountability, the City can help lay the groundwork for the broader solutions needed to stabilize costs for small businesses. We thank Speaker Menin for her leadership and support on this critical issue.” – Andrew Rigie, Executive Director, New York City Hospitality Alliance.
