Am I eligible for Unemployment in New York?

Unemployment insurance for a sole-proprietor business owner in New York?

• Unemployment insurance for a sole-proprietor business owner in New York? So, as a sole-proprietor in NY, I am not an employee and thus would not be paying unemployment taxes on myself. But what happens if my start-up business tanks? Can I still choose to pay into the unemployment tax fund for myself as a sole- proprietor business owner? Is there private unemployment insurance available to cover this possibility? Thanks.

• Answer:

  According to the New York DOL website, http://www.labor.state.ny.us/ui/dande/covered1.shtm are excluded from paying unemployment taxes and may not voluntarily choose to participate in the program. It's one of the risks you bear yourself for being self-employed. I know of no private carriers that offer unemployment insurance. Like all speculative risks, i.e. risks where there is a possibility of gain and a possibility of loss, being self-employed is generally considered an uninsurable exposure by the private market.