New York Contractors Insurance
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From New York Workers’ Compensation Insurance to General Liability, Commercial Auto Insurance More We Are Your Easy & Stress Free Construction Insurance Provider in New York State!
Business Insurance for Contractors in New York
Searching for New York contractors insurance? Taking care of the paperwork and legalities is a tough nut to crack. To begin, why do we have to crack nuts?
The sad reality is; most consumers (or clients) want to know they have some sort of safety net, and an insurance certificate, among others, provides that. Depending on the nature of the projects, general contractors in New York may be required to hold a wide range of commercial insurance coverage.
From general liability to workers’ compensation, New York contractors generally need comprehensive liability insurance to cover unforeseen costs associated with customer accidents and property damage.
Workers’ compensation insurance is required by New York law for any business with employees to pay for injured workers’ lost income and medical expenses.
Depending on your clientele and the nature of your projects, you may additionally need builder’s risk insurance and surety bonds. But whatever the case, you’d need something cheap, fast, and easy. More on that later.
Tradespeople in New York, such as:
- Concrete Contractors
…are all mandated to carry contractors’ insurance.
Contractors and subcontractors alike should have their individual liability coverage. Subcontractors should avoid assuming that the primary contractor’s insurance policy covers them. It would be best if you didn’t count on insurance unless your name is on it.
Are you a Roofer in New York?
Learn about the tailored policies for your roofing business here
General Liability Insurance for Contractors in New York
New York construction businesses should have general liability (GL) insurance in case their operations cause harm to a third party’s property, employees, or customers. If something goes wrong with your company’s operations, it could cause damage to customers, employees, or the public.
Injuries, damaged property, legal fees, and other expenses can all be mitigated by purchasing general liability insurance. Don’t assume that your standard liability policy will pay for any claim. Find out from your insurer what kinds of claims they will pay for.
You can purchase general liability insurance on its own. Alternatively, it can be included in a company owner’s policy package along with property insurance (explained later).
New York General Liability Insurance Coverage Includes:
- Property damage you cause at a job site
- False advertising
Workers’ Compensation Insurance for Contractors in New York
Workers’ compensation insurance steps in to cover medical expenses and lost wages when an employee becomes ill or injured on the job. This business insurance is typically mandated by law in most states, especially New York.
Your employee will be able to file a claim for their injuries under workers’ compensation or workman’s compensation and receive payment for a variety of items, including lost income, prior medical expenses brought on by the injury, and future medical treatment. With this kind of insurance, you can be sure that your employees will be able to get by while they’re out of work for treatment. New York workers’ compensation insurance is often obtained through a private insurance provider.
Commercial Auto Insurance for Contractors in New York
Automobiles, lorries, and vans used in the course of business are protected by commercial auto insurance. Like auto insurance for individuals, this coverage is essential for small businesses.
Options for New Your commercial auto coverage, limits, and ineligibility are flexible with commercial auto insurance. Commercial auto insurance coverage can cover a fleet of vehicles.
For New York commercial auto insurance, there are two types of physical damage coverage: comprehensive loss and collision loss. Collision loss covers damage from car accidents, but comprehensive loss covers damage from theft, the elements, and any other source.
It contains two different kinds of liability coverage in addition to physical damage coverage. Damage to someone else’s property as a result of an accident that was your fault is covered under property damage coverage. For injuries sustained after an accident for which you were at fault, you would need bodily injury insurance.
If your company uses automobiles regularly, you should look into purchasing NY commercial auto insurance. Companies that use trucks, plows, or delivery vans typically have this form of small business insurance.
Builder’s Risk Insurance for Contractors in New York
The ongoing construction is covered by this particular kind of insurance. In New York, builders’ risk insurance is a crucial sort of protection that guarantees a building is shielded from harm brought on by lightning, explosions, fire, hail, vandalism, theft, and acts of God (major weather events, etc.).
The builder’s risk extends beyond the contractor. The policy should cover everyone with a financial interest in the construction project. This includes the landlord, the lender, the general contractor, the architects, and the subcontractors. This New York Builder’s Risk insurance covers various costs except for the construction itself, excluding property damage.
Some of these expenses covered include:
- Real Estate taxes
- Extra interests on loans
- Lost sales
Inland Marine Insurance for Contractors in New York
Because it is not maritime insurance, the phrase “inland marine” may appear deceptive. Tools, equipment, and other goods are covered by an “installation floater policy” of business insurance known as inland marine insurance while transported across lands, such as by truck or rail, or when they are being stored off-site.
Contrary to common assumption, general liability or commercial car insurance often does not cover equipment while transporting. Another name for it is -Contractor’s Tool & Equipment Insurance.
You require inland marine insurance if you operate a business that requires you to work off-site, carry tools and equipment, or use borrowed or rented equipment. Businesses in the construction industry particularly fit into this group. Your general contracting firm depends on your tools, so insuring them might make the difference between losing and maintaining a work if they are destroyed or stolen.
Inland marine policies usually cover the following:
Mobile property at a permanent position, tools, equipment stored at a job site, property lent to you or temporarily placed in your care, expensive objects (such as fine art, medical equipment, or solar equipment) being moved, etc.
Commercial Umbrella Insurance for Contractors in New York
When the claim amount surpasses the present limitations of other liability policies, New York Commercial umbrella insurance provides an additional layer of protection for claim payment coverage.
Any sum that your regular liability insurance policies in New York didn’t cover would have to be paid out of your own pocket if you didn’t have commercial umbrella insurance in New York. This could result in a financial liability that destroys a company.
Some of the leftovers that ordinary plans might not adequately cover include:
- Legal fees
- Medical expenses, including any required ongoing or upcoming treatments.
- Damage totals to public property or other people’s property may be damaged
ACORD Certificates for Contractors in New York
An ACORD certificate of insurance is a one-page document highlighting the most important aspects of your company’s insurance coverage. You may have heard of this document by one of its other names: an ACORD 25 certificate of insurance, certificate of insurance (COI), or certificate of liability insurance. When you purchase a policy for your firm, your insurance provider will likely issue you a certificate of insurance showing that you are covered by general liability insurance.
To reduce customer confusion and promote consistency in the industry’s handling of liability insurance policy forms, insurance providers founded ACORD in the 1970s. The ACORD organization creates standard forms, such as the ACORD certificate of insurance, to increase use and legibility in the insurance sector.
Business Insurance for Contractors in New York
Specific business types must create unique insurance arrangements to remain compliant and avoid penalties. Again, this depends on factors such as business location, employee count, and industry.
Almost all employers must carry worker’s compensation insurance if they have any employees. In certain states, general liability will also be required. Professional liability insurance is essential for medical professionals, lawyers, and accountants.
Working with a seasoned insurance agent or firm will help you better understand the forms of business insurance you need in New York and the types of coverage you might be able to go without.
Farmers Brown is committed to fostering the development of its clientele. There is no one-size-fits-all approach with us; our packages are individually tailored to accommodate specific businesses in New York. But beyond that, we are cheap, fast, and easy to work with. Get a Free quote new:
Your Insurance Questions Answered for Contractors in New York
Get answers to your most common questions from Contractors Liability
For General Liability Insurance in New York you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in New York are $1,000,000/$2,000,000.
For Commercial Auto Insurance in New York you need $1,000,000 CSL meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your New York vehicle you need to have Comprehensive and collision coverage. Commercial Auto Collision Insurance in New York covers any collision and Comprehensive Commercial Auto Insurance covers anything but collision.
For Workers Compensation Insurance in New York you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases the owner is not liable and coverage for workers compensation is unlimited.
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