Contractors Insurance New York
Obtaining the proper insurance for your New York business doesn’t have to be a confusing process. At Contractorsinsurance.org, we have been working with an extensive network of affiliates for more than 25 years, striving to bring you the right NYS contractor insurance coverage solutions at the right prices. If you’re looking for best contractors insurance New York options, we can help you find the policy that’s a perfect fit for your business.
A New York contractor’s insurance package might include a combination of several policies covering general liability, worker’s compensation, disability insurance and in some cases, hired and non-owned commercial auto coverage NY. Commercial umbrella policies or excess general liability policies may be added as riders or as separate policies. Your New York contractor’s insurance specialist can help you decide how much coverage you and your business need, and match you with the policies that give you the most suitable protection at the best price.
Partnering with ContractorsInsurance.org means partnering with a New York contractors’ insurance broker who has your best interest in mind. Low costs and excellent service are the top priorities for this legitimate New York contractor’s insurance broker, and for more than 25 years we have tended to the needs of all types of businesses of all different sizes, including general contractors, builders, developers, artisans, sub-contractors, and more.
The purpose of New York contractors insurance is to protect contractors, developers, and builders, as well as the employees and agents, against lawsuits and claims, liabilities, expenses, and other associated costs. New York contractors insurance should be thoroughly researched and selected by the contractor, builder, or developer prior to the onset of any type of construction project. The contractor and affiliated parties will be adequately protected with the right type of insurance.
Contractors Insurance New York Regulations
Specific New York regulations/ requirements for licensure of and permit issuance to contractors were changed in 2004 to exclude ACORD forms as proof of worker’s compensation insurance. ACORD forms are still acceptable as proof of general liability insurance. However, in order to obtain licensure, permits, or permit renewals from the New York Department of Buildings contractors must provide form C 105.2 (certificate of NY state worker’s compensation insurance coverage), as well as DB 120.1 (certificate of compliance with NY State Disability Benefits Law). Forms such as WC/DB 100 or WC/DB 101 (affidavits for businesses which do not require worker’s compensation or disability insurances) demonstrate exemption.
The minimum requirement for general liability insurance coverage for New York contractors (or those who wish to work in New York) is dictated by the individual contract. Contracts involving repairs or additions to homes and businesses may require less coverage than contracts with New York State or municipal agencies. However, most contractors insurance professionals agree that general liability coverage of at least $2 million is advisable for most contractors. Additionally, subcontractors should possess at least $2 million in professional or general liability insurance coverage.
New York workman’s insurance prices have been affected in recent years by the stringent and absolute liability policies of Sections 240, 241, and 241-a of the New York Labor Law. Section 240 deals with scaffolding laws, and “gravity-related” accidents affecting workers and civilians. Section 241 addresses issues of flooring safety on construction sites. New York contractors are pushing to change the absolute liability standards of these laws to more moderate negligence-based liability standards, but many business owners shopping for New York contractors insurance find that 240/241 coverage costs are still rising. At ContractorsInsurance.org, we understand the difficulties of finding affordable 240/241 coverage, and our insurance professionals will make every endeavor to help you find affordable and complete coverage in the area of your New York general liability policy. Take a moment to get a free quote for general liability coverage here.
New York General Liability Insurance
Perhaps the first insurance coverage every New York contractor needs is general liability insurance. This coverage addresses the general insurance needs of the business, and provides a blanket of coverage over most aspects of the operation.
Depending on the individual policy, contractors can expect general liability insurance to cover themselves and any other business of which they own 50 percent stock or more. If the business is a corporation or association, coverage extends to executive directors and officers of the company as well, however coverage is only applicable to activities conducted and properties located on premises belonging to the corporation. Employees are also protected while working, but coverage does not extend to activities performed while outside the work environment.
Every New York contractor insurance portfolio should include a comprehensive general liability insurance policy which includes coverage in the following areas: bodily injury, with coverage including medical costs and lost wages for the injured party; property damage; completed projects and operations; contractual liability which covers property leased or rented for the contractor’s office or operations facility; liquor liability, which extends to injury related from employees’ and officers’ consumption of alcohol at the workplace or at work-related functions such as office parties; fire, lightning, or explosion damages; hired and non-hired auto coverage, which is usually adequate coverage for contractors who claim no titled vehicles as company property; legal defense costs; medical payments and personal injury. The amounts of coverage necessary in each individual area will differ for every contractor, so coverage should be discussed in detail with insurance professional prior to the issuance of any policy.
Depending on the job, contractual requirements may require an increase in certain areas of the New York contractor’s insurance. Also, certain clients may require the contractor to be bonded as part of the contract. Bid bonds, contract bonds, payment and performance bonds, and maintenance bonds are common additions to New York contractors’ insurance policies. Also common are subcontractor bonds, which enforce the same standards of contractual compliance as a payment, and performance bonds enforced between the general contractor and the client.
Some contractors may also require additional coverage for commercial autos, trucks, and construction vehicles, as well as inland marine insurance, which covers property and materials while they are in transit from one place to another, and also in some cases while being warehoused.
Finding the right New York contractor’s insurance policy doesn’t have to be complicated – you just have to know who to call. At ContractorsInsurance.org, we work with our extensive network of affiliates to help business owners get the coverage they need, and we have more than 4,500 satisfied customers to prove it. No matter what type of New York contractor’s insurance you need, trust us to help you find excellent coverage for the right price. For more information, click for a free quote or call 1-800-649-9094 today.