Contractor Liability Insurance NY Policy Information
Contractor Liability Insurance NY. Having contractor liability insurance is not a legal requirement. However, there are some compelling factors that make it difficult to run a contracting business without this coverage. Before we bring these to light, let's first describe what contractor liability insurance NY is in contrast to other types of commercial insurance.
Also known as commercial general liability insurance, contractor liability insurance is a policy that covers your business from the risk of personal injury claims, wrongful death, property damage, slip and fall on your business premises, and claims of infringement by other businesses. There are many endorsements out there that are tailored to suit different business settings.
Contractor liablity insurance NY protects your contracting business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Contractor Liability Insurance?
You could be liable for claims against you if you choose an inadequate policy or one that does cover what type of ctracting you are doing. For instance - if a painter is doing both interior and exterior painting and only has coverage for interior and damage is caused when painting a home's exterior.
1) To protect your business assets: Without coverage, your tools, bank accounts, vehicles, properties and more are vulnerable and could be seized to settle claims in a court battle or in out of court arrangements. Remember, several businesses have been left bankrupt after their assets were seized. If you remain ignorant or knowingly continue neglecting general liability insurance, you not only risk immense losses but you could also lose your business altogether.
2) To have peace of mind while running your business: With a good policy, you can run your business without being anxious about certainrisks and incidents. To be precise, contractor liability insurance NY is seen as a survival plan in that you will continue running even if a court judgment is passed in favor of a party that is suing you. Besides, in such a case, the insurance company litigates on your behalf and pays for all legal defense fees up to your policy limits.
3) To win the confidence of potential clients: In this age when information is ao easily accessible via the Internet, clients have learned to research before hiring. They are being advised to check whether a contractor has insurance before hiring; without coverage, you are at a disadvantage against your competitors thay do
Types of Claims Contracting Liability Insurance Covers
To shop for right contractor liability insurance NY policy, you need to know what you will be covered and the limits to which it extends. Note that liability coverage protects you from third party claims:
- Bodily injury claims - If visitors to a site where your employees are working sustain injuries, you can use the policy to cover their medical expenses, funeral expenses in the case of wrongful death, and compensation for pain inflicted and lost wages. Like stated before, this type of contractor liability insurance NY policy covers claims by third parties. This implies that employees will not be covered if they sustain injuries while working. The policy also protects you from slip and fall cases by clients or visitors to your business premises.
- Completed products claims - You are protected against claims by clients who are injured or inconvenienced by services and products that you already delivered. To illustrate, if you install cabinets in a home remodeling project and they end up injuring your client or a member of their household, you will be held responsible for the damage and the resulting injuries.
- Advertising claims - A general liability policy will come in handy in the case where business claims that you copied their advertisement or marketing techniques. Such cases often attract huge compensation penalties; you do not want to risk losing your assets or the proceeds you work so hard to generate.
- Property damage claims - If someone or a third party alleges that you damaged their property, they are eligible for compensation by your business if the court finds you responsible. Again, you will use your contractor liability insurance NY policy to settle such claims.
Tips On Shopping for a Contractor Insurance Policy
- Consider your limits: - In this context, limits refer to maximum amount an insurance company will pay out on claims. Be careful with limits and be sure you have high enough coverage. For example, if your cover has a limit of $500,000 and you happen to lose a lawsuit where the plaintiff is claiming $600,000 then the additional $100,000 will be out of pocket for you. Talk to an insurance broker if you need help determining your limit.
- Do you need deductibles?: - Deductibles can be used to keep your lower insurance expense. A deductible refers to the amount of money you would be willing to pay out of pocket before the insurance kicks in. It is important to note that most general liability insurance policies do have deductibles.
- Purchase from a A rated company: - Buy your policy from a A rated company. A reliable insurance company is described as one which guides you to the right policy instead of imposing something expensive on you. Besides, they should sell you a policy that does not harbor hidden costs. Research well and compare offerings by several companies to make a sound decision.
How Much Does Contractor Liability Insurance NY Cost?
This is a question most first time commercial insurance buyers ask. The obvious truth is, there is no set price or a standard. Your policy can cost you anywhere in the range of a few hundred dollars to thousands of dollars a year. It all depends on the risk involved and the size of your business.
New York Economic Data And Commercial Insurance Requirements
The State of New York is famed for industry, particularly Manhattan and the surrounding areas. As such, it's no wonder why so many entrepreneurs look to do business in this state.
If you are thinking about starting up a business in NY, it's important for you to have an understanding of the status of the state, regarding its economy. It's also important to know about the insurance requirements for business owners in the Empire state.
Below, we offer a brief overview of New York's economic status, as well as the types of insurance policies business owners are legally required to carry, and policies that they should consider investing in.
The Economic Status Of New York State
While the economy is growing in the State of New York, it is lagging behind other states, in terms of growth. Overall, more jobs have been added in this state in recent years. In 2018, it is expected that this trend in job growth will continue; however, it will likely be at a slower pace than previous years.
If you are thinking about doing business in the Empire State, one of the best industries to consider is finance. It is predicted that this sector will contribute largely to the economy in 2022, as well as in the coming years. Healthcare services and education are also expected to see growth, as are the transportation industry, and professional and business services.
Insurance Requirements For Business Owners In NY
The New York State Department of Financial Services regulates insurance in the Empire State. Organizations that employ a staff of part-time or full-time workers that are either hourly or salaried are required to carry workers' compensation insurance. This type of insurance is required, no matter what size your staff is; even if it only consists of one W2 salaried person. You must also carry NY commercial auto insurance if you are using a vehicle to conduct any business affairs.
While there are no mandates surrounding commercial liability insurance, business owners in New York would be wise to invest in this type of coverage. Should a client or a contractor sue you for an accident or injury that happens at your place of work, or if a client claims you damaged his or her property, commercial liability insurance will protect you from having to pay the cost of legal fees and any settlements that may be awarded out of your own pocket.
Additional Resources For Contractors & Home Improvement Insurance
Learn about small business contractor's insurance, including what it covers, how much it costs - and how commercial insurance can help protect your contracting business from lawsuits.
- Air Conditioning Systems Installation Repair
- Appliance Repair & Service
- Blacksmith & Metal Workers
- Boat Repair & Dry Docks
- Boiler Contractors
- Builders Risk
- Building Cleaning & Maintenance Services
- Cabinet Installer
- Cable And Satellite TV Installer
- Chimney Sweep
- Cistern Contractors
- Contractor Liability
- Curtain Cleaners
- Deck Builders
- Door And Window Installers
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Environmental Remediation Contractors
- Fence Installation
- Fire Sprinkler Contractors
- Fire & Water Restoration Contractors
- Flooring Contractor
- Furniture Repair
- Garage Door Installer And Repair
- General Contractors
- Glass Contractor
- Glazier Insurance
- Gutter Installation And Repair
- House Cleaning
- HVAC Contractor
- Insulation Contractor
- Janitorial Cleaning Services
- Lawn Care
- Lawn Irrigation Sprinkler System Installation
- Oil And Gas Well Drilling Contractors
- Paperhanging Contractors
- Plastering And Stucco Contractor
- Pressure Washing Contractors
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Sandblasting Contractors
- Security Alarm
- Septic Tank Cleaning
- Siding Contractor
- Sign Installation & Repair
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Surety Bonds
- Swimming Pool Contractor
- Swimming Pool Service And Maintenance
- Tool Grinding And Repair
- Tree Surgeon
- Tree Trimming
- Tank Cleaners
- Upholstery Shop
- Waste Haulers & Garbage Collection
- Water Well Drilling
- Welding Contractor
- Wildlife & Pest Control
- Window Cleaning
A contractor that wants to begin or stay in business, liability coverage must be obtained for the premises or operations, off-site locations and products/completed operations exposures. These coverages may be included as a part of a businessowners policy (BOP) or purchased in a commercial general liability (CGL) policy. Owners and contractors protective liability and railroad protective liability coverages may also be required in certain cases in order for a contractor to obtain a particular job.
Physical damage coverage for tools, supplies and equipment, both on and off the contractor's premises, is a concern. Liability exposures at the premises of the contractor, and at the premises of the contractor's customer, must be properly addressed along with completed operations. Business insurance is very important as is workers compensation insurance protection for employees.
Contractors may work under a general contractor as a subcontractor in larger construction projects - like a new commercial site or residential subdivision. They can work on smaller projects directly with a home owner, usually specializing in renovations or remodels.
In business insurance speak, often called 'artisan contractors' or 'casual contractors', they are involved in many aspects of construction and contracting work – and include various trades and skills. Carpenters, painters, plumbers, electricians, roofers, tree trimmers, landscaping are just a few examples. They may do roofing, fencing, drywall, tile work and many other trades that involve skilled work with tools at the customer's premises.
An artisan contractor performs a single trade or job, and each has its own specialized liability needs with its own exposures to risk and accidents. Contractors liability insurance can offer coverage for bodily injury, property damage, advertising injury and medical payments.
Most artisan contractors should have commercial general liability at the very least, but many need broader coverages - like an umbrella to increase their limits of liability, inland marine policy to protect their tools, workers compensation if they have employees, and even commercial auto if they use vehicles for business purposes.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Contractors' Equipment and Tools, General Liability, Employee Benefits Liability, Umbrella Liability, Automobile Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivable, Builders Risk, Computers, Goods in Transit, Installation Floater, Valuable Papers and Records, Cyber Liability, Employment-related Practicesand Stop Gap Liability.
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Borough Park, Bronx Park and Fordham, Brooklyn, Bushwick and Williamsburg, Canarsie and Flatlands, Central Brooklyn, Central Harlem, Central Queens, Chelsea and Clinton, East Harlem, East New York and New Lots, Flatbush, Gramercy Park and Murray Hill, Greenpoint, Greenwich Village and Soho, High Bridge and Morrisania, Hunts Point and Mott Haven, Inwood and Washington Heights, Jamaica, Kingsbridge and Riverdale, Lower East Side, Lower Manhattan, Manhattan, Mid-Island, North Queens, Northeast Bronx, Northeast Queens, Northwest Brooklyn, Northwest Queens, Port Richmond, Queens, Rockaways, South Shore, Southeast Bronx, Southeast Queens, Southern Brooklyn, Southwest Brooklyn, Southwest Queens, Stapleton and St. George, Staten Island, Sunset Park, Upper East Side, Upper West Side, West Central Queens, West Queens and all other NY cities & New York counties near me in The Empire State.
Also find NY local small businesses by General Liability Class Code and learn about New York small business insurance requirements for general liability, business property, commercial auto & workers compensation including NY business insurance costs. Call us (212) 235-2003.