New York Solar Panel Installers Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
New York Solar Panel Installers Insurance
New York Solar Panel Installers Insurance. Renewable energy is becoming more accessible to businesses and homeowners. Solar panels are one of the easiest renewable designs to implement. Other than their green status, they contribute to significant monetary savings.
A growing demand for solar power has made it possible for many contractors to expand their businesses or start a new one. Business owners need to remain aware of the specific dangers of any installation activity. The solar power business model opens up some new New York solar panel installers insurance coverage necessities for contractor businesses to consider.
New York solar panel installers insurance protects your business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
What Is Solar Panel Installers Insurance?
A solar power installation business leaves NY contractors with several different coverage aspects to consider. Equipment, transportation, and workers must be insured properly. Solar installations entail a wide range of responsibilities. Your workers need to be protected from injury costs. Equipment and function also need to be addressed by your insurance company. Solar panels in buildings can have some complications after installation. The panels and damage to the building should also be covered.
A thorough conversation with an insurance broker can help you make sure that every situation possible is covered under your new policy.
Transportation and Work in Progress
Equipment floater coverage is an important part of making sure the supplies do not cause a loss on the way to the job site. Solar panels are covered by this part of the policy from the time they are loaded up for transit until after the job is successfully completed. Many types of damage are covered by this. This includes storm damage, theft, and fire. Damage from vandalism is also covered. If anything happens during the installation, replacements are guaranteed. This is incredibly important due to the size and expense of solar panels.
An event as simple as a wreck on the highway could completely destroy the materials. Also there have been many cases of expensive inverters being stolen from jobsites.
General Liability Insurance usually covers 5 basic categories of NY business liability:
- Bodily Injury - Physical harm to a person at your place of business, or an injury caused by your employee at a client's site - like leaving tools on the jobsite and someone trips and falls and gets hurt.
- Completed Operations/Products Liability - Claims after your business has completed work for a customer - such as a panel blows off a roof in a windstorm.
- Personal Injury - Damage to the reputation or rights of a person or business due to slander, libel, copyright infringement, invasion or privacy, false arrest, wrongful eviction, etc.
- Advertising Injury - Losses caused by your advertising (spoken or written); for example, an ad that trashes a competitor.
- Medical Payments - Pays first dollar medical expenses (think PIP in auto) of a person injured on your premises like a customer, client or visitor, regardless of fault.
Mold is often excluded from various types of insurance policies. The damages can be extensive and costly when mold is involved. Inhabitants of the affected building could also suffer physical harm, as mold can cause health issues. The same goes for New York solar panel installers insurance policies.
There are, however, some policies that offer optional coverage for future mold damage in NY buildings where solar panels have been installed. Water leakage is one of the most common complications, resulting from installation mishaps. Construction lawsuits can be long and expensive. If your company offers a mold coverage option, it is best to take advantage of it.
Professional Liability For Solar Installers
Professional liability (errors & omissions) has to do with the design and engineering aspect of a solar project. Each project is different, depending on the details of the building or needs of the customer. Once a design is approved and implemented, any issues that arise are covered by the professional liability portion. Rebates and tax incentives are also included in this coverage.
Workers can incur a myriad of injuries when installing solar panels. The most serious injuries can result from working on roofs. The combination of height and heavy equipment can dangerous. While many safety precautions are taken on most job sites, accidents still happen sometimes.
Workers comp is required by most businesses with non-owner employees in most states, according to laws. This part of a solar policy meets the same standards as it does in all business applications. Accidental injuries that happen while on the job are potentially covered by workers compensation. There is usually a strict approval process, however. Medical costs and lost wages are covered by this part of the policy once all other possible liabilities are ruled out.
How Much Coverage Do You Need?
NY solar power installers need to be properly covered, just like any other business. Their work does present the possibility of some unique issues, however. Leaks from faulty sealants can cause water damage. This can, in turn, result in mold exposure. Proper coverage covers your work, even after the job is complete. Equipment, however, is only covered until the job is complete. Equipment coverage takes care of the solar panels and supporting materials from the time they are loaded on the transport vehicle.
NY Solar power installers insurance is a lot like average business coverage, with a few tweaks and other optional features.
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 2018, 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
- Builders Risk
- Cable And Satellite TV Installer
- Concrete Contractors
- Contractor Liability
- Dryer Vent Cleaning
- Drywall Contractor
- Electrical Contractors
- Excavation Contractor
- Fence Installation
- Fire & Water Restoration Contractors
- Flooring Contractor
- Framing Contractor
- Garage Door Installer And Repair
- Glass Contractor
- Glazier Insurance
- House Cleaning
- HVAC Contractor
- Janitorial Cleaning Services
- Lawn Care
- Masonry Contractor
- Plastering And Stucco Contractor
- Propane And Fuel Dealers
- Rug, Upholstery & Carpet Cleaning
- Security Alarm
- Siding Contractor
- Solar Panel Installers
- Snow Plow
- Stone And Tile Installer
- Swimming Pool Contractor
- Tree Trimming
- Upholstery Shop
- Welding Contractor
- Wildlife & Pest Control
- Water Well Drilling
- Window Cleaning
If a contractor 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.
Many contractors do not have the usual location-specific buildings and business personal property exposures. Their business property is more mobile and, therefore, better covered with inland marine coverage forms. However, for those larger contractors that own buildings and/or maintain business inventory there are many coverage forms and choices available to them.
Contractors use their vehicles to get to and from their workplaces and jobsites. They also use vehicles to transport equipment and inventory to those locations. It is important to cover the liability of these vehicles for injury or damage they may cause, as well as to provide coverage for damage to the vehicles themselves.
Employers are required to provide coverage for injuries sustained by their employees while on the job. Contractors must comply with these requirements but some try to avoid them by hiring subcontractors. These subcontractors may actually operate and qualify as employees. The relationship between a contractor and its subcontractors must be carefully evaluated in order to determine if workers compensation coverage is still needed.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.