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New York Contractor Insurance

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General Contractor Insurance in New York

Secure Your New York Construction Business WIth Contractor Insurance

General Liability Insurance for Contractors in New York

Constructing New York’s iconic skylines or renovating historic structures in the Empire State poses immense challenges. 

Imagine you’re nailing down a dream project, picturing that satisfied client handshake. 

Suddenly, a gust of wind sends scaffolding tumbling, or a hidden pipe bursts, flooding the site. Your heart drops – but wait, what if you had a safety net?

New York contractors, insurance isn’t just a checkbox; it’s a superhero sidekick, ready to leap in when unexpected twists threaten your business.

Think about it: what if a misplaced hammer injures a passerby? Lawsuits could cripple your dreams. Or what if your prized jackhammer mysteriously vanishes? Replacing it could drain your bank account. 

That’s where insurance comes in, shielding you from financial shocks and legal woes.

It’s the peace of mind that lets you focus on building brilliance, knowing accidents and hiccups won’t bring your whole castle crashing down.

So, New York contractors, embrace the power of insurance – it’s not just a requirement; it’s your partner in building a secure and thriving future!

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How much is construction insurance in NYC?

The cost of construction insurance in New York City varies depending on the type of insurance and the specific needs of your business.

Here are some average costs for different types of insurance:

  • General Liability Insurance: General contractors pay an average of $142 per month, or $1,700 annually.
  • Builder’s Risk Insurance: General contractors pay an average of $134 per month, or $1,608 annually.
  • Workers’ Compensation Insurance: The median annual cost for general contractors in New York is $4,799, significantly more than the national median of $3,682.
  • Professional Liability Insurance: Construction businesses and contractors pay an average of $74 per month, or $886 per year.
  • Commercial Auto Insurance: The cost depends on the coverage options, the value of the vehicle, and the driving records of anyone permitted to drive it.

Don’t Let Business Insurance in New York Be a Headache  

 As a contractor here, you require specialized insurance matching the scale and complexity of projects while conforming to regulations. The Allen Thomas Group offers New York contractors tailored coverage for risks local firms face regarding:

 • Mandatory workers’ compensation 
 • Strict liability laws  
 • Weather threats
 • Specialty trade exposures

Our experienced NY construction insurance agents educate you on prudent coverage for your subcontracting business, general contracting enterprise, or construction firm via customized policies from leading insurers.

A New York contractor’s business owner’s policy (BOP) bundles essential coverages like liability and property insurance into a cost-effective package, protecting your projects, employees, and bottom line.

Table of Contents

Getting The Right Coverage

 Types of Insurance for General Contractors in New York

General Liability Insurance Policy (GL)

New York contractors must purchase general liability insurance in New York as protection against lawsuits and claims alleging third-party bodily injury or property damage.

A general liability policy covers your legal costs if a claim is filed and compensates victims if you are found legally liable. Important coverages include:

Premises Liability: Covers injuries that occur on a job site. This is crucial for NY contractors since worksites can be hazardous. Insufficient limits put your assets at risk.  

Completed Operations: Protects against damage that occurs after construction is complete. This is key in NY where liability can emerge years after project completion.

Product Liability: Covers issues caused by products installed or used in construction, helping contractors specializing in painting, plumbing, electrical work, etc.  

Be sure to secure adequate occurrence and aggregate limits. For large NY contractors and general contractors, $5 million is advisable, given the high liability in the state.

Commercial Umbrella Insurance

For general contractors aiming to be competitive and construction firms focused on large projects, we recommend umbrella insurance after analyzing exposures.

Contractors in New York may find this supplementary general liability coverage valuable in several ways:

– Increases coverage limits above underlying general liability and auto policies relatively affordably
– Satisfies contract requirements for $5M+ limits often mandated for big public and private jobs  
– Protects business assets and personal wealth given NY’s litigious climate

The Allen Thomas Group has a track record of helping NY contractors buy umbrella coverage providing prudent increased protection on top of standard policies.

Errors and Omissions Insurance

Also termed professional liability insurance, E&O coverage is one of the important policies for general contractors, including:

  • Design-build firms and construction companies offering design services
  • Trade contractors doing intricate specialty work like electrical
  • General contractors managing complex projects

This type of insurance protects against claims alleging problems like shoddy workmanship, code violations, and project delays due to negligence in the construction market.

Many clients require NY contractors to carry E&O insurance.

Builder's Risk Insurance

You need builder’s risk insurance to cover projects under construction since damage to a building site can completely derail your business.

Key coverages include:

  • Materials and equipment kept at the construction site
  • Buildings and structures during active construction
  • Tools located at the project site during construction
  • Protection against fire, theft, vandalism, and weather perils

For NY contractors undertaking large commercial contraction projects in the construction industry, having dedicated builders’ risk insurance is essential.

Tools and Equipment Insurance

This type of insurance covers damage to tools and equipment used for contracting jobs.

Key coverages include:

  • Theft of tools left in vehicles or sites after work
  • Damage to expensive equipment during transport
  • Damage from falls, collisions, debris, weather, and more during use

For NY contractors with significant investments in equipment assets, it prevents disruptive replacements if gear is compromised or stolen.

Workers' Compensation Insurance  

This compulsory insurance in NY that a small business is required to carry provides medical and wage assistance for employees injured on the construction project.

Workers comp Insurance provides coverage for medical bills and lost wages when an employee is injured on the job. 

Essential factors for NY contractors include:

Covering subcontractors: New York requires you to insure subs through your NY contractors insurance or confirm they have their own. Non-compliance results in fines.  

Coverage for lost wages: NY caps higher than other states – $976 weekly for 2022. Proper coverage limits prevent lawsuits.

Schedule credits and surcharges: We help contractors get credits for safe practices to reduce premiums, which run high in NY due to risks.

General Contractor Insurance in New York Exemptions

contractors at work in New York

-Sole proprietor contractors without employees are exempt from mandatory New York workers’ compensation insurance. However, we still strongly recommend buying this coverage voluntarily to protect business assets.

– Some trade contractors may qualify for an exemption from carrying disclaimer notices on vehicles under the New York Department of Motor Vehicles regulations. This can reduce paperwork hassles.

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Surety Bonds 

These bonds act as a financial guarantee that the contractor will complete work as required by the contract. Some key surety bond notes for New York include:

– Public projects over $100k require surety bonds to even bid in New York under the Wicks Law. Most private entities don’t mandate bonds.

– Having adequate insurance coverage better positions contractors to qualify for surety bond writing, and saves on premiums.

– Environmental and project maintenance bonds in New York may be required for municipal construction jobs as well per the contract. 

The intricacies around insurance exemptions and surety bonds in New York demonstrate why working with an experienced local agency like The Allen Thomas Group is valuable for contractors seeking proper protection.

Insurance Solutions Customized For You Contractors

Yes, Getting A Certificate Of Insurance Is Really That Easy

We know how frustrating and complex the process of finding the right insurance can be and how it slow down your ability to take care of your customers especially when you are waiting for bonds or a Certificate of Insurance (COI).

Let us help fix it for you.

Step 1: Assess

Tell us about your specific needs and we will find the right policy for you.

Step 2: Review

Review the results of our search.

Step 3: Service

We will walk you through your new policy step by step.

Get Precise Coverage For Your Business In Minutes

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Our happy customers

We’ve helped thousands of New York Businesses Like You

Our Carrier Partners

WE HAVE PERSONAL CONTACTS WITH THESE TRUSTED A-RATED INSURANCE COMPANIES

That allows us to find the best rates for your construction business

Why NY Contractors Should Choose The Allen Thomas Group 

Insurance is a kind of safety net for general contractors in New York that helps ensure:

Cost Savings – We leverage partnerships with top carriers to offer optimal plans at competitive rates for both mandatory and optional coverages. Multi-policy discounts also available.

Streamlined Service – Our efficient application process gets you covered quickly without paperwork headaches. We also simplify policy administration.

Unbiased Expertise – As an independent agency, we objectively assess your risks to recommend the right insurer from our extensive carrier network for your insurance requirements. 

Peace of Mind – Our tailored plans prevent coverage gaps that leave your business in New York vulnerable. We also provide responsive support if claims or questions ever arise.

New York insurance agents of The Allen Thomas Group are experienced in protecting your interests by providing:  

– Objective policy guidance rather than a narrow menu 
– Meticulous coverage fine-tuning addressing gaps  
– Ongoing optimization as your business and sites change
– Proactive risk management lowering liability
– Decades of localized contractor insurance expertise  

Don’t risk your business with inadequate insurance or overpaying as a contractor based in New York. Connect with The Allen Thomas Group today for the right coverage so you can do business with peace of mind!

Insurance can shield you from huge losses incurred due to a covered event.

FAQs

Get More Insights On Making The Right Insurance Decision For Your Company

Workers Comp Insurance is required for businesses with one or more employees (including yourself) and covers you against injuries sustained by the workforce at the time of work.

General Liability Insurance is also highly recommended that covers you in the event of a claim.

Contractors may be required to hold several insurance options to cover their products and complete operations. Commercial auto insurance for NY commercial vehicles. In fact, companies that use their own vehicles for business purposes need commercial car insurance. The policy will pay for the expenses incurred in the accident.

Professional Liability Insurance for errors and omissions, Builders Risk Insurance for ongoing projects, commercial property insurance for business property coverage, inland marine insurance, and Excess/Umbrella Insurance for extra liability protection are all recommended for specific situations.

Per occurrence is the maximum payout for a single incident, while aggregate is the total payout for all claims during the policy period. Choose limits based on your risk exposure.

The New York Scaffold Law holds construction companies strictly liable for gravity-related worker injuries at heights over 20 feet, unless proper safety equipment like railings and scaffolds are provided.

This unique law prioritizes worker safety by placing significant responsibility on employers to prevent falls.

Yes, your insurance provider can issue a certificate of insurance as proof of coverage, often required for contracts or permits.

We Provide Coverage Options For All Trades Listed Below

  • Flooring Contractors
  • General Contractor
  • HVAC Contractor
  • Handyman Services
  • Home Renovation and Remodeling
  • Landscaper
  • Masonry
  • Painter
  • Paving Contractor
  • Plumber
  • Roofing Contractor
  • Sheet Metal Contractor
  • Snow Plowing
  • Steel Erection
  • Utility Contractor

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