Contractors are also required to carry Workers Compensation
This is why you’re usually required to have it if rent a space for your business. Some customers won’t even work with a business that doesn’t have general liability insurance. The Health Care Reform Act of 2000 introduced the Healthy NY program to provide more affordable health insurance to New Yorkers who need it most. Healthy NY, in partnership with HMOs and other insurance companies in New York State, offers comprehensive health insurance to small businesses. While we buy insurance for protection against loss, claims can tend to result in higher insurance premiums. While you may decide to accept more risk by selecting higher deductibles, it’s equally important to take preventive steps to reduce the likelihood of loss.
Contractors are required to be bonded if you work on public projects, like government-type jobs. Some counties will even require you to be bonded before you can get licensed. Contractors are also required to carry Workers Compensation New York liability insurance This is something you should carry anyway as it is essential coverage for your employees, regardless of what state you live in. If you believe your business is protected by additional insured status in a construction agreement, you should have SEI’s Construction Group review the policy to make sure that is so.
They work with several leading carriers and are able to provide quotes from these companies for you. You can apply online and within a few minutes get and compare several quotes in the same place. These companies are often non-admitted carriers , so special caution and procedures are required. Your agent or broker can assist you, and the NYSDFS requires him/her to carefully advise you of possible pitfalls.
New York businesses that provide professional services, such as consultation or accounting, should consider this coverage. It protects against claims of professional negligence, both actual or alleged, and helps pay for defense costs. The insurance products on (the “”Site””) are underwritten by different carriers dependent on the relevant line of business – see huckleberry.com/carriers. Commercial Liability Insurance is not mandatory for businesses operating in New York. If you own property or other valuable assets you would be wise to invest in sufficient commercial general liability coverage for your business to limit your risk exposure. Commercial Auto – The moment you start using a vehicle to do business, even if it is just driving to and from the job sites, you have to insure them on a Commercial Auto insurance policy.
PS If you think you’re paying too much, or just want to chat about construction insurance give me a call. I know it’s weird, unusual and maybe slightly disturbing, but I enjoy talking about contractors insurance. Every time you start to complain about that big check you write to the insurance company, do two things. First, write a letter to your state representatives hereSecond, tell one other contractor to do the same.
Unfortunately, Thimble isn’t currently available in the state of New York, but we’re working on it! Sign up for email updates and we’ll let you know as soon as we’re able to offer coverage in the Empire State. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. “”Raynaldo made quick work of things. I told him what I needed, and ultimately I had a certificate of insurance in a matter of hours.””
General Liability Shop.com has already helped hundreds of business owners in New York find the most affordable quotes for their business liability insurance coverages. We’re a national commercial insurance agency appointed to represent more than 35 insurance carriers throughout the U.S. We return business insurance quotes quickly with more efficient technology, highly trained insurance Specialists and dedicated underwriters servicing our agency. While there are no mandates surrounding commercial liability insurance, business owners in New York would be wise to invest in this type of coverage. In addition to standard bodily injury liability coverage, New York also requires you to have uninsured motorist bodily injury coverage. Coverage includes both mistakes on the part of your business and the failure to perform a service .