Contractor Insurance in New York

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Do general contractors need insurance in New York?

The Empire State has a flourishing construction industry. The industry employs just more than 138,000 sole proprietors, including many who are licensed as general contractors.

Construction sites are often dangerous places to work. An accident can lead to costly liability issues for your small businesses, whether you work on residential or commercial projects. Contractor insurance is a must for many New York businesses to protect their hard-earned work from injuries, delay, accidents, and other common problems.

Insurance for contractors is a shorthand term used to describe different kinds of coverage a general contractor might consider.

  • General Liability
  • Business Owners’ Policy
  • Workers’ Compensation

Learn about contractor insurance in New York and how BizInsure can help you find A-rated insurance for your requirements.

Who needs contractor insurance in New York?

Many contractors purchase insurance to safeguard their finances and business. The protection offered by General Liability and other types of insurance could provide critical security cover for you and your business.
There is a possibility that specific kinds of coverage are required in order to conduct business with a specific client (a condition that is usually stipulated in contracts for business).
Select your job from the list below for more details about your options for insurance and to start your customized insurance quote.

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What insurance should general contractors need in New York?

New York tradespeople are usually interested in different types of insurance for contractors. These insurance policies can assist you in reducing the risks that general contractors are exposed to on the job.

General Liability Insurance

At a construction site, anything could occur. A seemingly innocent act, such as leaving your toolbox at the wrong place, can cause a major problem for your business when you cause injury to anyone.

A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation up to the limits of liability.

New York General Liability Insurance is sometimes called Commercial General Liability (CGL) or “slip and fall” coverage.

Business Owner’s Policy

Construction industry workers know that sometimes things don’t work out as planned. Incomplete projects, broken instruments, and other issues can cause problems in meeting the deadlines you set.

A Business Owner’s Policy (BOP) is a combination of policies, combining covers such as General Liability insurance and business personal property coverage, to help protect small businesses from costly interruptions to service.

BOP can include specific coverage options that are tailored to your business. It can be an easy and affordable way of protecting your business from the most common risks contractors are exposed to.

Workers’ Compensation Insurance

If you depend on employees to help run your business, it is your responsibility to ensure their health and well-being when they’re at work.

Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace.

To meet state requirements, with a few exceptions, businesses must carry Workers’ Compensation insurance in New York that employ at least one employee.

What does New York contractor’s insurance cover?

Contractor’s insurance can cover your business against many types of risk. Depending on what types of insurance coverage you select, your business could be covered for:

  • Third-party property damage and injury claims (General Liability insurance for New York contractors)
  • Unexpected Business Interruptions (Business Owner’s Policy)
  • Equipment breakdown (Business Owner’s Policy)
  • Employee workplace accidents and illness (Workers’ Compensation)

How much does contractor’s insurance cost in NY?

The cost of business insurance varies due to the fact that insurance companies consider a variety of factors to determine each premium. The cost for your company may depend on such things as:

  • The kind of insurance you want
  • Your business size (annual revenues).
  • How many people will be covered under the policy
  • Your claim history
  • Select the coverage level you want.

Save time and money with BizInsure

Protecting the contracting company you work for is simple with BizInsure.

In just 10 minutes, you’ll be able to look over a variety of quotes and select the coverage that fits your budget and needs. The policy documents will be delivered to your inbox email.

Need some assistance with your project? Our licensed agents are available to assist you at any point in the process.

Compare quote to determine the most suitable insurance to protect your New York general contractor business.

* This information is a general guide only and does not take into account your objectives, financial situation or needs. Always check with your local licensing board when getting or renewing your [profession] license to ensure you are meeting their current licensing requirements.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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