Contractor Insurance in New York

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.

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.