New York Contractor
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here's what contractor's insurance needs to include
New York Contractor Insurance
New York has 2,057,959 small businesses, so you're definitely not alone if you own a firm in this state. But only 174,761 of these small businesses are in the construction industry. While the USA's gross domestic product grew by 2.2 percent in 2013, New York's real gross state product lagged behind with a growth of only 0.7 percent. (Source: BEA). There is some good news for this state, though. The unemployment rate went from 7.4 percent in 2013 to 6 percent in 2014. (Source: BLS). If you own a construction business here, you should obtain New York contractor insurance, and here's what it needs to include.
$38 A Month
New York Contractors Need the Following Insurance
Coverage for Third Party (GL): When you work on construction projects in New York, you're sure to have some visitors once in a while. If your guests are not wearing the proper safety gear, they could end up with cuts, broken bones, or worse. If you want to avoid having to pay out of pocket for these injuries, you need to add general liability to your New York contractor insurance. This coverage can pay for any necessary ambulance rides, hospital stays, or doctor visits that your guests need after getting hurt on your property. It will also pay to fix any property damage, such as when a guest's car hits a pothole in your parking lot and needs repairs.
Tools & Equipment Coverage (BOP): If you don't think you could go a day without your most useful tool or equipment, you need to protect it with tools & equipment coverage. When you include this with your New York contractor insurance, you ensure that any items you rent or own and use for work will be replaced by your policy in case they are lost or damaged. If you do not have this coverage, you risk having to close your business until you can pay for a replacement on your own.
Employee Coverage (WC): In New York, 445,853 small businesses have employees. About 44,650 of those are construction firms that employ 1 to 499 people, and they all need workers compensation. Whether you have a few employees or hundreds, you need to protect them all by adding this coverage to your New York contractor insurance policy. This pays for any injuries they get while working for you, and it also covers any missed income while they recover.
Business Vehicle Insurance: Whether most of your worksites are in New York City or you have to drive to Buffalo and beyond, business vehicle coverage is a must. This part of your policy will pay for the damages associated with any car accidents you cause when you drive for your small business. Keep in mind that your personal car insurance policy will not extend to such accidents, which is why you need to add this coverage to your New York contractor insurance.
Bond: The reason surety bonds exist is to guarantee your services as a contractor. This will provide some peace of mind for your clients and can even improve your business reputation, which is why you need a surety bond in your New York contractor insurance policy.