Getting insurance to meet the unique needs and high risks of the construction industry used to be something only large construction companies could afford. This left smaller companies and contractors at a huge risk of lawsuits. Thankfully, things are different now. Company owners and independent contractors can now have the protection they need at a cost that will fit within their budget. There are builders risk insurance New York companies that can tailor a plan to meet the unique needs of construction company owners and contractors.
Constructions companies carry a high risk due to the nature of their work. There are plenty of opportunities for bodily harm on the construction site itself. These hazards are not limited to the workers but also extend to the clients and any adults or children the clients bring onto the site. Also, accidents can be caused by workers and by subcontractors. These could be something obvious, like hitting a utility line, or something that doesn’t appear till well after the job is finished, like faulty wiring or plumbing. The construction company owner may end up being liable for all of these types of accidents.
Lawsuits can put a small construction company in a ton of debt or even put them out of business entirely. If you are in the field of construction, look for what kind of builders risk insurance New York has in the area so you can have the protection you need and deserve.