New York requires that anyone who plans to work in construction get general contractors insurance. This type of insurance must stay active until the project is complete. Some companies and insurance policies provide better coverage than others, however. The least expensive general contractors insurance NY may not always be the best.
General contractors insurance NY must cover three different areas:
• Workman’s Compensation
• General Liability
Keep in mind that this insurance will not cover subcontractors unless you add them to the policy. You should do this if you need to hire people who are experts in their fields, such as plumbers or electricians. If these people are not added to the policy, you could lose a great deal of money should they cause any damages. General Contractors Insurance NY
Insurance policies with the most protection should include the following types of coverage:
• A type of coverage that extends to subcontractors, called third-party coverage
• An unlimited contractual liability clause that covers all damages
• Pollution coverage, in case you or your subcontractors are exposed to lead-based paints or drywall chemicals.
Avoid claims-based coverage in favor of occurrence-based, so that you can get claims covered no matter when they occurred.
You do not need to, and actually should not, specify a designated work endorsement in a general contractors insurance NY policy. If you do, then coverage will not extend outside a contractor’s field.
A general contractor is a leader that must take charge of every aspect of construction. General contractors must take responsibility for any damage or injuries that might occur, which is why general contractors insurance NY is so crucial. Do not buy an insurance policy without looking closely at the coverage provided. Though New York requires worker’s compensation, disability, and liability coverage mandatory, the contractor must go above and beyond to make sure that everything else is covered.