Construction General Liability Insurance in New York

Construction General Liability Insurance in New York

construction general liability insurance ny

If you are a small construction company looking for a way to protect your business, you need construction general liability insurance in New York. New York has 44,650 construction companies that employ one to four hundred employees. All construction companies need this coverage because it protects them against injuries to employees and missed income due to missed work. Read on for some important information about this type of coverage. It is important to protect your business, and your employees, from financial ruin.

Action over coverage

Insurers have treated New York accounts like the Hokey Pokey, and many have halted writing accounts there. Others have capped their coverage or limited it to certain areas like Nassau and Suffolk counties. Regardless of the reason, having a gap in coverage is not smart business. Here are a few things to consider when looking for a construction general liability insurance policy in New York. To get the best price possible, shop around and read insurance reviews.

Exclusions from coverage

There are several important things to keep in mind when choosing construction general liability insurance. Listed below are some of the most common exclusions from construction insurance coverage. Identifying them is crucial, as they reduce the protection of your business. Read your policy documents carefully to understand the exclusions. There are many ways to avoid falling into this trap. Exclusions are generally not readily apparent. In fact, some of them are not even included in the certificate of insurance.

Cost of coverage

The cost of construction general liability insurance coverage varies greatly from one company to the next. This can be attributed to many factors. For example, the risk of lawsuits and claims for contractors tends to be higher in larger companies. Moreover, different companies use different methods to calculate the cost of a general liability insurance premium. These differences may affect the quote you receive. To get the best price, compare the quotes of several companies.

Impact of labor law on premiums

New York’s construction industry has long been a model for innovation and creativity, but it has also seen its share of accidents. This state has unique labor laws regarding construction site accidents and injuries that have pushed construction costs and insurance premiums skyward. This law imposes strict liability on contractors and builders for falls on construction sites. This state’s Labor Law, or NY Labor Code, puts general contractors and building owners at risk for accidents caused by subcontractors.

Other factors that affect premiums

You’re probably aware of some of the factors that affect construction general liability insurance premiums. One of these factors is the type of insurance coverage you get. In general, if you’re working in the construction industry, you should get this type of insurance, as it protects you in case someone gets injured while on the job. Listed below are some other factors that affect construction general liability insurance premiums.

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