3 levels of coverage for your New York Construction Business
Contractors have a tough go of things when it comes to insurance in New York. This also applies to out of state contractors working in New York.
Far to often policies are sold strictly on price with little care or concern for the exclusions related to the policy.
One of our most common requests is for “Good” Coverage.
Good is such a relative word but we decided to tackle it for contractors insurance.
To do that we broke down the type of coverage available for New York contractors into 3 groups. Basic, Better and Best. Really only Better and Best fall under anything close to “Good” Coverage.
Basic coverage is adequate in most other states for most contractors. It provides completed operations coverage (coverage for your work after you finish the job), and Blanket additional insured (allows you to list your customers as additional insured on your certificates of insurance with no additional charge).
Basic coverage is your standard contractors liability policy with no real enhancements.
However in New York thanks to some very old laws we need coverage with additional enhancements. The main coverage needed is action over coverage.
Once you step up from Basic to our Better level of coverage you would have action over coverage included on your policy. This by most standards would qualify as “Good” coverage.
Sometimes, even better coverage is needed and that is where out best plan comes from. The best insurance is often required by the top General Contractors and leading property management companies.
The best insurance coverage offers limited exclusions. Plus coverage enhancements such as no hammer clause often no height restriction allowing you to work well over the standard 3 story height limitation.
The best coverage comes with a premium price tag but if you are concerned about protecting your business the coverage is worth it.
The differences between the plans seem insignificant but they are anything but. Not having good coverage is exposing your business to potentially catastrophic losses. Just one action over claim could put you out of business. Just one sub-contractor with basic coverage could nullify your coverage. Are these risks you are willing to take?
We encourage all of our contractors to purchase “good” coverage, because most business owners their business is one of their largest assets. If the business was forced to close or go bankrupt that would likely push the owner into bankruptcy as well.
Bottom Line: If you don’t have “good” coverage or aren’t sure either way schedule a call below.
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