New York Contractors Insurance | NY Contractors InsuranceAs a New York Contractor you have probably heard from your clients that insurance is a must in the State of New York if you want to do business. Clients, General Contractors and even the NYC Government have put strict emphasis on the necessity of having insurance policies before you start work.At DurAmerica Brokerage we have made this process as simple as possible. We have professional advisors that specialize in both the insurance and construction industries. We can guide you with finding the right policy at the right price and to ensure that your work and business are financially secure. By representing dozens of insurance companies we are afforded the opportunity to quote your account with many carriers and producing the best solution for you. Since our advisors know the construction industry very well, we are able to assist you in getting the right documents for government agencies like Consumer Affairs, Department of Building and the Department of Transportation.
New York Contractors Insurance RegulationsThere are three coverage options for general liability in New York State. $300,000 Per Occurrence / $600,000 Aggregate $500,000 Per Occurrence / $1,000,000 Aggregate $1,000,000 Per Occurrence / $2,000,000 Aggregate In order to go above the $1,000,000/$2,000,000 limit you must purchase an umbrella or excess policy, with these policies you can go up to hundreds of millions in coverage. In New York State you contract will dictate how much coverage is needed for a specific job. While some private home jobs outside of New York City will allow you to have the minimum coverage, typically all work within New York City requires $1,000,000/$2,000,000 coverage and above. The cost difference between this coverage and the minimum is not significant which is why most contractors choose the higher coverage which allows them to do work pretty much at any job site. Insurance policies are required for specific jobs by Government agencies. A perfect example of this is when you are looking to pull a permit for a job from The Department of Buildings. DOB requires you have $1,000,000/$2,000,000 general liability coverage along with workers compensation and disability for your employees. The Department of Buildings has the following requirements in order to obtain a permit for a job. The contractor must provide the following documents, first they need an ACORD form certificate of general liability insurance which shows proof of your general liability insurance policy. Secondly they need a C105.2 which is original proof from the insurance carrier showing that you have active workers compensation insurance. Thirdly they need a DB120.1 which is original proof from the insurance carrier showing that you have active disability insurance coverage. At DurAmerica Brokerage, our contractors servicing unit produces these documents for you typically within a few hours of your request. As always with DurAmerica Brokerage these documents are provided to you free of charge only for our contractors. For every other job that you may have, again free of charge, DurAmerica Brokerage provides you immediate ACORD certificates of insurance to show proof to your client that you are properly insured. The speed at which we produce these certificates saves you time and money and more importantly shows your customer the level of professionalism your company has. These are vital tools to increasing your sales through referrals from your existing customer base. If you are not receiving this level of service of your current agent, give us a call today and see why thousands of contractors have chosen us to represent them.
General Liability InsuranceGeneral Liability Insurance is a policy that provides protection for your company for most incidents that can occur. It provides protection for almost everything that can occur except for injury to you or your employees on the job. Whether you are a sole proprietor, Inc, Corp, LLC or any other type of company, general liability insurance is necessary to protect you and your business. It provides coverage for the executives regardless of how many there are, the work performed by your employees and in some cases the work performed by your subcontractors or independent contractors. New York contractors general liability insurance policies should all be a comprehensive general liability policy that covers, bodily injury, property damage, medical payments, advertising injury, completed operations coverage and contractual liability. For an explanation of these coverage’s, please read our Contractors Insurance page by clicking on the link. Sometimes a job required bonds to be in place in order to proceed with the job. At DurAmerica Brokerage we can assist you with Bid Bonds, Performance Bonds, Payment Bonds and Subcontractor Bonds. We have not listed all the bonds that we offer here, if you need a bond and do not see it listed here, please contact us and we can help you. We also provide additional services and products for our contractors. Whether you need, commercial auto insurance, DMV Services or Defensive Driving Courses we can help you. Our mission is to educate our customers. That is why thousands of clients have chosen us to secure their insurance needs. Give us a call today at (718) 626-0700 and receive the level of service that your company needs by taking partnering with DurAmerica Brokerage Inc. |
