Masons, carpenters, plumbers, electricians and other trade workers need to protect themselves with contractors insurance NY when working in New York. Because of the high risk of liability, it is important to be sure that they have the right coverage, but at a price that keeps them in business. Most work done by contractors in New York requires insurance to protect both the contractor and the client. Many insurance providers doing business in the state can provide a contractor with a professional experienced in both insurance and contracting to be sure the business' needs are met.
Contractors insurance differs with each business, depending on the type of work that is done and the type of equipment used. It can include general liability, which covers both the contractor and business owner from incidents that can occur on the job. Those covered include the business owner, workers, clients and even bystanders who may be injured if an accident occurs. In addition, if the contractor is sued, his general liability insurance will cover the cost of an attorney and any legal fees incurred.
In order to do business in New York, contractors insurance NY is needed. The type of insurance needed and the cost are dictated by construction type, the cost, and the location. Because accidents are so common on construction sites, insurance coverage is needed to be sure an incident does not bankrupt the business. The amount of coverage purchased can limit the types of jobs that can be accepted, so most contractors make sure they are well insured. The policy should cover the costs of any property damage, bodily injury, medical fees, contractual liability and completed operations costs.
Commercial auto insurance coverage is required by contractors doing business in New York State in order to cover auto accidents or incidents involving their fleets. The insurance covers personal injury, medical costs, uninsured motorists, and property damage. Any vehicle that is owned or leased by the company is covered by its policy. When heavy equipment or machinery is used on location, a contractor may need to purchase contractors equipment insurance to cover loss, damage or theft of these items when they are left on-site.
Workers compensation insurance is a required type of contractors insurance NY. It pays workers who are injured on the job a portion of their salaries and protects the employers against possible lawsuits. If an accident occurs and the business owner does not have workers compensation coverage, the costs associated with the accident will be paid by the state, which will then require reimbursement along with the payment of fines. In order to protect themselves and their businesses, contractors insurance NY is required by contractors wishing to do business in New York.
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