Rates are based on payroll, and depend heavily on your industry, i.e., rates for clerical payroll are nominal, while a roofing company will be charged much more. If your work force is expanding, you should update your workers’ comp coverage as you go along to avoid being hit with an audited additional charge at the end of the year. Business interruption New York general liability can provide sufficient funds to pay your fixed expenses and lost business income during a period of time when your business is not operational. Business income means the net income that would have been earned or incurred, as well as continuing normal operating expenses incurred, including payroll. Extra expense coverage will reimburse you for covered expenses while temporarily relocated at another premise during your reconstruction due to a covered loss. Small BusinessProtect your company and employees with NY commercial insurance.
Bodily Injury – Have you ever had a customer come on a job site that you are working on? Do you have an office in which any person at all, customer or postman, visits? Regardless of whether you are on your premises or at a job site you are liable for any bodily injury that may occur to another person. For example, if the postman brings your mail and you failed to fix cracks in your porch leading up to the door and they tip and get injured, you will be responsible for the damages. Additionally, if a customer or food delivery person walks on your job site and is injured, you are liable for that as well.
You should contact your attorney, accountant and/or financial adviser to obtain advice with respect to any particular commercial insurance question, claim or issue. Some clients might also need you to agree to a certain level of general liability before you can provide goods or services to them. With NY general liability insurance, such issues are adequately handled. The most influential factor, however, is the type of work that you do. Businesses are typically rated on the exposures that are unique to their industry.
If you are interested in applying for coverage click the link below. To summarize, New York Contractors are paying way too much in General Liability premiums because of an outdated law. With construction firms being held responsible regardless of employee negligence; it is a struggle to remain profitable.
In this article we will cover how much it is going to cost, why cheapest is not best, why you need it, and how much protection you should have. Get involved, instead of complaining to anyone who will listen about your insane premiums, share the knowledge and discuss how contractors need to work together to fix this. Don’t get me wrong, the premiums they charge are in the stratosphere! But if you look at their balance sheets, it’s the insurance companies are feeling the pain from the unreasonable system New York Labor Law 240 has created. Rate hikes are inevitable as the insurance companies are trying to remain profitable, while being held to an impossible standard. Our experts pride themselves not only on their knowledge of insurance, but also on their expertise in specific industries.
Additionally if you are doing major renovations or ground up construction in NYC the PGL1 tool could set additional requirements above and beyond what the owner or developer is requiring. So maybe you are wondering how are you 100% responsible for a worker’s gravity related injury? For example, if you provide all the safety equipment possible, but your worker has an accident you are still 100% liable thanks to this law.
If you’re the employer and there’s a labor law exclusion in your policy, your insurance carrier may exclude any injury an employee or subcontractor’s employee incurred on the job and not cover the claim. In addition to standard bodily injury liability coverage, New York also requires you to have uninsured motorist bodily injury coverage. A business owners’ policy is a bundle of insurance coverages that insurance carriers offer to small businesses at a rate that’s usually cheaper than purchasing each policy separately.