In New York state, hiring the right construction insurance company or insurance broker is crucial prior to beginning any new construction, including remodels and renovations. New York construction rules and regulations are highly detailed with regards to construction insurance and the amounts of coverage specific to each construction project.
Following are four questions that will help you ensure that the construction insurance company you are working with or interviewing has the requisite knowledge and insight into New York construction insurance regulations. Whether you are a builder, contractor, construction manager, subcontractor or employer you need to have the best possible coverage to protect yourself, your employees and your business.
1. Do they have significant New York state construction insurance experience?
If you’re a general contractor or employer working on a larger-scale construction project in New York, you are required to have construction insurance to protect against various liabilities stemming from construction site accidents. New York’s rules and regulations are highly specific and require in-depth knowledge of certain minimum insurance requirements that need to be met based on issues such as:
- Permit type
- Project scope
- Proposed building height and number of stories
- The height and number of stories of the tallest adjacent building
- The use of a tower crane, and others.
An experienced and reputable construction insurance company or broker will know where the weaknesses are in the typical construction insurance policy and how to amend them to mitigate risk to your best advantage.
2. Do they ask the right questions about your construction business and your projects?
A knowledgeable construction insurance broker will know the questions to ask in order to provide the right policy for your construction project(s) and your business. They’ll want to know about the type of construction projects you work on, where, how big and for whom, what kinds of sub-contractors you use, what is the building height and number of stories, what types of equipment do you use and so on, and will make appropriate insurance recommendations based on your business. Remember your construction insurance policy is only as good as the language included within.
3. Do they have access to a wide range of insurance underwriters?
Your construction insurance broker should be able to present you with many options for insuring your project(s) and have access to multiple carriers to ensure that you get the right coverage at the best possible price through effective negotiation, exceptional experience and long-lasting relationships.
Schaefer Enterprises has served the specialized insurance needs of the construction industry for 15 years. We know what really matters and how to protect your interests. We offer unique programs flexible enough to suit the needs of general contractors, contractors and business owners of various sizes and circumstances. We have tailored construction insurance programs for projects ranging from below the ground floor up to many stories above street level, and we can provide protection to you, your family and your business with the following policies:
- Workers’ Compensation
- General Liability
- Inland Marine
- Builder’s Risk
4. Do they perform a comprehensive review of your existing construction insurance policy?
If you’re interviewing a new construction insurance company or broker, one of the first things they should undertake on your behalf is a comprehensive review of your existing policy. A thorough review of your current coverage will not only give them a well-rounded view of your construction business and what kinds of projects you work on, but it should also reveal any gaps in coverage that leave you exposed to uncovered claims. This includes reviewing of all your subcontractors’ acord certificates and sub agreement contracts to make sure you are covered adequately.
In addition to insurance, there are a number of exclusions and regulatory considerations (such as minimum coverages) that you need to take into account to protect yourself and your construction business.
Looking to find the best New York construction insurance company?
The Schaefer Enterprises, Inc. Construction Group provides expert guidance on construction insurance policies and regulatory issues for a wide range of contractors including general contractors, sub-contractors, sheet metal manufacturers, roofers, steel erectors and fabricators, steamfitters, HVAC contractors, electrical contractors and ready mix contractors.
Want to know if you’re current construction insurance policy has the minimum general contractor insurance required, and how well it is contributing to the growth of your business in the future? Call us at 877.237.2481 to learn more and to discuss your construction insurance needs.