As 2026 approaches, New York contractors are facing one of the most challenging insurance markets in over a decade. Between rising claim costs, increased litigation, and major insurers pulling out of the New York construction sector, renewal pricing has become unpredictable—and in many cases, sharply higher. Whether you’re a general contractor, artisan contractor, or a specialty trade, understanding what’s happening in the market and how to position yourself for the best possible pricing in 2026 is critical.
In this article, we break down what New York contractors can expect for 2026 renewal prices, why the marketplace has tightened, what steps you should take before renewal, and how BGES Group, one of the leading contractor insurance specialists in New York, can help you stay protected and competitive.
Why 2026 Will Bring Higher Renewal Prices for New York Contractors
1. Major Carriers Have Exited the New York Contractor Insurance Marketplace
Over the past 12–18 months, several key insurance companies—previously known for insuring New York contractors—have withdrawn completely from the marketplace. Others have dramatically reduced what classes of contractors they are willing to cover.
This means:
- Fewer insurers competing for your business
- Less pricing flexibility
- Stricter underwriting requirements
- More limited options for specific trades, especially high-hazard work
New York’s labor laws and litigation environment, particularly Labor Law 240/241 (“the Scaffold Law”), have driven loss ratios so high that many insurers simply can’t profitably write contractor business in the state anymore. This has shifted more demand to the remaining carriers—driving pricing upward across the board.
2. Rising Claims and Legal Costs Continue to Push Rates Up
New York is consistently ranked as one of the most expensive states in the U.S. for construction insurance. Lawsuits continue to grow in both frequency and severity, with multimillion-dollar settlements increasingly common.
As a result:
- General Liability premiums are rising
- Excess Liability has become harder to obtain
- Carriers are applying more restrictions and exclusions
- Submission requirements are more demanding
For many contractors, even those with excellent loss histories, renewal prices for 2026 are expected to increase anywhere from 10% to 40%, depending on trade, revenue, subcontractor exposure, and claims.
Why It’s Now More Important Than Ever to Get Competitive Quotes
In a market as tight as this one, simply accepting your renewal quote could mean paying thousands—or tens of thousands—more than you should.
Here’s why getting competitive quotes from another agency in 2026 is essential:
1. Every Agency Has Access to Different Markets
No two brokers have the exact same carrier relationships. One agency might have access to a carrier that another agency does not. In a shrinking market, maximizing your options is key.
2. Some Agencies Specialize in New York Contractors—Most Do Not
Because New York contractor insurance is so complex, many agencies do not understand:
- NY labor law exposures
- Wrap-ups and owner-controlled insurance
- Subcontractor requirements
- How to structure policies to avoid large gaps
- How to negotiate with underwriters for hard-to-place trades
Working with a generalist agency can cost you both time and money.
3. You May Qualify for Programs or Carriers Your Current Agent Isn’t Using
There are specialized programs designed specifically for New York contractors—but only certain wholesalers and agencies know how to access them. These can make a dramatic difference in pricing and coverage.
4. Even If You Want to Renew With Your Current Carrier, a Second Opinion Gives You Leverage
When an underwriter knows you are shopping the market, they often sharpen their pencil.
How BGES Group Helps New York Contractors Navigate the 2026 Market
For over 44 years, BGES Group has specialized in insuring New York construction firms, including general contractors, subcontractors, and specialty trades throughout the state. We know the market better than anyone—and in 2026, that expertise matters more than ever.
What Makes BGES Group Different?
âś” We Specialize in New York Contractors Only
Many agencies try to insure everything. We don’t. Our focus is New York contractor insurance—day in and day out. We understand the risks, the laws, and the carriers that are still willing to write business in this challenging market.
âś” We Work With the Best Wholesalers and Markets Still Active in New York
Because several carriers have exited the NY market, you need an agency that still has access to competitive, stable programs. BGES Group partners with the top wholesalers and specialty carriers still serving New York contractors—including hard-to-place classes.
âś” We Shop Your Insurance Aggressively
We don’t just get you one quote—we get you as many options as possible, including:
- General Liability
- Excess Liability / Umbrella
- Workers’ Compensation
- Commercial Auto
- Tools & Equipment
- Builders Risk
- Wrap-Up compatibility
This ensures you’re not overpaying or stuck with a non-competitive renewal.
âś” We Help Lower Your Risk Profile
Carriers want to see strong risk mitigation. We help you improve:
- Subcontractor agreements
- Safety protocols
- Claims management
- Coverage structure
- Certificates and compliance
This often leads to better pricing, even in a hard market.
âś” Fast, Personal Service
BGES Group is known for its responsiveness, direct communication, and high-touch customer service. You’ll never wait days for a response. When contractors switch to us, they almost always say the same thing: “You’re the first agency that ever actually helped us.”
What New York Contractors Should Do Now for 2026 Renewals
To prepare for 2026, contractors should:
1. Start the process early—60 to 120 days before renewal
Waiting until the last minute leaves you with fewer options.
2. Gather accurate underwriting information
Carriers want clean, complete submissions. Incomplete information leads to higher prices or declinations.
3. Get quotes from a contractor-specialist agency—not a general insurance agency
This is crucial in the 2026 market.
4. Review exclusions carefully
Some low-priced quotes remove important protections—especially action-over/labor law coverage. Cheapest is not always best.
The Bottom Line for 2026
New York contractors should expect:
- Higher premiums
- Fewer carriers
- Tougher underwriting
- More competition for available capacity
But with the right agency—one that knows how to navigate the New York contractor marketplace—you can still secure strong coverage at competitive pricing.
Contact BGES Group Today for 2026 Quotes
BGES Group – Owner – Gary Wallach
Phone: 914-806-5853
Email: bgesgroup@gmail.com
Website: www.bgesgroup.com
Whether your renewal is in 30 days or 6 months, now is the time to get ahead of pricing increases. We specialize in New York contractors and will get you the competitive quotes you need for 2026.