As a contractor in New York, having the right liability and workers’ compensation insurance is crucial to running a successful business. However, what happens if your insurance provider decides not to renew your policies? Many contractors find themselves scrambling at the last minute to secure coverage, often facing limited options and higher costs.
The best approach is to start preparing at least three months before your policies renew. This gives you ample time to explore your options, gather necessary documents, and work with a knowledgeable broker who understands the complexities of construction insurance. Here’s what you need to do to ensure you secure the best coverage at competitive rates.
Preparing for General Liability Insurance Quotes
To obtain accurate and competitive general liability insurance quotes, you will need to provide the following:
- Copy of All Current Policies in PDF Format
Having digital copies of your policies ensures that potential insurers can quickly assess your current coverage and terms. - Completed Contractor Liability Questionnaire
This document outlines the nature of your business, past claims, and specific coverage needs. - List of Past Insurance Carriers (Five-Year History)
Insurers will want to see who your previous liability, workers’ compensation, and business auto providers were to evaluate your risk history. - Five-Year Loss Runs for Liability, Workers’ Compensation, and Business Auto
These reports show your claims history and are critical in determining the level of risk associated with insuring your business. - Subcontractor Agreements and Certificates of Insurance
If you use subcontractors, you must provide at least two signed and executed insurance and hold harmless agreements, along with their corresponding certificates of insurance. This demonstrates that you properly vet and manage risk within your subcontractor network. - Written Safety Manual
A well-documented safety program is a major factor in obtaining favorable rates. It shows insurers that you prioritize workplace safety and have protocols in place to mitigate risks. - Resumes for Business Owners
Providing a detailed resume helps insurers understand your experience and qualifications in the industry. - Detailed Description of Upcoming Work
Avoid using vague or overly broad descriptions of your work. Instead, be specific about the types of projects you will be undertaking over the next 12 months. If you perform height work, break it down by percentage and number of stories:- 50% of work is at one story
- 80% of work is at two stories
- 100% of work is at three stories
Preparing for Workers’ Compensation Insurance Quotes
For workers’ compensation coverage, you’ll need to gather the following:
- Completed Workers’ Compensation Questionnaire
This form helps insurers understand your workforce size, job classifications, and payroll information. - Copy of Your Most Recent Experience Modification Worksheet
Your experience modification factor (MOD) is a key determinant of your workers’ compensation premium. You can request this worksheet from your current insurance carrier. - Five-Year Loss Runs for Workers’ Compensation
Like liability insurance, insurers will want to review your claims history to assess risk. - Most Recent Audit Report
Your latest workers’ compensation audit provides insight into your payroll and classifications, which insurers use to calculate premiums.
Why Organization Matters
The more organized you are, the easier it will be to secure new coverage at favorable rates. Insurers prefer working with businesses that can provide clear, comprehensive documentation because it signals that you run a well-managed operation. By having all required documents ready before you start shopping for insurance, you increase your chances of securing coverage with minimal hassle.
How BGES Group Can Help
Navigating the insurance market can be challenging, especially when your policies are non-renewed. At BGES Group, we specialize in helping New York contractors secure the best liability and workers’ compensation coverage available. Our boutique-style service ensures that you work with one dedicated professional who knows your account inside and out—no repetitive questions or frustrating bureaucracy.
We provide expert guidance, ensuring that you meet all insurer requirements and present yourself as a well-prepared and low-risk candidate for coverage. Our team is sharp, experienced, and ready to help you secure the best possible rates.
Contact BGES Group Today
For personalized assistance in securing your liability and workers’ compensation insurance, contact:
Gary Wallach
Phone: (914) 806-5853
Email: bgesgroup@gmail.com
Website: www.bgesgroup.com
Final Thoughts
Being proactive and organized can make all the difference when facing a non-renewal. Start preparing at least three months in advance, gather all required documentation, and work with an experienced insurance professional to secure the best coverage at the most competitive rates. With BGES Group by your side, you can navigate the process smoothly and ensure your business remains protected.