For New York contractors, obtaining liability insurance quotes is a crucial step in ensuring that their business is protected from potential claims and liabilities. The process can be complicated, but the key to success is organization. The more organized and prepared a contractor is, the smoother the process will be. Here’s a breakdown of the information typically required to secure the best possible coverage at the best possible rates.
Organization is Key
When it comes to obtaining liability insurance quotes, contractors who have been in business for several years will likely have a standard set of documents readily available. Staying organized and keeping detailed records helps ensure that the process is seamless, especially when dealing with multiple insurance companies. The following information is usually needed:
1. Completed Contractor Questionnaire
This is one of the first steps in the insurance process. The contractor will need to complete a detailed contractor questionnaire that includes a thorough description of the type of work they do. Insurance providers use this to assess the risks associated with the business, so the more detailed and accurate the description, the better. This ensures the contractor receives an accurate quote that matches the scope of their business operations.
2. Five Years of Liability, Auto & Workers’ Compensation Loss Runs
Insurance companies will want to review your history of claims before offering a quote. Contractors will need to provide five years’ worth of liability, auto, and workers’ compensation loss runs. These loss runs are a record of all claims made on previous policies and can significantly impact the rates a contractor receives. The cleaner the loss history, the better the chance of obtaining favorable rates.
3. Schedule of Four Largest Projects in the Past Five Years
Contractors will also need to submit a schedule of their four largest jobs completed in the past five years. This list provides the insurance company with insight into the scope of the contractor’s past projects and the level of risk involved. Including detailed information such as the location and description of work done, value of job, # on site employees, # of subcontractors, start and end dates is essential for obtaining an accurate quote.
4. Schedule of Four Largest Ongoing Projects
In addition to a history of completed jobs, insurance providers will also want to know about any ongoing projects. A schedule of current or upcoming work will help the insurance company assess any ongoing liabilities or risks that may affect the contractor’s coverage needs. This can include information about the location and description of work, value of job, # on site employees, # of subcontractors, start and end dates of projects.
5. Signed Insurance and Hold Harmless Agreements from Subcontractors
Contractors often work with subcontractors, and insurance companies will want to know that these subcontractors are properly covered. Contractors will need to provide two signed insurance and hold harmless agreements from their subcontractors. This should also include updated certificates of insurance. This shows that subcontractors have their own liability coverage and will hold the contractor harmless in the event of a claim.
6. Resumes on Owners
Finally, the insurance company may require resumes for the company owners. This helps the insurer assess the experience and qualifications of those managing the business. This is an important part of understanding the contractor’s ability to manage risks and ensure safety on job sites. Owners with extensive experience in the industry can often help lower insurance costs by showing they are proactive in mitigating risks.
Why Choose BGES Group?
BGES Group is one of New York’s construction insurance specialists. Our office offers boutique-like service, providing contractors with personalized attention and expertise. We understand the complexities of New York’s construction insurance market and are dedicated to helping contractors secure the best coverage at competitive rates.
At BGES Group, we pride ourselves on being accessible and responsive. You can easily reach us whenever you need assistance, and we will work closely with you to ensure your business is properly protected.
Contact Gary Wallach Today
If you are a New York contractor looking for liability insurance, look no further than BGES Group. Contact Gary Wallach, one of the top insurance experts in New York for construction, to get the personalized service you deserve.
Phone: 914-806-5853
Email: bgesgroup@gmail.com
Let BGES Group help you navigate the insurance landscape with confidence and ease!
BGES Group is one of New York, New Jersey, and Connecticut’s Construction Insurance Specialists representing 50+ companies, including all the BEST general & umbrella liability programs. We offer all the coverage needed, including property, builders’ risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability, and group health. Our commitment to you goes beyond the policies we provide. We are always just a call, text, or email away, ready to assist you, even on weekends. We understand the importance of your business and are here to help you navigate any insurance challenges.
BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being canceled, losses causing difficulty getting coverage, in the middle of an audit dispute, misclassified payrolls, or whatever your issue. We can help! We have special programs for Auto Services, Contractors (especially in New York), Limousine Services, Logistics Companies, Manufacturers, Recyclers, and Truckers; we can help ANY tri-state business owner. We are considered “Preferred Agents” for this one program that, if we can get you into, their pricing is excellent, offers long-term coverage stability, and can cover multi-state operations. The program takes the hassle out of doing annual audits, too.
If you want to speak with us, call Gary Wallach at 914-806-5853, click here to email, or visit our website.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
email: bgesgroup@gmail.com
website: http://www.bgesgroup.com
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