Obtaining the best liability insurance quotes requires more than a simple request for pricing. Contractors must be thorough in preparing and organizing specific documentation and information to ensure insurers can provide accurate and competitive quotes. Below is a checklist of what New York contractors need to put together:
Complete Contractor Questionnaire
A contractor questionnaire is essential. This document details the scope of your work, your safety practices, and your operational specifics, providing underwriters with a clear understanding of your business.
Insurance Policy Documentation
Prepare full copies (in PDF format) of your existing policies, including:
• General Liability Insurance
• Umbrella Liability Insurance
• Business Auto Insurance
• Workers’ Compensation Insurance
These documents allow insurers to evaluate your current coverage and identify any gaps or opportunities for improvement.
Owner Resumes
Provide resumes for the business owners. This demonstrates their qualifications, experience, and commitment to running a professional operation.
Subcontractor Information
If you subcontract work, include the following:
• Copies of subcontractors’ insurance and hold harmless agreements (Usually need from 2 of sub’s.)
• Corresponding certificates of insurance.
• Verification that subcontractors list your company as an additional insured and include waivers of subrogation.
• Evidence of contractual liability, primary and non-contributory coverage, and labor law coverages in their policies.
Safety Manual and Work Schedule
• Include the table of contents from your written safety manual to show commitment to workplace safety.
Loss Runs and Claims History
Request five years of currently valued loss runs for General Liability, Business Auto, and Workers’ Compensation insurance. These reports are critical for insurers to assess your claims history and evaluate risk.
Business Overview
Write a paragraph or two describing the type of work you do. Be specific about the services you provide, the industries you serve, and the safety protocols you follow. Highlight unique aspects of your business that set you apart from competitors.
Turn to BGES Group for Help
Organizing this information can be time-consuming, but it’s vital for securing competitive liability insurance quotes. For expert assistance, turn to BGES Group, one of New York’s construction insurance specialists.
Contact Gary Wallach at 914-806-5853 or email bgesgroup@gmail.com to learn how BGES Group can help you get the right coverage at the best price.
Why Preparation Matters
Insurers value transparency and thoroughness. Providing a complete, well-organized package of information not only speeds up the quoting process but also positions your business as professional and low-risk, potentially leading to more favorable rates.
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• Contractor insurance in New York
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For comprehensive assistance with all your insurance needs, contact BGES Group today.