New York contractors are facing an increasingly challenging market for liability insurance in 2024. With high-profile insurance providers pulling out of the market or imposing stringent limitations, contractors are left with fewer options and higher premiums. Rate increases of 20 percent or more have become the norm, as insurers respond to the state’s uniquely high-risk environment and regulatory demands.
As a result, many New York contractors are finding it harder than ever to secure the coverage they need to protect their businesses from liability claims, particularly those arising from New York’s labor laws, such as Labor Laws 240 and 241. These factors make it essential for contractors to partner with insurance specialists who understand the local landscape, risks, and requirements—such as BGES Group.
Why New York Contractors Are Facing Such High Premiums and Limited Options
The current difficulties stem from several factors, including labor laws that heavily favor workers, an uptick in litigation, and an environment with high claim payouts. Several well-known insurers have exited or limited their coverage in New York, affecting contractors from all areas of the industry. Those still offering coverage have raised their premiums significantly to offset their increased risk.
In this context, securing liability insurance is not only challenging but essential for protecting your business’s financial health and compliance with state laws. Without the right coverage, even a single claim could cause devastating financial consequences.
10 Reasons to Turn to BGES Group for Your Contractor Liability Insurance Needs
BGES Group, a specialized boutique insurance provider, understands the unique challenges New York contractors face and offers tailored solutions to meet them. Here are ten compelling reasons why BGES Group is the best choice for New York contractors seeking reliable and affordable liability insurance:
1. New York Expertise: BGES Group specializes in New York contractor insurance, with in-depth knowledge of the state’s regulations, labor laws, and market conditions.
2. Competitive Pricing: With rates climbing by 20 percent or more industry-wide, BGES Group strives to offer competitive pricing through innovative programs and extensive insurer partnerships.
3. Comprehensive Coverage Options: From general liability to umbrella liability, BGES Group provides comprehensive policies tailored to protect against various liabilities New York contractors face, including labor law claims.
4. Access to Exclusive Programs: BGES Group works with insurers who offer unique, contractor-specific programs that may not be available through standard insurance brokers, providing more options for coverage.
5. Experienced Specialists: BGES Group’s team includes veteran insurance professionals who understand the construction industry and its risks, ensuring that your policy includes essential coverages.
6. Labor Law Coverage: BGES Group can secure policies that address critical labor law liabilities under New York’s Labor Laws 240 and 241, which protect contractors from potentially ruinous legal expenses.
7. Rapid Response and Claims Assistance: If a claim occurs, BGES Group provides prompt assistance, helping to navigate the claims process efficiently and minimizing business interruptions.
8. Boutique-Style Service: Unlike larger, impersonal insurance providers, BGES Group offers personalized service that treats every contractor as a valued client. They focus on building long-term relationships and providing ongoing support.
9. Transparent Advice: BGES Group provides straightforward, transparent advice so you can fully understand your coverage options, costs, and the specific protections each policy offers.
10. Long-Term Risk Management: Beyond securing coverage, BGES Group works with you to identify potential risks and implement preventive strategies to minimize claims and liability over time, keeping future premium increases in check.
With BGES Group, New York contractors can secure the comprehensive liability protection they need in this turbulent insurance market. By understanding the unique demands of New York’s construction industry, BGES Group provides solutions that go beyond simple insurance policies, offering a solid foundation for contractors seeking stability and growth.
Contact BGES Group Today
If you’re a New York contractor struggling with skyrocketing insurance costs or finding it difficult to secure adequate liability coverage, contact BGES Group for expert assistance. Their team will guide you through your options, help you secure the right policy, and provide personalized support every step of the way.
BGES Group Contact Information
Gary Wallach
Phone: 914-806-5853
Email: bgesgroup@gmail.com
Don’t let rising premiums and limited options put your business at risk. Call BGES Group today to find the right liability insurance solution for your needs.