As a contractor in New York, ensuring that your vehicles and the personnel driving them are properly covered under a Business Auto Policy (BAP) is critical. A BAP can protect your business from significant financial exposure due to accidents, damages, or injuries involving your work vehicles. Below are the key coverages included in a standard business auto policy:
Core Coverages in a Business Auto Policy:
1. Liability Coverage – Protects your business from legal obligations if a vehicle you own causes bodily injury or property damage to others.
2. Basic No-Fault – New York requires no-fault coverage, which provides compensation for medical expenses and lost wages for you and your passengers, regardless of fault in an accident.
3. Additional No-Fault – Offers extra coverage beyond the state-mandated no-fault limits.
4. Medical Payments Coverage – Covers medical bills for the driver and passengers in your vehicle after an accident.
5. Uninsured Motorists (UM) – Protects you if you’re involved in an accident with a driver who doesn’t have auto insurance.
6. Underinsured Motorists (UIM) – Steps in if the at-fault driver’s liability insurance is insufficient to cover your losses.
7. Comprehensive Fire and Theft – Covers damage to your vehicle from non-collision incidents such as theft, fire, vandalism, or natural disasters.
8. Full Glass – Covers breakage of windows – No deductible aplies
9. Collision – Pays for damages to your vehicle when it’s involved in a collision with another vehicle or object.
10. Rental Reimbursement – Helps cover the cost of renting a vehicle while yours is being repaired due to a covered claim.
11. Towing and Labor Costs – Provides assistance if your vehicle breaks down or needs towing.
12. Drive Other Car Coverage – Extends liability coverage for key personnel (like executives) when they use a personal vehicle for business purposes.
Changes in the Insurance Market
The insurance market for business auto policies has become increasingly challenging for New York contractors. Rates are consistently rising due to a variety of factors:
– Higher claim costs associated with accidents and vehicle repairs.
– More stringent underwriting by insurers, making them more selective in offering coverage.
– Fewer carriers willing to insure certain high-risk industries, which includes construction and contracting.
As a result, finding the right coverage has become more difficult and expensive. Carriers are scrutinizing claims history, safety protocols, and fleet management more rigorously before agreeing to insure contractors.
How BGES Group Can Help
Navigating this tougher market requires working with an insurance expert who understands your industry and can help you secure the coverage you need at competitive rates. BGES Group specializes in helping New York contractors with their auto insurance and other business needs.
For assistance with your Business Auto Policy or any other insurance needs, contact:
– Gary Wallach
– Phone: 914-806-5853
– Email: bgesgroup@gmail.com
Reach out today to ensure your business is properly protected!
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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