Because of the vast array of things that can happen to cause you financial harm, not having General Liability insurance can be devastating to your business, and ultimately your life. A good construction insurance broker will ask about the type of construction projects you work on, where, how big and for whom, and will make appropriate insurance recommendations based on YOUR business. Remember your construction insurance policy is only as good as the language included within. SEI knows that if you work in the construction industry, you are part of one of the world’s most dangerous businesses.
One of the ways Gramercy addresses the unique exposures facing New York contractors is by focusing on the Contractual Risk Transfer process. In the context of specifically-drafted agreements for use by the insured, this risk management technique transfers the risk of the contractor to the subcontractors with whom they do business. From business liability to personal protection – out experts have the knowledge and tools to help you reach your goals. We employ a unique consultative process to provide our clients with innovative risk management solutions designed to prevent cost-inducing events and to limit or reduce your overall cost of insurance. Inland Marine – Chances are, you have a ton of equipment that you own to use for your business, as well as temporary pieces you may rent or lease.
For example, a business in a highly populated area like New York City can expect to have a different rate than one located in a less populated city like Binghamton. Legal Defense and Judgments– costs to defend against real and frivolous suits and judgments up to the limit of your coverage. Note this generally does not include punitive damages for negligence or willful misconduct.
Your motorcycle must have New York liability insurance coverage any time it is operated on a public road or highway. Unlike most other motor vehicles, motorcycles are registered for one year rather than two, and all motorcycle registrations expire on April 30. Also, you can terminate your motorcycle liability insurance without surrendering the plate. This makes it easier to put the motorcycle back on the road after winter storage. However, under no circumstances may your motorcycle operate on public highways without liability coverage in effect.
If you’re establishing an office in your home, it’s a good idea to contact your homeowners’ insurance company to update your policy to include coverage for office equipment and business liability. This coverage is not automatically included in a standard homeowner’s policy. What happens when a lawsuit filed against you brings in a verdict that exceeds the limits of your primary liability protection? It’s bad news for you, unless you have adequate limits of liability coverage. An umbrella policy kicks in only when the limit of the basic, underlying policy is reached.
SECTION 3415 Supplemental claim form to be submitted for certain fire loss claims in excess of ten thousand dollars in a city with a population of one… Gramercy underwriters, claims staff, and risk managers operate in a proactive, responsive, and attentive manner as they meet the ever-evolving needs of the New York construction market. Gramercy focuses on taking a partnership approach with our brokers and insureds to strengthen their underlying businesses and ultimately improve their risk profile.
Professional liability insurance should be considered if your business provides professional advice, offers a professional service, or has contractual requirements for the coverage. While the law may not state it, there’s a good chance you need to carry other business insurance policies in addition to workers’ comp. Many contracts require a general liability policy and/or a professional liability policy. Even if your customers, clients, or partners don’t require you to carry specific policies, it’s recommended that you carry policies to cover any part of your business that could be at risk.
Failing to report a loss to your insurance company within the time limits specified in your policy. At Thimble, we don’t currently offer insurance in the state of New York. With other providers, the cost of your business insurance likely depends on a variety of factors. The amount of risk involved in your business, the industry you’re in, and the amount of business you do all play a part in determining your policy premium. Permits that do not require project-specific general liability insurance will expire one year from the date the permit was issued or the day the general liability insurance policy expires, whichever is earlier.