Get answers to some of our most important commonly asked questions that will help you make good decisions here. Each section is grouped by insurance type.
- Coverage & Policy Questions – Get answers to common questions about insurance policies, including coverage details, limits, and exclusions.
- Pricing & Payment Options – Learn about pricing, discounts, and flexible payment options for home and auto insurance.
- Compliance & Legal Requirements – Find information on regulations, legal obligations, and compliance requirements for businesses.
- Claims & Risk Management – Understand the claims process and how to manage risks related to life, health, and other personal insurance needs.
- Business Growth & Future Planning – Explore strategies for protecting businesses, handling claims, and planning for long-term success.
Coverage & Policy Questions
What type of insurance do I need as a contractor in NYC?
Contractors in NYC typically need General Liability, Workers’ Compensation, Commercial Auto, and Builders’ Risk insurance at a minimum. Depending on your trade, you may also require Pollution Liability, Professional Liability, or Umbrella coverage.
What’s the difference between General Liability and Workers’ Compensation?
General Liability covers lawsuits from people outside your company, while Workers’ Compensation covers medical expenses and lost wages for injured employees.
Does my policy cover subcontractors, or do they need their own insurance?
Most General Liability policies do not automatically cover subcontractors. It is crucial that subcontractors carry their own insurance and that you obtain Certificates of Insurance (COIs) listing your business as an additional insured.
Pricing & Payment Options
Is general liability expensive?
The cost of general liability insurance depends on several factors, including trade, business size, location, project types, and claim history.
How are contractor insurance premiums calculated?
Premiums depend on factors such as business size, trade type, claim history, payroll, and subcontractor usage.
I have received a cancellation for non-payment. What happens next after I pay it?
Please click here for more information.
Compliance & Legal Requirements
What insurance does the NYC Department of Buildings (DOB) require?
The DOB typically requires General Liability, Workers’ Compensation, and Commercial Auto insurance for contractors to obtain permits.
What happens if I don’t have the required insurance for my project?
You may face work stoppages, fines, and contract termination.
Claims & Risk Management
What should I do if I have a claim?
Notify your insurer immediately, document the incident, and provide all necessary details.
How does a claim impact my insurance rates?
A claim can lead to higher premiums, especially if it’s severe or frequent.
Business Growth & Future Planning
How can insurance help me win more bids and contracts?
Many GCs prefer to work with contractors who carry comprehensive coverage.
Why do larger clients require higher insurance limits?
Higher limits reduce financial risk for all parties involved.