Tag: Contractors Insurance

The Third Party Action Over Insurance problem for NY Contractors and Commercial Property Owners

So why are some NY Contractors General Liability policies cheap, and others ridiculously expensive? What is a Contractor or Commercial Property owner to do? Over the past 20 years, third party action over claims are on the rise and the payouts are huge. The issue generally arises when a contractor is hired for a renovation or construction project in a building and one of the...

Do Contractors and Landlords need Action Over Coverage?

third-party-over action A type of action in which an injured employee, after collecting workers compensation benefits from the employer, sues a third party for contributing to the employee's injury. Then, because of some type of contractual relationship (Risk Transfer Agreement) between the third party and the employer, the liability is passed back to the employer by prior agreement. It is particularly important that New York Property...

5 Business Insurance Tips

Commercial insurance is insurance for your business. There are five main categories of coverage which include property insurance, general liability insurance, commercial auto insurance, workers compensation insurance and  umbrella insurance. Umbrella insurance is additional liability-type insurance coverage in case a claim exceeds your liability insurance limits. Before you start shopping for commercial insurance quotes for your business, you should know these five facts and talk to...

Hiring a Contractor: Handling the Contract

  The Contract Contract requirements vary by state. Even if your state does not require a written agreement, ask for one. A contract spells out the who, what, where, when and cost of your project. The agreement should be clear, concise and complete. Before you sign a contract, make sure it contains: The contractor’s name, address, phone, and license number, if required. The payment schedule...

How can I save money on my business insurance?

Here are five ways to save money on business insurance: Shop around. Prices vary from company to company, so it pays to shop around. Get the names of companies or brokers who specialize in your type of business. Call several so that you can compare prices and get a feel for the types of services they would provide. It's also important to pick a company...