Addisleigh Park General Liability Insurance
You and your employees might be covered by general liability insurance, in which the risks are managed by the company. However, what happens if an employee is hurt or there’s property damage? Contractor General Liability Insurance Addisleigh Park, NY, and other types of contractor insurance can provide you with more coverage to protect yourself and your assets.
Types Of General Liability Insurance Addisleigh Park
There are many different types of general liability insurance policies out there, so it’s important to select one that will cover your needs and protect you from potential financial ruin.
Here are a few general types of policy:
1. Commercial General Liability insurance: This type of policy protects businesses from lawsuits stemming from any accident or incident that occurs on the company’s property or while they’re conducting their business. Coverage typically includes criminal activity such as vandalism or theft on company property, as well as civil matters like personal injuries and wrongful death.
2. Employment Practices Liability insurance: This type of policy protects an organization from lawsuits alleging that it engaged in unlawful employment practices (for example, firing an employee for being lactose intolerant). Coverage typically extends to both current and former employees.
3. Product Liability insurance: This type of policy covers products that have been manufactured or sold by the insured company, regardless of where they were bought or used. It covers injuries caused by the use of those products, including those sustained while engaging in lawful activities (such as using a product at work) and those caused in violation of the law (for example, manufacturing a faulty product).
Construction General Liability Insurance Addisleigh Park Requirement
The Contractor General Liability Insurance Requirement for New York State contractors has been in effect since 1997. The requirement is designed to protect the state’s taxpayers from financial losses should a contractor or subcontractor be held liable for injuries or damages incurred during the course of their work.
To comply with the requirement, all new and renewal contracts with state agencies must include coverage for general liability (GL) claims up to $5 million per occurrence, $10 million per lawsuit, and $15 million per contract year. GL coverage may also be included in commercial contracts that are performed for state agencies.
In order to qualify for coverage under the New York contractors’ general liability insurance law, a contractor must demonstrate that it has an adequate insurance policy in place. Coverage must meet each agency’s specific requirements, which can be found on its online contracting database or through a contracted insurance provider. Coverage must also be maintained throughout the contract term and updated as necessary.
The GL insurance requirement is another safeguard put into place by the New York State government to protect taxpayers from potential losses. By having proper coverage in place, businesses can rest assured that they are adequately protected should anything go wrong during their project at hand.
Special Situations for Requirements of Construction Industry
When a contractor begins work on a project in Addisleigh Park, NY they should be prepared for potential liability issues. As a general rule, any business that is engaged in the production or delivery of goods or services is susceptible to lawsuits and other legal proceedings. This includes contractors working on residential projects.
Contractors who engage in commercial or public construction projects are often required to carry general contractor liability insurance. This type of coverage will indemnify the contractor against financial damages that may be incurred as a result of personal injuries or property damage that occurs during the course of their work. In some cases, ancillary coverages may also be included such as product liability insurance, environmental protection insurance, and worker’s compensation insurance.
Addisleigh Park residents should always consult with their own Insurance broker before engaging in any type of construction project. This will allow them to determine if the contractor they are considering has the appropriate insurance policy in place and whether any supplemental coverages would be necessary.
Construction Business Insurance
Contractor General Liability Insurance
Workers Compensation Insurance For Contractors
Builders Risk Insurance For Contractors
Property Insurance For Contractors
Professional Liability Insurance For Contractors
Tools And Equipment Insurance For Contractors
Contractors Installation Floater