For businesses operating in the NYC area, construction insurance is an essential part of risk management. Depending on the nature and scope of your projects, different types of insurance can provide protection for your property, personnel, and financial interests. Learn more about what types of insurance are available and how they can help protect you from costly liabilities.
1: Contractors Pollution Liability Insurance
Contractor’s Pollution Liability Insurance is an important coverage for businesses engaged in any kind of construction or renovation project. It covers the cost of cleaning up pollution and other contaminants that are released accidentally due to the business’s activities. Without this coverage, business owners could be left with a huge bill for remediating polluted sites, potentially putting their financial health at risk.
2: Builders Risk Insurance
Builder’s Risk Insurance is another important coverage for those involved in construction. It covers the cost of replacing or repairing any property on a job site that has been damaged or destroyed due to an accident, natural disaster, vandalism, theft, or other perils. This type of insurance also provides coverage for any materials you’ve purchased in order to complete the project and can help protect you against costly delays due to disasters such as fires or floods.
3: Professional Liability Insurance
Professional Liability Insurance, also known as Errors and Omissions Insurance, provides coverage if a project fails due to poor workmanship. It covers liability from claims made by clients who have suffered property damage or financial losses resulting from mistakes in your construction work. This type of insurance can also be helpful for disputes over construction fees, architectural designs, engineering mistakes, or failure to meet specifications.
4: Worker’s Compensation Insurance
Worker’s Compensation insurance is a must-have for any construction business in NYC. It provides coverage for injury or death of employees, as well as medical treatments, lost wages, and reimbursements for legal fees associated with defending projects against liability claims. Worker’s Comp also covers occupational illnesses connected to workplace hazards and exposures that are sometimes unavoidable when working with building materials.
5: Commercial General Liability Insurance
Commercial General Liability (CGL) insurance helps cover financial losses that may occur due to lawsuits related to the construction work completed on a property. This includes legal liabilities arising from bodily injury, personal injury, or property damage due to any errors or omissions during the execution of your work. CGL coverage also extends to any third-party subcontractors you work with, safeguarding them (and you) from potential liability claims and protecting your bottom line.