Carpenter Insurance in Long Island
The Long Island housing market has been doing quite well lately and this means carpenters should be busy for some time. In addition, many people in the state of New York are seeking home improvements and the experienced carpenter is in demand today. Yet, the building industry carries a great deal of risks with it and these risks must be taken care of with proper carpenter insurance. If you do not have the right kind of insurance for your business, you could suffer major financial setbacks within a short period of time. Let's check out some things which can happen to your business.
A home improvement contractor takes on the job of finishing a basement. The homeowner wants to build a rec room with a bar and a special viewing area for sports events and movies. Work proceeds as usual except the contractor did not properly seal the floor and walls and failed to tell the homeowner about a water leak in the basement. After some heavy rains, the finished basement suffered major water damage and the homeowner sued the contractor for the damages. Fortunately, this situation was covered by the company's carpenters insurance policy.
A carpenter service is hired to build two dormers in the roof of a story and half home. This will provide extra room for a finished attic. However, while the job was partially finished, a large storm came up and destroyed all the work and also dumped an enormous amount of rain inside the home, causing tremendous damage.
A local handyman visited a homeowner about installing sliding glass doors and building a deck on a lovely house in Bellmore. He drove his van to the house to provide an estimate for the work and upon leaving, he accidentally backed the van into the garage door, breaking it and damaging a classic car inside.
These are only a few things that can happen to people in the carpenter business today, and the right insurance is essential.
What is Carpenter Insurance?
If you build houses or make improvements to houses, you have many risks to consider. Insurance covers many of the hazards you face and problems you may not even be aware of. It pays for expenses like medical bills, repairs, and legal fees.
Who Should Have This Insurance?
These professionals should consider carpenter coverage as part of their business insurance package:
- Home builders
- Cabinet Makers
- Siding contractors
- Home improvement contractors
- Deck services
- Electrical contractors
- Subcontractors in the building industry
- Foundation services
- Landscape services
Can I Buy a Standard Carpenters Insurance Policy in New York State?
You can start off with a BOP (business owner's policy) and this basic coverage will include:
- Business property insurance - basic hazard coverage for your building
- General liability - injuries and lawsuits
- Building contents
- Commercial vehicle insurance
- Worker compensation - if you have employees
Carpenter Insurance Options
Depending on the work you perform, you could need several options, such as:
- Performance bonds - mandatory for some projects and they are a way to ensure the customer you can start and finish the project.
- Errors and omissions coverage - can pay for a wide range of "on the job" mistakes that result in damage claims.
- Inland marine coverage - insures the cargo you carry in your vehicles
- Tool and equipment coverage
- Installation floaters - protects specific jobs from hazards, until the job is complete.
- Course of construction insurance - also referred to as builders risk coverage
- Additions to commercial property insurance - maybe you have an office you want to insure. You also may wish to protect your property from hazards like floods, earthquake, hurricanes, or sewer backups.
- Umbrella liability insurance - covers many things a general liability policy cannot and can extend general and auto liability limits in some cases.
Business Insurance and the Independent Agency Advantage
You have a lot of options when it comes to insuring your business. However, you will enjoy a wide range of benefits when you come to an independent insurance agency like Newbridge Coverage Corporation.
Why an Independent Agency?
Your independent agent has many more options than an agent working for one insurer. For example, we have access to insurers who specialize in your business insurance needs. This gives you the best coverage and premiums. Here are some more reasons to come to Newbridge Coverage Corporation in Long Island:
- No insurance shopping and comparisons - we do this for you and our people are very knowledgeable on your insurance needs.
- Affordable coverage - when you compare several top insurers, you usually receive lower premiums.
- Available insurance discounts - the more companies you check out, the more discounts are available.
- Risk assessment services
- Help with claims services
- People with your business interests at heart - your independent agent is working for you and is not an insurance company rep.
If your carpenters insurance does not fully protect you, your business is vulnerable and this could cost you dearly. Come to Newbridge Coverage Corporation for a free insurance quote today. Just visit the quote section of this webpage to get started.