What Insurance Do I Need as a Subcontractor


One straightforward reason to have an insurance plan as a subcontractor is that many New York companies will not hire you if you do not have protections in place. Those companies that are willing to work with you may ask you to sign liability waivers that make it difficult for you to collect any support if you are injured at their property. We work with subcontractors in different fields, and we can make sure you have coverage that addresses your professional vulnerabilities. Your business insurance can provide assurances if you are injured while working, or in the event of property or equipment damage. You can also have support in place if a third party attempts to hold you responsible for damage, or an injury.

Liability Insurance Can Protect You Against Third Party Challenges

If someone attempts to trace their injury back to you and your work, you can be held liable for damages or medical expenses. Having liability insurance in this situation can save you from steep costs, so you can address your responsibility in a case without it hurting or even bankrupting your operation! If your work takes you into busy spaces where you have limited traffic control, you have a higher risk for something unexpected happening. With that said, even work that rarely brings you in contact with others can lead to unexpected liabilities, which can make your coverage valuable.

Make Sure Your Policy Protects You if You (or an Employee) Is Injured

While liability insurance can save your business from third party challenges, you should also arrange for coverage in the event that you (or one of your employees) becomes injured. Even if the company that hired you is at fault, they may attempt to avoid responsibility with liability waivers, and can make collecting what you are owed difficult. With your protection in place, you can collect vital coverage to address your own medical needs, or the needs of an employee, in a timely fashion.

Make Sure You Have Coverage for Property and Equipment Damage

Your tools, property, and equipment make it possible for you to do your job, earn income, and sustain your company. Unfortunately, the cost for these items can be steep, and it can be hard to quickly replace something that becomes damaged. With property and equipment damage protection, you are covered in the even that you need to replace or repair damages. Being able to respond quickly puts you back to work faster, so you can start earning your income!

Should You Ask About Lost Revenue Insurance?

In some cases, property and equipment damage can lead to a slowdown or stopping of work, even if you have the funds you need for repairs or replacement. Because of this, coverage for these damages may not be enough to protect your company from a severe financial blow. Lost revenue insurance can offer you coverage in the event you are not able to work for an extended period of time, so a forced interruption does not put your business in jeopardy.