How New York Contractors Can Prepare for Insurance Renewals to Secure Competitive Premiums and the Right Coverage

For New York contractors, the annual policy renewal process is a critical time to reassess your insurance needs and ensure you’re getting competitive rates with the right coverage. To make this process as smooth and effective as possible, organizing your paperwork is essential. Well-prepared documentation helps insurance agents shop around and negotiate the best terms on your behalf. Here are eight steps to organizing your paperwork, followed by how BGES Group can assist you if you’re unhappy with your current insurance pricing, coverage, or agent.

8 Steps to Organize Your Paperwork for Insurance Renewals

1. Have Copies of Your Policies in PDF Format

Collect digital copies of all your current insurance policies, including general liability, workers’ compensation, umbrella liability, auto insurance, and any additional coverages. Having these in PDF format ensures your agent can quickly review your existing coverage and compare it with new quotes. Include declarations pages, endorsements, and any exclusions.

2. Complete a Supplemental Contractor Questionnaire

Many insurance carriers require contractors to fill out a supplemental questionnaire that provides details about your operations. Complete this document thoroughly, as it helps carriers assess your risk and offer accurate pricing. Ensure all answers are current and align with your business practices.

3. Provide a Detailed Description of Your Work

On a separate sheet, create a detailed description of the services your business provides. Be specific and honest about the types of work you perform. Avoid making it sound like you “do everything” or handle jobs outside your expertise. For example, instead of stating “general construction,” mention specifics like “residential kitchen remodels” or “commercial roofing installations.” This level of detail helps carriers tailor coverage to your needs.

4. Obtain 5-Year, Currently Valued Loss Runs on All Policies

Request loss run reports for the past five years from your current insurance carriers. These reports detail any claims made against your policies and their outcomes. Insurance companies use loss runs to assess your risk profile and calculate premiums. Make sure the reports are current (within 90 days of renewal) to avoid delays.

5. Include Subcontractor Agreements and Certificates of Insurance

If you use subcontractors, provide a copy of your subcontractor insurance and hold harmless agreement. Additionally, include certificates of insurance (COIs) from one or two subcontractors. These documents demonstrate how you manage subcontractor risks, which can positively influence your premiums.

6. Provide a Copy of Your Safety Manual’s Table of Contents

If your company has a written safety manual, include a copy of its table of contents. This demonstrates to insurers that you have a structured approach to safety and risk management, which can lead to premium discounts. If you don’t have a safety manual, consider creating one, as it signals your commitment to reducing workplace risks.

7. Include Resumes for Owners (For New Companies)

If your company is newly established, provide resumes for the owners or key personnel. Highlight their relevant experience in the construction industry, certifications, and achievements. This helps insurers assess the competence and reliability of your leadership, which can positively impact your premiums.

8. Put Together a Work-On-Hand Schedule

Create a schedule of ongoing projects, including details like project names, locations, start and end dates, and contract values. A work-on-hand schedule gives insurers a snapshot of your current risk exposure and helps them provide accurate quotes.

Additional Tips for a Successful Renewal Process

? Start Early: Begin gathering your documents and shopping for quotes 60–90 days before your policy expires. This ensures you have time to address any gaps or issues.

? Be Transparent: Provide accurate and complete information to avoid mispricing or delays in obtaining coverage.

? Partner With an Expert: Work with a broker who specializes in construction insurance. They’ll have the expertise and relationships to secure better pricing and tailored coverage.

Why BGES Group Is the Best Choice for New York Contractors

BGES Group is one of New York’s premier construction insurance specialists. They understand the unique challenges contractors face, including strict labor laws, action-over claims, and the complexities of subcontractor agreements. Whether you’re seeking better pricing, improved coverage, or an agent who truly understands your business, BGES Group is here to help.

What Makes BGES Group Different?

1. Construction Expertise

BGES Group specializes in construction insurance, tailoring policies to meet the specific needs of contractors in New York.

2. Comprehensive Coverage Options

From general liability and workers’ compensation to umbrella liability and labor law coverage, BGES Group ensures you have the protection you need to operate with confidence.

3. Competitive Pricing

BGES Group has strong relationships with top insurance carriers, allowing them to negotiate competitive premiums, even for higher-risk contractors.

4. Personalized Service

The BGES team takes a boutique-like approach, treating each client as a priority and providing customized insurance solutions.

5. Proven Results

BGES Group’s success is reflected in their long-term client relationships and numerous positive reviews. Contractors trust them to deliver the best coverage at the best price.

6. Expert Leadership

Led by veteran insurance professional Gary Wallach, BGES Group combines decades of experience with a client-first approach.

Not Happy With Your Current Pricing, Coverage, or Agent? Try BGES Group

If you’re dissatisfied with your current insurance pricing, coverage, or agent, it’s time to consider BGES Group. They’ll guide you through the renewal process, shop for competitive quotes, and provide the expertise you need to protect your business.

Contact BGES Group Today

? Phone: 914-806-5853

? Email: [email protected]

? Website: www.bgesgroup.com

Don’t let another renewal season pass without exploring better options for your insurance needs. With BGES Group, you can secure competitive premiums and the right coverage, all with personalized service that sets them apart. Contact them today to get started!