Business Insurance News
"Contractors Saddled by Payroll and Hours Recordkeeping - New Workers
Compensation Rules for Contractors"As a result of a bill signed into law by Gov. Pataki, the NYS Workers Compensation Board has issued new rules governing the construction industry. Effective October 1, 1999, a payroll limitation rule was instituted to "level the playing field" between employers paying high wages and those paying average wages.
This affects only certain contractors, primarily commercial contractors. Contractors who only work on one and two family residences are excluded from this rule.
While this rule benefits the high wage paying employer, all affected employers must file hourly wage reports to the Dept. of Labor, creating undue bookkeeping work for the small and large contractor alike. The Independent Insurance Agents Association of New York, to which we belong, strongly lobbied against this bill. For more information on this rule and its implementation, contact us at 607-754-1411 and speak to someone in our Business Insurance Center. Or send us an e-mail!
"Forty Days and Forty Nights"
If your business or entity is in a flood plain or near a stream or creek known to overflow its banks, we should discuss the possibility of insuring your buildings and contents against flooding, mudslides and other related flood perils. Standard property coverage forms exclude coverage for these perils.
Don't wait until it's too late! It takes 30 days from the date of application for flood coverage to become effective. Call us at 607-754-1411. Or send us an e-mail!
"Guard Against Catastrophic Liability Suits"
Speaking of rain, "when it rains, it pours" would be an apt phrase if your business is unexpectedly faced with a third party liability suit. It will seem like it's coming down in buckets.
That's why we recommend an "umbrella" policy! Known as excess catastrophe or umbrella liability, this important coverage will provide your business with extra liability protection in the form of a higher limit of liability. Should a lawsuit result in damages against you that exceed your primary liability policy limits, the umbrella policy limit will respond.
Call us today for an umbrella quotation - 607-754-1411. Or send us an e-mail!