Given the current insurance market, insurance for contractors is getting extremely challenging. More building owners, property managers and your clients are asking for higher limits of insurance and of course in New York, no action over exclusion. This changes the landscape for the insurance market with a large number of contractors seeking this coverage in order to do business. This type of coverage does not come cheap and there are a limited number of carriers. If you choose to go without this coverage you may be putting your corporation at risk. If there is a serious accident on the job and you were negligent or didn’t follow local code or rules well that could mean criminal charges. See article below, I would hate to see what this claim would look like.

East Village building owner, two co-defendants convicted in massive 2015 gas explosion that killed two, leveled two buildings

https://www.nydailynews.com/new-york/ny-gas-explosion-verdict-20191115-roddpzhzgjfkra24c23we4gklm-story.html