While the broader economy is entering turbulent times, the insurance industry has remained generally resilient, especially in the United States. The property and casualty insurance sector’s net income grew by 66% in 2018. It’s easy to understand why the insurance sector is so strong. Insurance is, in simplified terms, a hedge against risk. It offers invaluable protection for businesses that face threats to their future survival from multiple angles.
Commercial Insurance Protects Your Future
As a business owner, you need to make sure that you are protected against the prospect of claims from clients, employees, and members of the public. Your premises and the tools of your trade must be protected, too. The exact types of insurance that your business might need would depend on your industry. Common types of insurance include:
General Liability Insurance:
Protection against lawsuits, covering legal fees, court costs, and settlements. We take on the liability so that you can focus on what you do best.
Workers Compensation Insurance:
Protection against any claims that an employee may make, for example, if they get injured at work.
Commercial Vehicle Insurance:
Cover against the prospect of any injuries or property damage that may be caused in the course of you or an employee operating a commercial vehicle.
Business Owners Insurance:
A broad policy covering inventory, equipment, buildings, and in some cases, business interruption policies, crime insurance, and other potential unforeseen events.
For example, restaurant cover for food-borne contamination, liquor liability, etc.
Commercial umbrella insurance is an additional policy that covers gaps that a primary policy may include, exclusions in primary policies, and in some cases, claims that are not covered by an underlying policy.
The above are a few examples of the kinds of insurance policies that are available. For a small business, insurance is often seen as an annoying expense. This is particularly true for companies that have only just started growing, who may still view the risk as low. A sole proprietor may feel that they are willing to accept the risk of lost business if their tools get stolen. A company with employees cannot be so cavalier about the risk of loss of income. Workers’ compensation, public liability, and product liability policies are even more important to have. If someone is injured as a result of a business owner going about their trade, the consequences can be life-altering for the injured party, and the fees for the liable business could cripple even a thriving company.
Peace of Mind for Your Business
Commercial insurance covers your business against the myriad things that could go wrong during the day to day operation of your business. It gives you the peace of mind that even if a hurricane came to Long Island, or if there was a period of political upheaval, protests, and looting that reached NY, you would have a chance of getting back on your feet. During regular, quiet times, those possibilities may seem remote. The events of the first half of 2020, however, show us that anything is possible.
Choosing an Insurance Policy and Reducing Liability
Shopping for commercial insurance can be a confusing proposition. Some smaller business owners simply opt to add a commercial policy to their existing personal cover. Many business owners appreciate the importance of insurance but find the bewildering array of riders, exclusions, excess fees, and policy types too much to deal with. They simply picked a policy when they were getting started and have remained loyal to that provider year after year.
Loyalty may be a good thing in day-to-day life. When it comes to insurance, however, it is not necessarily wise to stay with the same provider. Talking to brokers and investigating the latest products on the market could save you a lot of money. The cost of policies depends on the industry that you are in, the turnover of your business, your assets, and the number of employees you have. A provider that works well for a peer with a company that is in a different stage of growth could be prohibitively expensive or insufficient for your needs. Gone are the days when switching providers would nullify any no-claims history. Many insurance companies offer discounts for new customers, and by shopping around you can save a lot of money while not sacrificing on payouts or on the type of cover that you are getting.
Insurance brokers understand the lay of the market. They can provide advice on the best policies for your small or medium-sized business, identifying potential risks, highlighting the cover that you need, and working with you to build a bespoke package or pick a standard policy that works for you.
Your policy should be:
- Cover the risks that your company is likely to face
- Offer payouts that match the risks in question
- Where applicable, have a reasonable and fair excess
- Come from a company with a long history, that you can trust to payout
Industry Knowledge and Comprehensive Coverage
One challenge that business owners face is finding an insurance broker that understands their industry. Every company has its own risk profile, and if a policy doesn’t cover the risks that your company faces, then it is a waste of money. Grillo Insurance has a team with an understanding of numerous sectors and industries and an understanding of the challenges that businesses face at different points in their growth. We’re here to help you find an affordable policy that serves as an investment in your future. We can help you stop seeing insurance as ‘just another bill’ and consider it a safety net and a signal to your employees and clients that you’re serious about protecting them and securing your growth. With that investment in place, your business will be ready to grow to the next level.