Commercial Insurance on Long Island from Grillo & Associates
If you are in business on Long Island, you’ll be looking for an insurance product to protect your enterprise from any unpredictable issues that could impact your livelihood. Commercial insurance policies for Long Island businesses are designed to protect both the owners and their staff from injury, business interruption, and other company-related risks. This insurance is also vital because, in many localities, it is required by law for owners, including sole proprietors, to have this important coverage.
As leading Long Island commercial insurance brokers, Grillo & Associates provides the following information and guidance for all business owners to protect their business interests. To begin, let’s clarify a few important industry terms, you’ve doubtless heard about but may not yet fully understand. Here’s what you need to know about Long Island Commercial insurance coverage, so you’ll fully understand ‘how it works’:
Premiums: This monetary amount represents the total cost your company pays to an insurer for coverage. Generally, for employees, the premium will be paid from their salary in monthly or bi-monthly increments. For some staffers, however, the annual premium is paid upfront.
Deductible: This amount in dollars, represents the amount an individual is responsible for before insurance will ‘cover’ additional expenses. For example, if your policy’s deductible is $2,500 that is the amount that must be covered by the business owner or employee when filing a claim to receive coverage.
Policy Limits: This monetary amount is the ceiling or maximum dollar amount your insurance company will cover for a claim.
Exclusions: These represent events or causes of asset losses as listed in an exclusions list on your policy. Any instance mentioned on the list will not be covered by your insurance company.
Now that you understand the industry jargon basics, here are the types of commercial insurance on Long Island that Grillo & Associates offers:
A business owners policy, also known as BOP insurance, combines various insurance coverage with additional protection.
Protect your business against lawsuits. This includes judgments, attorney fees, court costs, and settlements.
Specialty Line products that can be tailored to meet your growing business needs.
Cover injuries that you or your employees may cause to other people and their property while driving.
Get the right workers’ compensation coverage for your business. Let us help you with the right decisions and reduce your liability.
Get additional liability coverage to help protect your business against additional claims costs.
Protection against specific types of risks. This can help prevent financial situations that are impossible to overcome.
Frequently Asked Questions
Commercial Insurance offers a level of protection against unforeseen events that could cause business disruption or even business failure. Generally, Commercial Insurance coverage is divided into two main categories: Property and Casualty to offer maximum protection and to ensure business continuity and solvency.
Commercial Insurance policies are designed to protect businesses and corporations, their employees, and ownership. As there are many different types of companies, each with varying insurance requirements, many different forms of commercial insurance are available.
There is a wide range of commercial insurance coverage available for businesses on Long Island. These include but are not limited to: Commercial Umbrella, Errors and Omissions, Cyberattacks, Directors and Officers, Business Income, Property, Automobile, and General Liability to name but a few.
Business insurance, also known as Commercial insurance, is essential because it protects enterprises from losses due to unexpected events that occur during normal business operations. These events include lawsuits, accidents, natural disasters, property damage, business interruption, theft, vandalism, liability, and worker injury.
Every business operating in New York State is required to provide Workers’ Compensation coverage for every employee, including part-time staff. This means that employers must have a Workers’ Compensation insurance policy, which includes New York Employer’s Liability coverage as well.
Commercial enterprises, especially those located on the South Shore of Long Island, require Coastal Business Property Insurance, a stand-alone policy that covers the risks associated with their location, such as hurricanes, windstorms, flooding and erosion. Such coverages are generally excluded or undercovered by most commercial property insurance policies due to the higher risks involved.
Insurance agents represent one company, the insurance carrier that employs them. Insurance brokers represent their clients and can assist them in shopping for policies that meet their requirements from multiple insurance carriers, thereby making an insurance broker the better choice for their needs.
Most condo insurance policies will cover damage caused by mechanical failures, such as a bathroom plumbing leak that ruins the flooring and ceiling below. It does not generally cover floods caused by forces of nature, including hurricanes and earthquakes- but this type of coverage can be purchased separately.
Yes, because the landlord’s policy will not include their tenant’s belongings. Tenants need coverage for their personal property, such as computers, tablets, cell phones, clothing, jewelry- anything of value to them that could be damaged or stolen while stored on the rented premises.
We make getting an insurance quote easy.
Click on “Get A Quote Now” or call us at 1-800-772-0627 or (516) 798-0320. Speak with one of our team members about your insurance needs.
Grillo & Associates has a reputation of providing excellent service.
Contact our office today. Our team of specialists will assist you in determining what policy would be best suited for your insurance needs.
Read more about insurance here.