Long Island get’s affordable commercial business insurance.

At a basic level, commercial insurance is aimed at helping Long Island businesses stay protected against risks that may threaten its success. Depending on the commercial lines coverage, it can be specifically aimed at protecting the reputation, well-being and financial situation of a business entity, as well as the employees working for the business.

Unlike personal insurance, commercial insurance can cover multiple stakeholders and employees. Commercial insurance also differs from personal insurance because it tends to have much higher limits of coverage, since there’s typically more physical property at stake.

Moreover, commercial insurance carriers and agents are specifically trained in the risks and threats that businesses face. Plans are often structured to cater to a company’s specific industry and day-to-day activities. Personal insurance plans, like auto or renters insurance, tend to have a more one-size-fits-all purchase process.

Types of Commercial Insurance
There are many types of commercial insurance. A few of the most common include:

Commercial vehicle and equipment breakdown insurance can be especially helpful for businesses that rely on tools or automobiles to conduct daily business. Similarly, property insurance can help protect tools and tech property like computers, desks, and office environments.

Workers compensation insurance is another common form of commercial insurance, often required by law, especially for businesses in the construction, manufacturing, repairing or engineering industries. This type of insurance helps protect the company from lawsuits in the case of a work-related injury and accident experienced by an employee – plus can help cover medical costs for an employee injured on the job.

Cyber liability insurance is a growing form of commercial insurance that can cover businesses in the event of data breaches and other cyber security threats. Since many businesses hold a great deal of personal information on their servers, being hacked can have lasting financial repercussions.

Business Owners Policy (BOP) Insurance are a common solution for business owners because it may offer a cost savings to “bundle” several policies together. Packages and BOPs can differ from business to business or carrier to carrier but may include property, general liability, crime and inland marine.

Business interruption insurance is also a smart investment in terms of commercial insurance. This can help protect your business from financial losses in the chance that a covered accident or unexpected event prevents your company from operating.