You’ve built your business from the ground up, and are looking ahead to its future. But lately, you have also been thinking about how much you have to lose. “Do I have enough insurance?” “What kind of insurance do I need?” “Are there insurance requirements for my industry and am I compliant?” “What are the risks my business faces and how do I protect my interests?”  These are all just the right questions to be asking yourself. Another should be, “Where do I go to get answers?” Well, you’ve come to the right place to learn from the right people, the insurance professionals at Grillo & Associates. We’re the Long Island commercial insurance professionals your colleagues and, yes, even your competitors, have consulted for decades. Here are our tips, so you’ll know the next steps to take to protect your enterprise and gain peace of mind to focus on its growth.

Common Types of Business Insurance:

  • Business Owner’s Policy (BOP)– this policy incorporates two types of insurance coverage, general liability, and commercial property. The goal is to offer a product at a lower cost to policyholders than if these were separate policies.
  • General Liability Insurance – offers protection from third-party injuries or damage to their possessions/property that occurred while on your premises. Additionally, it covers your brand in the event of defamation should your marketing/advertising initiatives impact another brand as well as copyright infringement.
  • Commercial Property Insurance – will pay for the repair/replacement of your office equipment, furnishings, and inventory/supplies should they be stolen, lost, or damaged while leasing your workspace or if your enterprise owns the building.
  • Workers’ Compensation Insurance – especially important for manufacturers or in plants where heavy equipment and/or machinery are used, this policy pays for medical expenses and lost wages for employees due to work-related injury or illness. This type of policy generally also includes Employer’s Liability Insurance to protect against employee lawsuits due to negligence.

These are the most common types of insurance available. Others include Cyber Liability Insurance for protection in the event of a data security breach, Commercial and Non-Owned Vehicle Insurance, and Professional Liability Insurance, such as for Accountants in the nature of their work.  Additionally, there is Business Interruption Insurance, which may also be rolled into a BOP or commercial plan to cover temporary quarters and operating costs should a disaster shutter your facility.

Legally Required Insurance

Requirements will vary by industry, location, clientele, and your financial institution, but may include mandates for General Liability Insurance, Workers’ Compensation Insurance. Before signing a large construction loan, investors and/or lenders usually require contractors to provide Builders’ Risk Insurance to mitigate risk should construction materials, etc. be lost or stolen, among other concerns. For services that include professional advice, such as Accountants, Therapists, and Architects, Long Island commercial insurance may be required to cover any errors or omissions that can lead to issues ranging from defamation to liability. Other requirements may include an umbrella policy for additional coverage should a liability claim exceed policy limits for current general liability, commercial auto, or other insurance limits.

Additional Considerations

What is a deductible? That’s the money you’ll be responsible for paying before your insurance policy will fully cover a loss up to your policy limit. A higher deductible means a lower monthly premium. But do not be quick to opt for a high-deductible plan in the off-chance you’ll not have a claim. Consult with Grillo & Associates. Our professionals will be glad to assist you to determine which is the best course of action at this point in time for the peace of mind, and full protection your business requires, all at a price you’re comfortable with.

When it comes to your  Long Island commercial insurance needs, look no further than Grillo & Associates. We have the experience and expertise to guide you in deciding which policies and coverages are right, right now, for your company. We invite you to consult with Grillo & Associates today!