Your successful business was founded on principles that include policies and procedures supported by hard work. When reviewing future plans, however, make certain you have an insurance strategy in place as well. This way, your coverages will be comprehensive and complete to fully protect you and your enterprise should the unforeseen occur. Grillo & Associates, a trusted Long Island commercial insurance agency, is committed to providing the best business insurance on Long Island to meet both your business needs and budget. Here is our Top 5 List of common costly insurance errors many local business owners make, along with our pledge to ensure we’ll help your enterprise to avoid them.
Tip #1: Buying a policy off the shelf. When you buy business insurance on Long Island, you want a policy that will provide coverage against your business’ unique set of risks. That’s right. Long Island commercial insurance policies are not intended to be “one size fits all”. Instead, speak with the team at Grillo & Associates. Our goal will be to learn what your risks and preferences actually are. The coverage needs for different industries will also vary as not every business is prone to every type of claim or every type of risk. For example, we will scrutinize your liability coverages to protect you and your business from lawsuits resulting from property damage, bodily injury, or reputation injury. Many Long Island business owners are not aware of potential lawsuit costs and therefore may be vastly underinsured in this area. Once your needs are known, together we will explore your options and customize your policy/policies to avoid gaps in coverage, as well as inadequate coverages.
Tip #2: Not carrying Workers’ Compensation Insurance. If you run a business with employees in the State of New York, you are required to have this coverage. The policy covers medical expenses and lost wages for your staff who are injured while performing their job. If the State learns that you do not have this coverage, significant fines and even legal battles can ensue. Again, Grillo & Associates can assist you to make certain you not only have this coverage but that your policy is adequate for the number of employees you have.
Tip #3: Not buying Business Property Insurance. Even if you are a tenant, it is essential that your business carries this type of policy to protect all your firm’s physical assets. These include buildings, equipment, inventory, computers, vehicles, and furniture. Fires, thefts, vandalism, and impacts from natural disasters can shutter your business temporarily or permanently depending on your coverage. Grillo & Associates, as your Long Island commercial insurance brokers, will make certain that your policy includes full-replacement value of your property, not just its depreciated value. The difference can be significant.
Tip #4: Not reviewing and updating policies regularly. Have you hired additional staff? Have you opened a new location? Does your staff use their own vehicles for work? Turn to Grillo & Associates for a thorough review of your policies whenever your firm undergoes changes. We’ll make certain that you are adequately covered against every potential contingency.
Tip #5: Not considering Risk Management Strategies. If yours is considered a “high risk” industry, you may be paying higher premiums as a result. To potentially reduce these costs, when you need guidance relative to your business insurance on Long Island, speak with the professionals at Grillo & Associates. Depending on your business, for example, the installation of security systems/cameras in your store, and implementing safety training programs with your staff to avoid injury, are two ways your firm may qualify for policy price savings.
In this posting, Grillo & Associates has covered a few of the many ways too many local business owners like yourself are paying too much for your business insurance on Long Island. We invite you to contact our team to learn more. Call today!
