The insurance professionals at Grillo & Associates never tire of hearing or explaining what types of business insurance our clients may require. Most will have done some online research before meeting with us and will have questions, or even feel overwhelmed. In this posting, we want to put business owners’ and stakeholders’ minds at ease. Insurance policies are a vital part of any sound enterprise’s business model. These plans address general and specific needs so that your business can, well, stay in business. Insurance on Long Island is not that different from anywhere else although there are some exceptions. When you consult with the Grillo & Associates team, we will appraise you of your business insurance “must haves”. Chiefly these are the three main types of business policies, General Liability, Commercial Property Insurance, and Worker’s Compensation Insurance. Read on to learn why you need these coverages for your small to midsize business.
In all, there are about 8 most common types of business insurance. On Long Island, most of our clients opt for General Liability Insurance as their primary coverage. This policy will protect your company from claims that your firm caused:
- Bodily injury to a visitor or vendor while on your premises.
- Property damage to another individual’s belongings.
- Personal injury that is not physical such as libel or slander.
Another important coverage that every business needs is Commercial Property Insurance which protects your premises whether or not these are leased or owned by you. In addition, the policy protects you from asset losses to your business equipment, machinery, computers, desks, and other office and storage facility components necessary to run your business. Now be aware that this plan does not cover damages that are brought about by natural causes, such as hurricanes, flash floods from nearby waterways, or earthquakes. Water damages brought about by Mother Nature will be covered under a separate policy, such as Commercial Flood Insurance. Be aware that if you live in a coastal area or in a region that has been designated by your local municipality as a flood plan, this form of business insurance may be required by law.
Workers Compensation Insurance or Workers Comp, is another form of business insurance for Long Island-based enterprises that is required by law in just about every state. This type of coverage will protect your employees as well as your business from claims that are due to work-related accidents that result in injury or even death, and illnesses, such as an allergic reaction by a consumer to a product manufacturer by your firm. Other examples include someone sustaining an injury from a product such as recreational equipment or a home furnishing with parts or pieces that could cause bodily harm to someone who does not work for your company. New York State requires all business owners to carry Workers Comp so this is a moot point. What does it cover? Chiefly workplace injuries. Yes, your staffer has health insurance, however, if the accident occurred on your premises, you must underwrite their medical expenses as well as a percentage of their lost wages while they recuperate sufficiently to return to work. Note: while the cost of health insurance is generally shared by employer and employee, the cost of a Worker’s Compensation policy for any business is entirely the responsibility of the owners and stakeholders.
If your business has moved beyond a sole proprietorship, it is time to speak with Grillo & Associates about business insurance. We will make certain that you have the coverage that will meet both your business needs and budget. For example, we can bundle certain insurance policies under a Business Owners Policy (BOP) and as your business grows, Grillo & Associates will gladly reassess your insurance needs so that you are always covered by just the right amount of coverage your firm requires. Our team invites you to take the first step and call us.
We will be glad to assist you in protecting your business so you can focus on growing your enterprise. Call to schedule your consultation today!
