What Does Long Island Commercial Insurance Include?

That’s a really good question and one that the professionals here at Grillo & Associates field each and every day. That’s because our team provides insurance policies for many businesses here on Long Island. Commercial insurance is essential for every business owner, regardless of location, so that their enterprise is protected against foreseeable dangers as well as those they may not be aware of. Typically, commercial insurance policies are designed to protect business owners and their employees from injury, business interruption, and liability, as well as other company-related risks. In fact, in many states, it is required by law for all business owners to have commercial insurance coverage. It does not matter if you were not aware of that fact. Grillo & Associates’ representatives are fully-versed in all types of business insurance and we will not allow your business to have gaps in your coverage.

We are widely known both for our experience and excellent customer service. Grillo & Associates has been assisting business owners in 18 states as well as here on Long Island with their commercial insurance policies. When you contact our office to schedule a confidential consultation you’ll learn about the different types of insurance policies for your company. We will also discuss your requirements and budget. You’ll leave knowing what types of policies as well as how much you will need to be protected against every potential threat to your business.

In general, commercial insurance differs from personal insurance in two key ways-

These policies can cover multiple stakeholders as well as their staffers.
Commercial coverage usually has much higher plan limits, as often there is more physical property at stake.

Here is an overview of the general types of Long Island commercial insurance policies available as well as the types of industries that will benefit from them:

General Liability: Should a customer or client sustain injury while on your premises especially if that is due to an error or omission on the part of your management team or staffers. This coverage can also cover offenses such as copyright infringement and libel.

Property Insurance: This type of policy provides coverage for your building(s) and its contents, including impacts to your business income due to fire or natural disaster damages as well as theft.

Business Interruption Insurance: This coverage protects against whatever interrupts your business flow, and therefore profitability. This policy replaces the money your business would have made, as well as provides funds to lease temporary space should your premises require repair/rebuilding.

Business owners Policy (BOP): Ideal for small businesses, this policy combines the three coverages mentioned above. Bundling coverage offers cost savings, as well as allows stakeholders to carry one policy from one carrier instead of multiple policies from numerous carriers. When a claim must be submitted having one policy + one carrier = an easier, faster way to get claims submitted and processed.

Workers’ Compensation Insurance: This is an essential coverage and may be mandated by your state. It covers damages for work-related injuries and includes punitive damages, pain and suffering lawsuits, and the injured party’s out-of-pocket expenses from lost wages to their medical expenses.

Commercial Auto Insurance: This policy covers staffers who drive for your business, such as sales staff, fleet vehicles, and executives’ vehicles. It protects these workers and equipment by offering financial and medical coverage should a vehicular accident occur.

Employment Practices Liability Insurance (EPLI): This coverage is essential for contractors, especially builders. Offered as a stand-alone coverage or bundled, EPLI safeguards against employee lawsuits stemming from alleged inappropriate or unfair acts, even if committed unknowingly.

Cyber Insurance: The internet has made everyone’s job productivity increase, but at the same time, small businesses, in particular, have become a target for cybercriminals. The reasoning here is that smaller businesses have a limited budget for technology safeguards so that a data breach is easier to commit. This insurance provides coverage for certain losses as a result of data breaches that harvest their customers/clients’ personal information such as customer notification of the breach and legal fees. Cybercrime is a global threat, not just to businesses located on Long Island. Commercial insurance from Grillo & Associates can protect your enterprise. We are licensed in 18 states and can make recommendations to make certain that your company is protected.

Management Liability Insurance (D&O): Also known as “Directors and Officers” coverage, this policy protects stakeholders if they are personally sued while managing a company. It covers awards and settlements due to wrongful action allegations and lawsuits. Certain coverages will reimburse a business for legal fees, settlements, and the general costs to defend stakeholders against a lawsuit. This policy additionally includes directors who are no longer part of their organization. It is primarily for midsize to enterprise level businesses.

Errors and Omissions Insurance (E&O): This policy is recommended for real estate brokers and salespersons, lawyers, insurance-related professionals, financial broker dealers, and service firms like architects, designers, and medical professionals. It protects the business from the consequences of oversights by the owner or staff that result in a lawsuit. Primarily businesses that provide contracted services for a fee should have this coverage as it protects against specific situations not included in a traditional business liability policy.

Crime Coverage: This coverage protects a business from employee and/or vendor theft of financial assets and property. Examples include computer and electronic funds transfer fraud, impersonation, and theft of clients’ property.

Whatever your business insurance requirements, trust the professionals at Grillo & Associates to assist you to ensure that your company has the coverage it requires to thrive. Plan to schedule a confidential consultation with our team soon.
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