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Commercial Insurance on Long Island from Grillo & Associates

If you are in business on Long Island, you’ll be looking for an insurance product to protect your enterprise from any unpredictable issues that could impact your livelihood. Commercial insurance policies for Long Island businesses are designed to protect both the owners and their staff from injury, business interruption, and other company-related risks. This insurance is also vital because, in many localities, it is required by law for owners, including sole proprietors, to have this important coverage.

As leading Long Island commercial insurance brokers, Grillo & Associates provides the following information and guidance for all business owners to protect their business interests. To begin, let’s clarify a few important industry terms, you’ve doubtless heard about but may not yet fully understand. Here’s what you need to know about Long Island Commercial insurance coverage, so you’ll fully understand ‘how it works’:

Premiums: This monetary amount represents the total cost your company pays to an insurer for coverage. Generally, for employees, the premium will be paid from their salary in monthly or bi-monthly increments. For some staffers, however, the annual premium is paid upfront.

Deductible: This amount in dollars, represents the amount an individual is responsible for before insurance will ‘cover’ additional expenses. For example, if your policy’s deductible is $2,500 that is the amount that must be covered by the business owner or employee when filing a claim to receive coverage.

Policy Limits: This monetary amount is the ceiling or maximum dollar amount your insurance company will cover for a claim.

Exclusions: These represent events or causes of asset losses as listed in an exclusions list on your policy. Any instance mentioned on the list will not be covered by your insurance company.

Now that you understand the industry jargon basics, here are the types of commercial insurance on Long Island that Grillo & Associates offers: