Grillo & Associates believes in transparency, especially with our customers. So to answer the title question, “Is Commercial Insurance the Same as Business Insurance” the answer is yes, they are one and the same. But wait! Now that we’ve established that fact, we invite you to continue reading this posting to learn more about the most important types of commercial and business policies. This way, you can be certain that the plans you opt for fit your current and future needs. As a leading agency for commercial insurance on Long Island, Grillo & Associates assists our customers to tailor their business/commercial insurance policies to not only meet the needs of their industry and the future of their enterprise.
For every business owner, there are different types of insurance to consider. Some are ‘must haves’ and others are optional. However, for every business owner, solid General Liability coverage falls into the first category.
General Liability
This is what a General Liability plan covers:
- Property damage claims against your company
- Should someone be injured while on your premises, it covers their medical expenses.
- Covered claims administrative costs
- Covered claims court costs, judgments, and settlements
While we are on that subject, this is what General Liability plans usually do not cover:
- Business property or office damages
- Personal injury claims made by an employee(s)
- Vehicle accidents caused by management/employees while driving for work purposes.
Workers’ Compensation
Another important policy for business owners to have is Workers’ Compensation Insurance. Workers’ Comp, as it is generally known, covers work-related injuries. It pays for medical treatment and compensates for lost wages until they can return to work. Most states require this type of insurance for companies that have at least one employee. There are several ways for business owners to obtain this type of coverage. Grillo & Associates invites you to contact our team to discuss obtaining commercial insurance on Long Island. This way, we can advise you as to the best options for your firm.
Commercial Property Insurance
This coverage protects your firm due to damage to your business premises. It provides protection for your company’s physical assets such as equipment, furniture, furnishings, and technology due to fire, explosions, burst pipes, storms, theft, and even vandalism. Be aware, however, that especially for Long Island-based firms located near the shoreline, floods are not usually covered under this policy. However, separate flood insurance policies are available (for earthquakes, too).
Professional Liability Insurance
Known in our trade as ‘errors and omissions’ coverage, this insurance covers errors in services that your business provides including negligence, misrepresentation, violation of good faith and fair dealing, and inaccurate advice. Certain policies also cover privacy violations that can threaten the future of your business.
Umbrella Business Insurance
We’ve all heard the term, but what does it mean, exactly? Umbrella policies provide extra protection, especially for those businesses that are more likely to be at risk of being sued. This coverage extends beyond the maximum amount offered by your commercial liability policy for additional peace of mind.
Regardless of its size, every firm needs business/commercial insurance. Grillo & Associates, as specialists in commercial insurance on Long Island, can assist you in determining what coverages your company requires. We can additionally help you manage your insurance costs and find a customized business insurance policy at an affordable rate. Commercial insurance is available in a wide range of packages that can be tailored to fit any company’s requirements.
Give us a call and schedule your confidential consultation today!
