Not to reduce the importance of having the right amount of insurance and the right type of policy by comparing it to a child’s fairy tale, but it is also critical not to overspend for business coverages that are just not relevant to it. The goal is, as with Goldilocks, to find the solution that is “just right” for your firm’s individual needs. At Grillo & Associates, we broker Long Island business insurance policies that are a right fit for your enterprise, regardless of its size, location, or industry. For small to midsize businesses looking for the greatest ‘bang for their bucks,’ the ideal business coverage is likely to be a Business Owner Policy or BOP.

The BOP groups several basic coverages that business owners require into one bundle. Its key advantage is that its premium will be less than what the total cost would be if the business opted for these grouped coverages as separate policies. As your business insurance advisor, Grillo & Associates will make certain that your business insurance needs are met at a price that meets your budgetary requirements as well.

What is included in a BOP? Business Owner Policies include property insurance for the building and equipment that are owned by your company. Should there be any loss of income or profits due to the disruption of your business operations due to an accident, such as a fire, this event can be covered under Business Interruption Insurance. Your BOP will also provide coverage for your company’s legal responsibility for any harm caused to others (such as bodily injury and property damage) as a direct result of your company’s negligence. Most Business Owner Policies will generally include professional liability, auto insurance, and worker’s compensation. However, BOPS are not all-inclusive policies, so be aware, for example, that most BOPs do not include coverage for damage/liability/asset losses due to earthquakes or floods. While Long Island is not prone to major earthquakes, shoreline flooding is a real issue for many companies, so depending on your location, your Long Island Business Insurance policy may need to address that specific requirement.

As part of a Business Owner’s Insurance quote, again, depending on your specific insurance requirements and budget, Grillo & Associates insurance professionals may advise that your BOP should include:

  • Property Insurance
      • Provides coverage for buildings, equipment, and inventory.
  • Business Interruption Insurance
      • Provides coverage for losses that cause the temporary closure of your operation or having to reduce production/output for a period of time.
  • Liability Protection
      • Provides coverage for the harm that is caused by your employees or products to other people or to their property.
  • Crime Insurance
      • Provides coverage for the loss of money or securities that result from a burglary, robbery, property destruction, as well as employee theft (AKA ‘Shrink”) or through embezzlement.
      • Cyberattacks and data breaches by hackers and cybercriminals are becoming more commonplace among small to mid-sized businesses. It is recommended to protect your enterprise and any sensitive customer data with this insurance offering.
  • Liability Insurance
    • Provides coverage for lawsuits that arise from accidents, from selling a product that has caused property damage to a customer, or if you are accused of offenses such as slander, copyright, or invasion of privacy.

In conclusion, the top advantages of having a customized Long Island Business Insurance  Business Owner Policy include:

  •     The policy contains many needed coverages
  •     The policy can be very cost-effective yet provide just the right amount of coverage
    your business requires.
  •     Many of the top insurance carriers offer BOPS
  •     BOPs may be modified to fit your unique business needs

Learn more about this important yet affordable coverage by contacting Grillo & Associates today!