You need three important things in business insurance.
1. You need cover for your real risks.
2. You need reliable cover.
3. You need affordable commercial insurance.
If you have a business in Freeport, Hempstead, Long Beach or Long Island then you can find these three ingredients by consulting with Denis Miller Insurance.
It stands to reason that you don’t want to pay for business insurance that you don’t need. For example if you live in an area where earthquakes just don’t happen then probably don’t want insurance for that. Understanding your risk profile is one of the first things to obtaining custom tailored commercial insurance. There are some risks that apply to just about any business. These would include property damage, employee injuries, liabilities, theft, cybercrimes and some or other act of nature.
A common type of commercial insurance is known as a BOP (Business Owners Policy). This policy will cover your important assets in the event of loss due to storms, fires, crimes or power surges. Another general type of business insurance is liability cover. This will protect you if somebody decides to sue you if they suffer damage or injury as a result of your business operations. Now some carriers offer combo packages that enable you to combine certain policies. For example you can include liability and business disruption insurance in your business owner’s policy. Another general type of business insurance is commercial auto. You will need to have that if you operate one or more company vehicles. There are other options as well, such as umbrella insurance which will increase the settlement limits.
Apart from general risks different businesses have specific risks and requirements associated with the type of business. For example a construction firm might need some forms of surety bonds or builders bonds. A boat charter business might need some form of marine insurance.
All in all business or commercial insurance is difficult to understand and probably best left in the hands of professionals who will be able to provide you with the best coverage for your business and your risks.