Things to Consider When Buying Commercial Insurance

When you own a business, it is critical that you have commercial insurance to help insure everything that you have built. While you may think this is as easy as just getting a policy that is ready to go and pre-packaged, commercial insurance is something a bit different in nature. In fact, you are not going to find many commercial insurance policies that are the same in Selden, NY. If you are ready to get the right commercial insurance policy for your business, be sure to use these tips from XL Brokerage Inc. 

  • Run from pre-packaged policies that are "perfect for your business." If an insurance company is trying to sell you a policy that does not take your business into account, then they are not trying to sell you a policy for your business. They are just trying to sell and you will not end up with what you need. 
  • Take the time to tell the insurance agent about your business as well as your concerns. This will help you to get started on the right note and they will then be able to help you customize your policy based on your needs. They will also likely ask you about some things you may not have thought of such as workers compensation or other types of policies that are designed to help protect your business. 

Now that you know the right things to be asking when you are getting commercial insurance, it is time to put that into action. Be sure to reach out to us here at XL Brokerage Inc. serving Selden, NY to learn more about your options. We will work with you to find the perfect policy set up for your business and also keep your budget in mind. 

Do I still need landlord insurance if I require my tenants to carry renters insurance?

If you are a landlord in Selden, NY, you probably have a clause in the lease that requires your tenants to carry renters insurance, hopefully through XL Brokerage Inc. This is a common policy because it places the responsibility of insuring the property on the owner. However, you should also have landlord insurance. It is important to understand the difference between the different kinds of policies.

Landlord Insurance

This kind of policy protects the physical structure, including the building and any related fixtures. Other contents may be covered, such as major appliances, but the policy is mostly about the building itself. If the house burns down or gets hit by a tree, the damage should be covered by the landlord’s insurance policy.

This kind of policy also includes some liability coverage. For instance, if someone gets hurt in a common area like a stairwell, he or she could sue for damages, including medical bills. Instead of being forced to pay out of pocket, you would use your landlord insurance to defend yourself and pay the claim.

Renters Insurance

This kind of insurance mainly covers the renter’s property, such as clothing, furniture, small appliances, and other items. If the renter’s property is stolen or damaged, he or she can make a claim against the renter’s insurance.

The renter can also make a claim against the renter’s insurance if there is some sort of event that makes the place unliveable, such as a fire. The policy will cover the expense of staying somewhere else while repairs are made or a new place is found.

If you own or rent in Selden, NY, you probably need either landlord or renters insurance. If you have any questions or are interested in discussing policy, please call XL Brokerage Inc. so we can help.