How to Determine if Commercial Insurance is Adequate Protection

Imagine an employee driving a company van down the road, going around a corner, and suddenly driving into a gigantic sinkhole where the road is supposed to be. Hopefully, there is insurance protection for that accident.

If there is no coverage or inadequate coverage, this is what is called a “gap” in insurance. Gaps in coverage on not necessarily obvious. A business may be going along just fine and then, suddenly, some shocking event occurs for which there is insufficient insurance protection.

Types of Commercial Insurance

Commercial insurance is a broad category and it includes many types of protection such as:

  • Worker’s Compensation: This insurance is required by law to protect workers and business owners from liability for injury and death that may occur while a worker is on the job.
  • Property and Casualty: This protects the facilities.
  • General Liability: This is for accidents that may happen, which harm things or people other than the workers.
  • Product Liability: This addresses the risks associated with making, selling, and distributing products.
  • Professional Liability: This is a category of insurance protection for health care workers, attorneys, those who work in the financial services sector, and other professionals.
  • Business Interruption: This is helpful if the business is prevented from operating by circumstances beyond anyone’s control such as a natural disaster.
  • Commercial Vehicle Insurance: This is for any vehicles used in business operations.
  • Specialty Insurance: This may be customized to offer risk protection for other things such as terrorism, cyber-attacks, fraud, and more. Talk with your agent to learn the details.

In addition to commercial insurance, it is a good idea to have umbrella insurance that extends the policy limits of other policies and may offer more protection for other things like defamation or discrimination lawsuits and help pay for legal expenses

Commercial Insurance Review

To make sure the business has adequate commercial insurance and to uncover any gaps in coverage, work with an agent at XL Brokerage Inc. serving Selden, NY and nearby communities like Mastic. To get a commercial insurance review or a quote for new commercial insurance contact the good folks at XL Brokerage Inc. in Selden, NY.

Landlord Insurance for Real Estate Investors

Many real estate investors start small with a single property that they rent out and then over time they add more rental properties to build up a nice real estate portfolio of rental homes. To make sure there is adequate insurance protection for each property work with your agent at XL Brokerage Inc. serving Selden, NY and the nearby communities to set up a uniform landlord insurance program.

What is landlord insurance?

Landlord insurance is much more than property insurance for the building. It includes that but also much more. It may provide protection for accidental damage and even loss of rent.

Loss of rent coverage is really helpful if the property cannot be rented due to circumstance beyond anyone’s control. This protection can help pay the mortgage payments of a rental property for a covered cause when there is no rental income coming in. Some lenders require this kind of insurance to be in place in order to make a loan on the property.

If the rental property is furnished, landlord insurance may be extended to protect the personal property owned by the landlord as well.

Discuss the specifics with your insurance agent because there is the possibility of a customized protection plan that fits your particular circumstances.

Landlord Insurance Review

If you already own rental properties that are insured individually then consider getting an insurance review to receive recommendations about landlord insurance to help you better manage your rental real estate.

If you are just starting out that is fine too, we are happy to work with you as you build your real estate portfolio. When a comprehensive landlord insurance program is established, it is easy to add additional properties to the coverage

To get a quote for landlord insurance contact an agent at XL Brokerage Inc. in Selden, NY by calling 631-736-6100 or the office in Mastic at 631-281-6100.