How Often Should I Upgrade My Commercial Insurance?

Every business in Selden, NY is different, so the question of how often you need to call XL Brokerage Inc. for an upgrade really depends on your rate of growth. Generally, you’ll want to call your insurer whenever you hit the following checkpoints:

  • Any time you make expansions to your staff.
  • Any time you make changes to how your business is owned and operated. If you go public if you have a board of directors, etc.
  • Any time you make physical expansions to the business building itself.
  • Any time you invest in new equipment. Every new laptop and coffee machine might not need to be covered, but certainly big items like copy machines and pizza ovens do.
  • Any time you launch a new product or service, you’re inviting new liability to your business, and your insurer needs to know.

Even if you feel that your business has basically plateaued with no new hires or expansions in some time, it’s a good idea to review your business at the end of each fiscal year and compare it to how you were doing twelve months ago. You may find that you have whole new liabilities you hadn’t considered. You’ll want to take inventory once or twice a year and make sure that you’re still covered. Anything you can’t cover out of pocket, it’s better that your insurer knows about it as soon as possible, and these additional liabilities and property concerns can creep up on you incrementally.

If you’re still shopping around for commercial insurance in Selden, NY, get in touch with XL Brokerage Inc. and see what they can do to protect you, your business, and your staff and customers.

What type of commercial insurance does your home business need?

You may be one of the thousands of entrepreneurs who operate a business from the comforts of your home in Selden, NY. A less formal setting than what you may experience in an office building does not mean that you should forgo commercial insurance. The agents at XL Brokerage Inc. can help you find the best business insurance policy for your company. 

Why do you need insurance for a home business?

Your home business comes with risks just like the company that rents commercial space. In fact, there may be even greater risks associated with your home business because homeowner’s insurance does not typically cover your company. This means that the value of your merchandise is not covered under your policy. You essentially must start from scratch if your business inventory is destroyed from a fire or flood damage at your home. 

What type of commercial insurance do you need for your home business?

Your home business needs general liability coverage. This type of insurance protects your company’s assets and also provides insurance when clients visit your home in Selden NY. 

An individual who injures himself inside your residence while visiting on business is not covered under your home insurance policy. You need a general liability insurance plan that pays for medical bills associated with such an injury. 

It may also be a good idea for home-based entrepreneurs to purchase Errors and Omissions insurance. You especially need this type of coverage if your company provides consultations. Errors and Omissions insurance can help you represent yourself in court in the instance where a client claims the advice you provided was bad counsel. This type of coverage may also pay for damages related to the incident if your company is found responsible for losses. 

The agents at XL Brokerage Inc. can thoroughly explain the ins and outs of commercial insurance. Call them today to get a quote for your home business. 

Steps for Startup Businesses Buying Commercial Insurance in Selden, NY

If you are a small business owner with less than 100 employees in Selden, NY, XL Brokerage Inc. has you covered when it comes to small business commercial insurance. New York state has over 98% of businesses that are considered small according to Empire State Development. Over 54% of employees work in small businesses.

What Does Small Business Commercial Insurance Cover?

Business liability insurance is sometimes referred to as Commercial General Liability insurance and protects small businesses from the following:

  • Injury claims
  • Damages caused by employees
  • Property damage
  • Bodily injuries
  • Advertising injury
  • Personal injury
  • Legal defense

Guide to Getting Small Business Insurance

It’s time to get your business insurance and you’re a little bit nervous about picking the right policy and being prepared with all the correct paperwork. Don’t sweat it though because XL Brokerage Inc. has plenty of options for you and we’ll get you the peace of mind that you need. Knowing that you are prepared for the unexpected is exactly what we will do for your small business commercial insurance needs. 

  1. Gather all information and documents. You will need to have all of your business information ready. This includes the number of employees with total payroll expenses, your gross annual sales, all of your business assets including tools and equipment, the age of the commercial property that your business is located at and the business location.
  2. Discuss coverage options with your XL Brokerage Inc. representative. Make sure all of your information is ready and discuss different coverage options. 
  3. Evaluate and choose the best options for your business. Make sure that any of the risks associated with your business are well researched, meet your budget needs and that you are covered after talking to our experts. 
  4. Rest easy and know that your business is protected. Every year we will re-evaluate the needs of your business and make sure all of your information is up to date. This will ensure that you have the proper coverage for years to come. 

If you have a small business and are ready to discuss your options, give XL Brokerage Inc. in the Selden, NY area a call today.

 

 

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.

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. 

Commercial Property Insurance for Landlords Who Own More Than One Property

Successful landlords may start with one rental property and then add more to their commercial real estate portfolio. It is important to establish a good relationship with an insurance company to always have adequate coverage for landlord insurance. Be sure to consult with your insurance agent at XL Brokerage Inc. serving Selden, NY and the surrounding area to understand the insurance that is available to protect yourself and your business.

It is always a good idea to have an annual insurance review as well as have a special insurance review when anything changes, such as a sale of a property or having the potential of a new acquisition that is under consideration.

Here are the common considerations for landlord insurance:

  • General Liability
  • Property and Casualty Coverage (P&C)
  • Coverage for Employees
  • Business Interruption
  • Umbrella Coverage

General Liability Landlord Insurance

This is the coverage needed by any landlord for things like a “slip and fall” or another general liability risk for things related to the business and that can happen to people that are on the property.

Property and Casualty Landlord Insurance

This coverage is to protect the landlord from damage that happens to the property itself, such as a fire or other disaster. This category is something to talk with your insurance agent about because some things, like a natural disaster of a flood, may not be covered unless you have specific insurance for those kinds of disasters.

Landlord Insurance to Cover Employees

Employees must be covered by workers compensation insurance. Additional coverage may be needed for the acts of employees on behalf of a landlord, which can be a part of umbrella insurance coverage as described below.

Business Interruption Landlord Insurance

This insurance provided financial help for the landlord if something causes the business to stop. If tenants cannot pay rent, for a reason not caused by the tenants, this will help keep the landlord’s business operating.

Umbrella Coverage for Landlords

Umbrella coverage is beneficial to landlords because it may extend the policy limits of other coverage or provide protection for things that are not insured under other policies.

Consult with your agent at XL Brokerage Inc. in Selden, NY to make sure that you always have adequate landlord insurance.

What are the main types of commercial insurance?

Your New York business is everything that you could have imagined. Do you have the right commercial insurance to protect it from significant financial loss, though? The experts at XL Brokerage Inc. can help you find the indemnity policy that works best for your company.

Professional Liability Insurance

Professional liability insurance is also known as Errors and Omissions (E&O) assurance. This type of plan covers your business in Selden, NY when a consumer claims that your negligence led to damages. Errors and Omissions coverage is meant to cover the financial cost of your mistakes so that you do not have to worry about being sued for telling or giving someone the wrong thing.

Professional liability insurance is common among lawyers and medical practices. The policy covers any advice given that may prove to be incorrect or reckless. Those who sell homemade goods may also consider investing in such a plan. You do not want an allergic reaction to ruin your reputation in Selden, NY.

Property Insurance

Another important commercial insurance plan is property insurance. Contrary to some beliefs, this type of policy is not just for those who own land. Property insurance in business covers the structure as well as goods inside. You need a property assurance plan, for instance, if you use computers for daily operations. You may find yourself out of pocket if a pipe bursts and ruins your equipment if you lack property insurance.

Workers’ Compensation Insurance

Workers’ compensation insurance is required the moment that you decide to hire an employee. It is against the law for employers to have workers on the books without this type of commercial indemnity plan. Workers’ compensation pays when one of your employees suffers an injury on the job. The coverage also pays for damages if your employees are hurt while away from the work site so long as he is on company time.

The experts at XL Brokerage Inc. can help you find a commercial insurance policy that fits your situation. Call them today to get started with a quote!

Why Every Small Business Owner Should Have a Comprehensive Umbrella Insurance Policy

Are you a small business owner in the greater Selden, NY area who wants to learn more about a comprehensive umbrella insurance policy? The team at XL Brokerage Inc. is here to review your umbrella insurance policy options with you. With the right policy, you can rest assured that your business is covered in the event of a loss that exceeds the protection limits of your primary commercial insurance policy. 

Top Reasons to Add An Umbrella Policy to Your Insurance Portfolio

If you are a small business owner you understand how even the smallest change in cash flow can have an impact on your overall success. Here are 3 good reasons to add an umbrella policy to your current insurance holdings:

  1. Your primary policy has coverage limits, typically $250,000 of protection. If you experience a loss that requires more than your primary policy covers, you will have to cover the difference from your company profits or your own funds.
  2. When a loss occurs payouts for business interruption, in addition to replacements and repairs, can quickly exceed your primary policy limits causing further loss of revenue.
  3. An umbrella policy allows you to get back to business as soon as possible, without risking failure of your business.

If you don’t have comprehensive umbrella coverage in addition to your primary commercial insurance, it’s time to find out more about your options. Coverage can include your fleet, inventory, business interruption, as well as physical damage to your structure and its contents.

Now is the perfect time to review your commercial umbrella insurance policy options! If you are in the Selden, NY area, call or stop by the XL Brokerage Inc. to meet with one of our knowledgeable agents and find out more about comprehensive commercial umbrella insurance.

What Kind of Commercial Insurance Does My E-Commerce Business Need?

Many e-commerce businesses in Selden, NY aren’t sure about the type of insurance they need. Brick-and-mortar businesses need coverage to protect products, but what do e-commerce business need? There are some guidelines, but an agent at XL Brokerage Inc. can help you determine the coverage for your exact type of business.

General Liability Insurance: Even an e-commerce business can have accidents. If any of your products, services, or employees cause property damage or bodily injury, you could be sued. Having a general liability policy will help protect you.

Product Liability Insurance: If your e-commerce business has products, this insurance will protect you if your products cause harm. This is important if your products are expensive to produce or could cause harm if they malfunction.

Professional Liability: This is useful for e-commerce businesses that sell services, and this type of policy can protect you from a lawsuit that stems from how you perform these services.

Workers Compensation: Even an online business can have employees and, if you have even just one employee, you need workers compensation insurance, since it’s required by law in Selden, NY. This insurance will help provide payments and wages for those employees that are injured on the job.

Commercial Auto: If your e-commerce company has vehicles, such as delivery trucks that are used for business purchases, then this policy will protect these vehicles if there is an accident, damage, or theft. If employees drive their own cars for work, then you should consider a non-owned auto liability insurance policy, which will protect your business assets in the event that they are in an accident. It also covers damage or theft when the vehicles are being used for business. This is even more important if your employees don’t have adequate insurance coverage personally.

Contact XL Brokerage Inc. to get a quote on commercial insurance.

 

If You Work at Home Do You Need Commercial Insurance?

If you have a home-based business in Selden, NY, especially one without a lot of risks, then you may think that you don’t need commercial insurance. However, you need to separate home from business and protect both aspects of your life. There have been many times when a homeowner’s insurance policy has been rejected when trying to process a business claim. People are litigious, so it’s necessary that you have adequate coverage to protect your business assets. An agent at XL Brokerage Inc. can help determine the right coverage.

Even if you work for yourself and don’t have employees, you still need to have insurance. If you make a mistake at work, then people may come after your home. Even if you have a personal liability umbrella policy, it won’t cover any business-related problems.

There are a few different policies you can get in order to protect your home-based business. Business general liability insurance is the main policy that you should have, regardless of the type of work you are doing. It covers many basic things, including bodily injury, property damage, and personal injury in advertising. A commercial property policy will cover any equipment you keep at home even if the equipment is minor, like a computer. Errors and omissions insurance helps protect businesses that offer services to clients. This can also be called professional liability insurance, and for doctors and lawyers, it can be called malpractice insurance. If you do have at least one employee, whether they work with you or somewhere else, workers compensation insurance will protect you if they get injured on the job. If you are using your vehicle for deliveries or other business purposes, your auto insurance policy won’t cover the business use of the vehicle and you will need a commercial policy to provide adequate coverage.

Contact XL Brokerage Inc. serving Selden, NY to get a quote on commercial insurance.