Insurance coverage and insurance claim representation for businesses and municipalities, covering all of New York State

There are many reasons businesses should obtain property and casualty insurance policies. The biggest reason is that they provide protection from losses caused by legal liability and from damage to a loss of property. If there was any property damage caused by theft or loss, if implemented, the proper policy of insurance would provide replacement for it, typically at replacement cost. Property and casualty insurance also provides coverage for: lost income; liability for negligent acts; and coverage for automobiles and worker’s compensation, among other exposures.

Business Insurance "Commercial Lines Services"

It is wise for a business to purchase, at a minimum, basic types of insurance. Some types of insurance are even required by law (such as workers compensation and statutory disability). Below are some of the different types of policies offered in the state of NY by various sources.

Monoline
These policies provide a single line of insurance such as liability insurance, auto, or fire.

Multiline

A multiline contract is a type of insurance policy that bundles together exposures to risk and covers them under a single contract with a common aggregate deductible and policy limit. A common multiline contract combines property and casualty risks together into a single policy. A multiline contract is attractive because a common aggregate deductible can be offered on a policy portfolio that covers several risk types. Some insurance companies prefer this policy type because it allows them to reduce risk by spreading it among several factors, which helps them avoid a huge financial burden in the event of a catastrophe. Another potential benefit is that by utilizing one policy and one insurance carrier, there is no chance of fingerpointing (one carrier claims that another one has the burden of paying the claim or paying a portion of it) ~there is no question as to who is responsible for the covered claim.

Business Owner’s Policies (BOPs)
Some insurance companies bundle liability and property insurance together. This is commonly referred to as a business owner’s policy. These BOPs typically equate to more affordable premiums with broad coverage and are created by combining two or more Monoline coverage into a single policy.

TYPES OF BUSINESS INSURANCE

Property Insurance
This type of insurance protects the contents of a business against theft, fire and other dangers. Since every business is different and requires varied coverage amounts, it is important to know the level of insurance needed to replace or rebuild and what property needs to be insured. A complete understanding of the limitations of the property insurance policy and other applicable insurance terms is also crucial. In addition, a proper analysis would require an complete understanding of the difference between replacement cost, the actual cash value, agreed amount and functional replacement cost.

Casualty Insurance
This type of insurance covers the cost of lawsuits caused by accidents that result in property damage or bodily injury. Casualty insurance will also pay the attorney fees and other costs associated with the defense of a lawsuit. It could also cover the cost of other claims like false advertising, libel and slander. There are some things that might not be protected with liability insurance including wrongful termination of employees, sexual harassment, or non-performance of a contract.

Business Interruption
This insurance can provide the funds needed to pay for lost business income* and fixed expenses during the time period when a business is not operational. Although property insurance will pay to cover the replacement of damaged or destroyed buildings or equipment, it will not cover the payment of continuing expenses during the period between when the damage occurred and the property is replaced.

Commercial Auto
A business-owned vehicle should be insured for physical damage and liability. Non-owned automobile coverage should also be obtained if a personal vehicle is used by employees or owners on company business. This non-owned auto policy covers the businesses liability for any damage that may occur from such usage. The commercial auto policy could also cover rental cars if used on business travel.

Workers Compensation
This type of insurance covers workers against a job-related accident or disease. Worker’s Compensation pays for disability income benefits, medical bills, and death benefits to dependents of an employee whose death was job-related. The rates for this type of insurance is grossly dependent on the type of industry the business is in as there is more danger involved in certain fields than others.

New York State Disability Benefits Law (NYS DBL)
This is an insurance coverage mandated by New York State – NYS DBL is another employee disability coverage that provides disability income for injury or illness for an employee off the job.

Employment Practices Liability
This insurance protects a business if any employee sues for job discrimination, wrongful termination, or another claim that accuses failure in the company’s employment practices.

Officer And Director’s Liability
This type of policy covers a liability if a director/officer of a corporation (any entity) is, potentially, personally accountable for their actions on behalf of the business.

Office At Home
This coverage protects office equipment and business liability if an employee or business owner establishes an office in their home. This is not automatically included in a standard homeowner’s insurance policy.

Excess Liability – Also known as an “Umbrella Policy”.
This takes effect when the limit of the basic fundamental policy is reached. The amount of coverage extended with an excess liability policy should be based on the total value of a company’s assets.

Key Person
This type of insurance policy is needed if the owner or another individual within the company is so vital that the business could not continue if that person died. The key person policy can also provide cohesiveness in operations during a period of ownership transition that was caused by the incapacitation or death of a key employee or owner.

National Flood Insurance Program (NFIP)
An NFIP provides protection from losses resulting from flooding if the property is in an area designated as a special flood hazard area that implements and enforces measures to reduce future flood risks. For the most part, this type of coverage is not provided in Monoline of BOP policies. Click here for more information on flood insurance.

Life, health, hospital, accident, long-term disability, short-term disability, dental, vision, hospital, etc.

*Net income that would have been earned as well as continuing normal operating expenses incurred including payroll.

OUR PRODUCTS & SERVICES

PROPERTY AND CASUALTY

Business Insurance "Commercial Lines Services"