Business Insurance

business-office-design-photoWe understand Business Insurance and how it can affect peoples incomes and jobs when unexpected things happen. 518Insurance.com will help you become familiar with the general nature of commercial insurance and various coverage options so that you feel confident about your choices. We insure businesses all over New York because of our experience handling Commercial Auto, Fleet Insurance, Workers Compensation Insurance or any other commercial insurance product.

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Commercial insurance covers two main areas — property and casualty. Basic property insurance protects a company’s buildings, machinery, equipment and furniture against loss caused by specified perils. Casualty insurance covers a business’ liability for the injury or property damage of a third party. Common commercial liability lines include commercial general liability, the basic, comprehensive line of insurance, commercial automobile liability, which covers automobile usage for your business, and commercial umbrella liability, which covers any costs that extend beyond the other lines of liability coverage. Insurance standards and policy fundamentals vary slightly from state to state but have the same general parameters.

Insurance companies tend to offer small and medium-size businesses a type of insurance package, called a Business Owners’ Policy (BOP), which includes basic property insurance, business interruption and liability coverage. If you opt for a BOP insurance package, 518Insurance.com will help make sure that you are also covered for professional liability or auto insurance, which often have to be purchased separately. We can also help you with securing Workers Compensation Insurance and Bonds Insurance and offer preferred programs for garages, car dealers and contractors.

In order to determine rates for commercial properties, insurance companies evaluate potential policyholders in terms of the risk of loss that they pose. Businesses that appear to be relatively high risks generally will pay more for insurance coverage, and may have trouble obtaining coverage from some companies. Businesses that appear to be relatively low risk generally will pay less for insurance coverage and find it easier to obtain. Some elements of risk are difficult to control. An explosives factory will almost always be more at risk of loss than a travel agency, for example. Other risk factors are easier to control. A business property with neat, orderly grounds is much less at risk of fire than one with debris piled next to buildings. Other factors that will help determine a rate for commercial insurance include the building’s fire rating which is determined by its fire protection, construction, occupancy, location and exposure.

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