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Why you should never open shop without Commercial Business Insurance

Commercial insurance Long Island policies are needed the very moment you begin to put your business plan into action. There is a lot of risk associated with commercial businesses, so you need to be prepared for any type of situation. If you don’t have proper insurance coverage and something happens, then it could be catastrophic for your business if someone sues you personally due to a lack of insurance on your part. Sometimes claims can be totally unexpected. If someone falls on your property due to merchandise being out of place or water on the floor, then you are liable. Since you never know when events like this will occur, it is imperative that you get a good insurance policy.

Things to Inquire About When You Are Meeting with Prospective Insurance Companies
When you are talking to potential insurance companies to find a policy, make sure that the agent is familiar with your type of business. They can’t give good advice if they don’t even understand what it is that you do. You need to also make sure that they have general liability, commercial auto, workers compensation, professional liability, theft, and fire coverage included in with the quote. It may seem like a lot, but you need all of your bases covered when you are opening a business. They will probably advise you to take photos of your property and inventory lists so that you can show proof if something adverse does happen to occur. This is good sound advice, so you will know they are competent if they give you pointers that you never even would have thought of. Ensure that the insurance company is financially sound before giving them your business. You don’t want to pay for a policy and then have them go out of business within six months.

Avoid Common Mistakes When You Go to Purchase Commercial Insurance
When you are getting commercial insurance, you should never try to cut corners by underinsuring to save money. If you try to do this, then you will pay for it later on down the road when something bad happens and you need to make a claim. You need full financial protection to ensure the stability of your business. Always read the policy exclusions before signing on the dotted line, because you don’t want to overlook anything critical. When people insure their businesses they automatically assume that the coverage extends to their employees equipment that is used on the jobsite as well as their own, but it doesn’t. To cover items used by your employees, you will have to make sure that the policy has a provision for them to be covered. The main thing that you should be focused on is in finding ways to have zero losses. Never focus on reducing costs where commercial insurance is concerned, because it can really come back to bite you.

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