If You're Looking For Business Insurance, You Won't Need To Go Anywhere Else.
Lets' discuss the type of companies you want to work with.
As every business owner knows, purchasing Business Insurance in Elmira, NY, at times, can be a frustrating and confusing experience. Identifying what Insurance For Business is needed and what losses you can afford to pay on your own, can be a million-dollar question. There are several important issues to consider when Purchasing Insurance For Small Businesses in Elmira, NY. What insurance company (s) do you want to work with?
What types of policies, coverages, and limits do you need? How much can you afford to pay? All these decisions get factored in when designing a solid Business Insurance Plan in Elmira, NY.
What Insurance Company(s) Do You Want To Work With?
There are many financially sound, Quality Insurance Carriers you can purchase insurance through. Finding the right one (s) that best fit your needs, can sometimes be a challenge. How long have they been in business? Do they have a good reputation in Elmira, NY? Are they known for paying claims? Are their rates competitive? How is their customer service? What's the best approach for finding these right company(s) in Elmira, NY? Do I buy coverage through an Insurance Broker or directly from an Insurance Company? These are key questions that should be considered when putting together a business insurance plan.
Actual Story - One client, a contractor, had their Contractors Liability Insurance through a "Risk Retention Purchase Group." NOTE: This policy was NOT bought through our office nor would we sell it. The policy had more exclusions than a "Swiss Cheese" sandwich. Its cost was cheap. Its protection was very limited. Then one day our client had a claim and was sued for a bodily injury accident in Elmira, NY. Getting jerked around by the carrier, he got on the phone to speak with his claims adjuster. The adjuster thought he was the broker and told him all the different ways he was going to get out of defending and paying a claim. Sometimes "You Really Get What You Pay For!"
What Types Of Policies, Coverages, And Limits Do You Need?
If you're a home-based lawyer, you may want coverage for your office contents and definitely Business Liability Insurance. You will need Malpractice Liability insurance and a Personal Auto Policy if you own a car. Commercial Umbrella Liability policy should be a consideration. You may or may not need Workers' Compensation or if in Elmira, NY State Disability. A very important coverage should be Disability Income Protection. This coverage will replace lost income should you become sick or injured and unable to work. Of course, finding affordable health insurance is a must! Broke yet?
What If You're An Accounting Firm And Have Employees?
You'll need to cover your business assets like building, contents, business interruption, valuable papers, accounts receivables, and computers. You'll need General Liability Insurance to protect against bodily injury and property damage liability lawsuits. You'll need Professional Errors and Omissions coverage in Elmira, NY which usually is best purchased through your association and Employment Practices Liability to protect against employee lawsuits for discrimination, wrongful firing, and a host of other lawsuits. Concerned about multi-million dollar lawsuits? You'll need a Commercial Umbrella Liability Policy. Throw in Business Auto, Workers' Compensation, Elmira, NY State Disability, Unemployment Insurance, Group Health, Group Dental, Group Life, and Retirement plans. Putting together a comprehensive program can be time-consuming and stressful.
What if you're a contractor? What coverages do you need? You'll need coverage for your building (if you own it), contents, and business liability to cover your premises/operations, products, and completed operations exposures. If you put up buildings, you'll need Builders Risk Insurance while they are under construction. Depending on the type of work you do, you may need Professional Errors and Omissions and Pollution Liability insurance.
Work on governmental or large jobs? You may need bid and performance bonds. Own vehicles? You'll need a Business Auto Policy. Work in Elmira, NY? Probably won't be able to get away with carrying just $1,000,000 or $2,000,000 liability policy limits. Clients or Building Risk Management Departments will require up to $10,000,000 in protection. You'll therefore need a Commercial Umbrella Liability Policy. Throw in Workers' Compensation Insurance, Elmira State Disability, Unemployment Insurance, and Group Health, maybe Group Life, Group Disability, Group Dental, and Group Vision and you are probably paying as much as 60% of your receipts to insurance companies!
How Much Can You Afford To Pay?
As a business owner, it's important to understand pricing is important but should not be the main consideration when buying business insurance. Established Insurance Companies in Elmira, NY that have been around for decades offer low rates and sound protection. Others offer more conservative rates but their coverage is best. Others own multiple subsidiaries and depending on how aggressive they want to be with pricing, their rates can be low or high. Others can have very low rates, been around just a few years, claims' paying is questionable and their policies are loaded with exclusions, limitations, and warranties. BUYER BEWARE!
Lets' discuss pricing for one class of business we specialize in, the Elmira construction industry. Because of Labor Laws 240 and 241, Elmira, NY contractors pay some of the highest rates in the country for their Commercial Insurance. We worked on an Elmira, NY restoration contractor. They were paying 20%+ of receipts or $600,000 for just their Business Liability Coverage! Another contractor who worked at heights but from the interiors of buildings, receipts $4 million, paid after audit $1.2 million for their liability insurance.
Contractors who require "Labor Law" coverage pay up to 60% more than if their liability policies exclude this coverage in Elmira, NY. Conversely, if you exclude Labor Law Coverage you can end up paying up to 60% less than what you pay should you now have this coverage. Just understand one claim can knock you out of business. Also, your clients may not do business with you without this protection.
So What If You're A Contractor Who Desperately Needs To Get Their Insurance Costs Down? What Can You Do?
The question of how much coverage can you afford depends on the money you make, what risks you can and can't live with and the cost for each coverage.
It's a good idea to make a list of your exposures, prioritize them from riskiest to least risky, then get pricing for each coverage cost.
Working with an experienced and Trusted Business Insurance Specialist in Elmira, NY can help you in the decision-making process.
About BGES Group Insurance
BGES Group a Leading Business Insurance Specialist offers Property, Inland Marine, General Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Workers' Compensation, Worker's Compensation Premium Recovery, Elmira, NY State Disability, Commercial Health Insurance, and more. We offer Соnѕultаtiоn on Vаriоuѕ Riѕk Management Issues too.
Areas of Specialty: Commercial Insurance for all types of business owners; Construction Insurance – Looking for lower rates &/or better coverage? We represent just about every conceivable program available for Elmira, NY Contractors (We Cover The Tri-State Area); Workers' Compensation Insurance for ALL TYPES OF BUSINESS; Special Discounted Property & Liability Programs for Соmmеrсiаl Rеаl Еѕtаtе Owners; Group Health Insurance.
We also offer Personal Lines Insurance in Elmira, NY such as Homeowners, Auto, Boat, Individual Health, Life, Long-Term Disability, Long-Term Care, Annuities, and much, much more! Looking to Орtimizе Уоur Financial Positions, turn to us for help.
What differentiates us from other agencies is our "boutique, never have to wait for service." Not only do we design the Most Ѕuitаblе Insurance package in Elmira, NY but you get to deal with one person who knows your account inside and out!
We differentiate ourselves by giving clients very personal care. When you call we immediately answer the phone. Emails are responded to immediately. Texts too. Tired of waiting, being placed on hold, being told your "CSR" is away from their desk, out to lunch, or on vacation? That won't happen with us and the best part, YOU ALWAYS get a friendly, helpful person to talk to when you call. Isn't that refreshing? Call at 866-925-1508 and get help today!