Businesses present unique exposures for insurers, so it
is harder to generalize about coverages. The categories
of policies listed below are only an outline of the coverages
available through our insurance carriers.
As your company grows, Royal Brokerage will review
your plan to make sure your coverage is up-to-date and
the pricing remains competitive. Types of business coverage
Whatever your commercial insurance needs, we can design
a business protection program that's right for you and
A commercial automobile insurance policy is required
under most circumstances when the vehicle is used for business
purposes and meets certain other requirements. It is not
just the registration that determines the requirement for
a business automobile insurance policy. Other requirements
are ownership by a corporation, use in hauling goods for
hire, and gross vehicle weight of the vehicle. Some small
trucks can be owned and insured under a personal automobile
insurance policy under specific circumstances.
Commercial automobile insurance policies are not regulated
in pricing, as are private passenger policies. There is
price competition between insurance companies for good
commercial automobile insurance.
BOP (Business Owners Package)
Business Owners Package policy, commonly called a "BOP" contains
many of the insurance coverages needed by most small businesses.
While these policies are not standard, there is great variation
from insurance company to insurance company; there are
certain common elements. The basic BOP offers business
property both building and contents, and liability insurance
protection for the operation of your business. This liability
protection will generally include both the operation of
your business, at its established location, and the liability
from your products or completed operations.
Some, but not all of the policies, will also offer business
income and extra expense protection after an insured loss.
BOP policies do not contain all of the coverages needed
by a small business. Notably they do not cover any workers
compensation, professional liability, or business vehicle
If your business suffers a property loss it could cause
the business to slow or close down while repairs are made.
This may mean a complete or partial revenue loss depending
on the time your business is down and the extent of the
damage. From the time the loss occurs until your business
is running again, insurance can replace your lost profits,
and provide a source of money to pay your necessary continuing
expenses, like rent, payroll, taxes, etc.
Commercial Property protects your business against the
loss or loss of use of company property. "Property"
can include a variety of types: lost income or business
interruption, buildings, computers, money, and valuable
Most package policies provide a liability insurance limit
of $1 million for any one loss and $2 million in any one
year. For many businesses, this limit is inadequate for
real economic security. As a result, additional layers
of protection in million-dollar increments are readily
available in today's insurance market for most businesses.
Contractors General Liability
Normally, it is difficult for general contractors to work
without general insurance. General contractor liability
insurance is intended to guard operators and owners of
companies from claims that may come from a broad spectrum
of sources. These exposures could be just about anything,
including liability engendered by accidents from the operations
of the insured party, contractual liability, products manufactured
by the insured party, etc.
The liability you select, whether it is one, two, or three
million dollars, determines the cost of general contractor
liability insurance. Also factored into the rates
are the kind of work undertaken, gross receipts and total
payroll expenses. Similar to auto insurance, when it comes
to general contractor liability insurance, you will first
have to make a down payment and then follow it up with
installments. Before buying general contractor liability
insurance, it is best to compare the quotes available in
It is the general contractor’s job to make sure
that the people working under him are covered by an insurance
policy. If for example, a person who is not a part of the
project gets injured, the injured person’s lawyer
can target just about anyone involved in the project. The
more individuals that are involved, the greater the chances
of a successful lawsuit.
Employment Practices Liability (EPLI)
Employment Practices Liability Insurance otherwise known
as EPLI is insurance that helps protect you against claims
from your employees that result from the general conduct
of your business. Common examples of employee related claims
include claims relating to:
- Wrongful Discharge
- Sexual Harassment
- Hostile Working Environment
- Wrongful Termination
- Lack of Advancement
Pharmacy is a rapidly changing profession which goes beyond
the traditional dispensing function into areas of patient
consultation, drug product selection, and patient profiles.
The pharmacist of today is a dispenser of drug information
as well as drug products. These new and challenging areas
of practice bring a proportionate increase in professional
liability exposure. Our professional liability policy meets
the needs of today's pharmacists.
Professional Liability (Errors & Omissions)
Errors and Omissions insurance, also sometimes referred
to as professional liability, is insurance to protect you
and your company in the event a client alleges they have
suffered a financial loss as a result of an error or an
omission committed by you in the delivery of your professional
services. Professional liability coverage is separate from
a General Liability (GL) policy which would cover you mainly
for bodily injury or property damage liability.
Property / Liability
The general or public liability policy provides protection
for claims of liability that are made by third parties.
The policy provides defense protection even if the allegations
are groundless. In addition the policy will pay any judgment
up to the policy limit of coverage.
The right restaurant package provides coverage
for restaurant owners. Your customers expect a great experience,
and you know how to deliver. It isn’t easy -
even before you consider all of the risks.
Eligible classes include, but are not limited to...
- Fine Dining
- Casual Dining
- Fast Food
- Coffee Shop
- Micro Brewery
Whether you run a small cafe or a national chain, you
could be held liable for anything from contaminated or
spoiled food to spilled coffee. That’s why you
deserve an insurance company with commercial restaurant
insurance coverage specifically designed for the risks
Workers' Compensation insurance is business insurance
that provides medical and disability coverage for employees
who sustain job-related injuries. At the very minimum,
these Workers' Compensation insurance policies will cover
an employee's medical expenses and reimburse him or her
for some percentage of lost wages. Most companies are required
by state law to carry Workers' Compensation insurance.
Some states have developed state funds, or pools, for Workers'
Compensation insurance, but in most states, businesses
must find a private carrier for this type of business insurance
policy. You’ll get different a workers' compensation
insurance quote from different companies.
Because it is mandatory for most companies, some small
business owners think of Workers' Compensation insurance
as a burden, an expense, and a commodity product, providing
only a basic level of benefits to employees. However, if
you get a good workers' compensation insurance quote, this
burden will be significantly lessened.
We handle all types of businesses. To find out what
we can do for your business give us a call at 1-800-MrRates.
Serving all of NY State including Suffolk,
Nassau, Queens, Bronx, Brooklyn, Manhattan, New York,
all of Long Island, and the following towns: