Commercial Insurance FAQ

Did you realize that under insuring a property will invoke a penalty when a claim is paid?

The percentage you are insured under 80% of the building replacement cost will create a penalty respective to the amount underinsured. For example, if a building with a $100,000 replacement cost is only insured for $70,000, that equals 30% of the replacement cost and 10% under the acceptable limit. In the event of a $10,000 claim, the insured would only be paid $9,000 less the deductible.

Did you know that coverage is available to reimburse a business for all lost profits and continuing operating expenses, including payroll, in the event the business has been forced to close down due to a covered loss?

Business Income is defined as the net income (Net Profit or Loss before income taxes) that would have been earned or incurred; and continuing normal operating expenses incurred, including payroll. With the extra expense endorsement, coverage is also provided to pay for added expenses for a temporary relocation, added advertising expense, rental expense for new temporary location, and other added cost associated with added cost to continue operations while building is being repaired.

Did you know there are ways to significantly reduce your worker’s compensation premium by paying your employees differently?

We at Boccarossa Insurance, take the time to dissect and analyze your insurance package to make certain that your business is protected from losses and lawsuits. Our job is to be sure that there are no gaps in coverage that would leave your business exposed to a potential loss. We also look for over insurance in your current package. Over insuring a business would only be an added expense to the company, since the insurance company would not paid extra money in the event of a loss.

Let us review your current coverage and advise you of any changes that may be needed, while attempting to put some of the money you are paying now back into your business. (203) 877-1800

Have additional questions on Commercial Insurance? Contact Us.

your information may be shared for marketing and sales purposes by the Nationwide Family of companies.