Insurance Services
Commercial Insurance
Attaining financial certainty for your business in uncertain times
Are you confident that your business complies with state and federal regulations? Is your key staff trained to adhere to the Americans with Disabilities Act and Equal Employment Opportunity Commission laws? Is your employee benefits program robust enough to attract top talent?
Even when you have insurance, business is rife with risk. Reid Agency can help mitigate it through a unique, comprehensive approach that puts more emphasis on risk management than insurance.
Commercial Insurance Services
Our relationship with clients starts with an open conversation to understand their business, identify and consider the unknowns and variables, and weigh their probability and potential impact within the current business landscape.
Reid Agency leverages that foundation of knowledge to take a different approach to risk management. For example, prior to conducting a detailed review of existing policies, we utilize our experience and expertise to design and implement comprehensive, tailored solutions that serve as models for our client’s business.
With these immediate protections in place, we assess current coverage and provide customized recommendations to safeguard the interests of the business efficiently and effectively. In addition to addressing risk management needs, we identify issues that could impact our client’s insurance program cost, structure, and course so they have a complete picture of their risk.
What is Commercial (Business) Insurance?
Business insurance protects your investment by minimizing financial risks associated with unexpected events such as a death of a partner, an injured employee, a lawsuit, or a natural disaster.
Business Insurance is a broad name for different coverages available to the business owner to protect against losses and ensure the business’s continuing operation.
Major Types of Business Insurance
General Liability Insurance
A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability.
Commercial Auto Insurance
Covers cars, trucks, motorcycles, and other road vehicles owned by or operated within a business. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise from there. Commercial auto insurance may also offer financial protection against theft of the vehicle and possibly damage to the vehicle sustained from events other than traffic collisions.
Commercial Property Insurance
It covers the risk of loss to an organization’s buildings or personal property. Usually includes buildings, personal property of the insured business or business owner, and personal property of others on site and in the insured’s possession. Coverage can be provided on an all-risk or specific perils basis.
Commercial Umbrella Insurance
Commercial Umbrella insurance is liability coverage that exceeds specified other commercial insurance policies and potentially primary insurance for losses not covered by the other policies. When an insured business is liable to someone, the insured’s primary insurance policies pay up to their limits, and any additional amount is paid by the umbrella policy (up to the coverage limit of the umbrella policy).
Workers Compensation
Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence.
Building a safer business while reducing risk
- Business owners are responsible for providing a safe workplace for employees, but accidents do happen.
- In most states, including New York, workers’ compensation insurance is required by law. It provides income, medical benefits, and rehabilitative services for workers who are injured while on the job or while performing work-related duties. It also protects employers from expenses and lawsuits that may arise as a result of on-the-job injuries.
- Reid Agency offers numerous workers’ compensation insurance options to meet employers’ needs while reducing costs. We work with our clients to review, calculate, and adjust payments and plans that align with their business needs, cash flow, state workers’ compensation laws, and payroll and claims history.
- Reid Agency knows that exceptional claims outcomes can lead to lower experience modifiers for employers. Our clients count on us to ensure that their business is well protected and that valued employees are covered in the event of a work-related injury and receive the best medical care available for recovery.
For more information, please fill out the form below or call us at 516-407-9510.
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