Business Owner Inquiry: Answering Questions on Property and Casualty Insurance

Often referred to as a Business Owner’s Policy, commercial property and casualty insurance serves as a general term that refers to various policies that have been designed to protect a business from any financial liability or loss.  Every property and casualty policy is made in specific ways to tailor to the business needs it covers. Each market and industry has specific risks and liabilities, including the number of states it operates in and the locations, which all play a huge role in determining the needed coverage type. Hence, we come across many questions posed by business owners – and who better to answer them than the best in the business, Coastal Insurance Solutions.  Known to be a revered American property and casualty insurance agency, Coastal Insurance Solutions focuses its expertise on homeowners, private, high-value homes, and several other insurances.  David Clausen established the company in 2001, and it was intended to serve and provide to the most demanded and unique needs of all homeowners on the coasts of Long Island, New York.  One of the most interesting things about Coastal Insurance Solutions is that it is focused on leveraging online channels to attract and retain its audience. Clausen, the current CEO of the company, has even stated, “Our clients have increasingly taken to the web to understand the complexities associated with the insurance buying experience, and we are able to build trust by offering clear and accurate information digitally. Our approach has been to meet the unique needs and high expectations of our clients at every step.”  Moreover, the company offers clients an exclusive suite of insurance carriers with products that are designed specifically for high-value homes and high-net-worth families. Hence, many businesses have reached out to them in hopes of finding the answer to their issues and finding solutions to their insurance inquiries. Here are some questions we have come across.  Which Policies Are Most Often Used Policies in Commercial Businesses? Commercial business insurance tends to cover dozens of risks and liabilities under many different policies, and generally, liability policies include malpractice insurance, liability insurance, errors and omissions (E&O), and more. Some approaches work to provide specific theft or loss coverage, such as record retention and cybercrime insurance.  What is General Liability Insurance? It is insurance that protects your business from legal liability, which includes protection from ‘slip and fall’ lawsuits, where a customer injures themselves while being on your property. It also protects business owners from lawsuits due to the professional services rendered to their clients.  What is Business Interruption Coverage? Business income policies help to pay bills, and cover costs should your business temporarily close down to catastrophic events. When that happens, the business income coverage will reimburse you for the net income which would have been earned if said catastrophic events never happened.  These are just some of the many questions that business owners face, and by finding the right company to help you solve a problem like Coastal Insurance Solutions, all of your worries will be solved in a quick and efficient procedure.