Today’s speaker is Ross Maghan from The Ross Maghan Agency.
He shared with us today a little bit of insight regarding commercial insurance and the number of ways that business owners often leave themselves exposed. It’s easy to opt for the least expensive business owners policy (BOP) that includes standard coverages in order to minimize expenses when you’re just getting started.
But doing so could leave you open to critical risks when you least expect them. Let’s say your business is located in a coastal area. You have a standard BOP along with flood insurance. But what you may not be covered for is business interruption due to “loss of off-site power”; which is what many businesses around the Jersey Shore experienced during Superstorm Sandy. You may not have thought about this scenario if you’ve only ever lost power for a day or so.
This is where a Commercial Policy Package is useful. A CCP affords companies a high degree of customization, only including coverages that are selected specifically by the policyholder. This type of commercial insurance policy doesn’t cover workers’ compensation, life, health, or disability so it’s important to speak to an independent advisor like Ross Maghan to get a really clear picture of your risks and liabilities.
Contact Ross today at (732) 566-0003 or visit his website at http://maghanco.com to learn more.