The Coyle Group focuses on a variety of businesses for insurance in and around the Greater New York City area and beyond, and I thought diving a bit into different target markets and policy types would make sense.
To start, letâ€™s talk about commercial property insurance in New York.
Commercial property insurance focuses on buildings and includes apartment buildings, condo/coop buildings, office buildings, warehouse spaces, retail buildings, strip malls, etc.
For small property/building owners a business owner’s policy or BOP policy may be a fine way to cover the property and liability exposures for an owner with one to five locations.Â For larger property owners with significant property values at risk, a stand-alone property policy may be a better way to go.
The second area Iâ€™d like to cover today is retail business insurance in New York.
The Coyle Group insures a good number of retailers that range from a single Main Street type retail store to multi-location retailers with shops in New York and across the U.S.Â The common thread among retail clients is we want to make sure that coverage for business personal property (business contents) is correct.Â Often business owners have this limit underinsured for contents, inventory, and furniture and fixtures.Â We also want to make sure that liability limits are high to protect them from trip and fall type lawsuits.Â Most times we can insure even the larger multi-state retailers on a BOP policy and include an umbrella to provide high limits of liability protection economically.
Finally letâ€™s talk about manufacturers insurance in New City, NY as well as all over New York State.
Manufacturers face a variety of risks but letâ€™s focus on just two of them here for now.Â The first is worker injury risk which leads to workers comp claims.Â Manufacturers often rely on heavy-duty equipment and machinery and work environments which can be hazardous to workers.Â The chances for injury and illness are high, so workers compensation claims can also be high.Â To control these risks, proper risk management and safety measures must be taken, which we can help build out for clients.
The second exposure for manufactures is their product liability exposure.Â Beyond the basic product liability losses that a manufacturer can experience are contamination and recall losses.Â For any food or consumable products manufacturer there is the potential for the product to be contaminated either during the manufacturing process or once it leaves the plant.Â Once that contamination is discovered, the manufacturer may need to recall it from retail shelves.Â This involves costly processes to notify the public as well as retailers not to sell or ingest the product and to either destroy it or return it to the manufacturer.Â To protect the company from these claims and costs is special protection called contamination and recall coverage is needed.
To learn more about commercial property, retail business, or manufacturing risk management, please contact us at The Coyle Group!