Business Insurance

Owning major real estate and business is an exciting, challenging and rewarding experience. We offer a wide spectrum of real estate and business insurance products.

Property

Commercial and Industrial property insurance protects property from such perils as fire, theft and natural disaster. This type of insurance is carried by a variety of businesses, including manufacturers, retailers, service oriented businesses and not-for-profit organizations.

Commercial and Industrial Property that is used solely for business purposes. Examples of commercial real estate include malls, office parks, restaurants, gas stations, convenience stores and office towers. There are three primary types of real estate. Commercial Real Estate is used for business purposes. Industrial real estate, which is used for manufacturing and production. Residential Real Estate, which is used for living purposes.

Insurance coverage is available for every conceivable risk your property might face. Cost and amount of coverage of policies vary among insurers. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

For all Commercial and Industrial Property Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Liability

Business Liability coverage helps protect your business from claims for damages caused by your employees, products and some operations. Even the most careful business owners can be sued. Even if the outcome is in your favor, the legal costs can be very costly. It also helps cover the cost of your defense.

Liability insurance is designed to offer specific protection against third party insurance claims. Payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies.

Businesses must consider all potential risk exposures when deciding whether liability insurance is needed, and, if so, how much coverage is appropriate and cost-effective. Those with the greatest public liability risk exposure are occupiers of premises where large numbers of third parties frequent at leisure including shopping centers, pubs, clubs, theaters, sporting venues, markets, hotels and resorts. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

For all Business Liability Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Business Auto

Business Auto policy covers company’s use of cars, trucks, vans and other vehicles in the course of carrying out its business. Coverage may include vehicles owned or leased by the company, hired by the company, or employee-owned vehicles used for business purposes.

Business Auto policy is not only for a fleet of vehicles used at major businesses. You may need a Business Auto policy for vehicles used in the typical operation of your business. This could include vehicles used to visit properties or to deliver closing documents, run errands to pick up the mail, office supplies, lunch for an important client meeting, or to make a deposit at the bank.

If you or your employees use a personal vehicle for these types of activities, consider that personal auto policies generally don’t provide coverage when a personally owned vehicle, used for business purposes, is involved in an accident. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

 

Tip: Consider to obtain a business automobile policy even if your business does not own vehicles. The policy would cover its employee’s use of personal vehicles for business purposes. In the event of a serious accident the employee may not have enough personal liability coverage to adequately protect the business.

For all Business Auto Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Workers Compensation

When you have one or more employees, you need workers’ compensation insurance. Most states require it, some states have laws with fines for failing to purchase coverage. Workers’ comp provides benefits to your employees for work-related injuries or illnesses. And depending on the state you do business in, it could include medical care, wages from lost work time, rehab, disability benefits and survivor or death benefits. And, if one of your workers gets hurt on the job and their family decides to sue you, workers’ comp can help you with related legal fees and more.

Without workers compensation insurance, you may be held personally liable for the cost of your employees’ medical care for a work-related injury or illness and even their wages while they’re recovering.

The laws vary by state, but full-time and part-time employees are generally covered by workers’ comp. In some states, business owners, partners and officers must be covered too. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

Tip: Keep in mind that the definition of “employee” can vary by state. If you use subcontractors, it’s important to find out whether they’re considered employees. If you’ve issued your sub, or anyone else, a 1099, they may be eligible for coverage under your workers’ comp policy.

For all Workers Compensation Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Umbrella

An umbrella policy is an insurance policy designed to increase your liability protection over your primary policy. The umbrella coverage provides an additional amount of insurance over what your current policies have for limits of liability.

For coverage over and above your other liability coverage. The unexpected can happen, a substantial judgment against your business can damage your reputation, market share, and bottom line.  With umbrella coverage you can safeguard your business.

Umbrella insurance pays after an underlying primary policy is exhausted. When an insured 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 limit of the umbrella policy).

 

Tip: The added coverage provided by the umbrella liability insurance is most useful to individuals who own a lot of assets or very expensive assets and are at significant risk for being sued.

For Umbrella Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Terrorism

Terrorism insurance is purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities.

It is a difficult product for insurance companies, as the odds of terrorist attacks are very difficult to predict and the potential liability enormous. For example the September 11, 2001 attacks resulted in an estimated $31.7 billion loss. This combination of uncertainty and potentially huge losses makes the setting of premiums a difficult matter. Most insurance companies therefore exclude terrorism from coverage in casualty and property insurance, or else require endorsements to provide coverage. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

 

Tip:The act of terror must result in damage within the United States, or outside the United States in the case ofan airplane or a U.S. mission. A terrorist act must be committed by an individual or individuals acting on behalf of any foreign person orforeign interest. An event must be a violent act or an act that is dangerous to human life, property, or infrastructure. Nuclear, biological, and chemical attacks are not covered, and an event cannot be certified as an act of terrorism unless the total damages exceed $5 million.

For Terrorism Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Errors & Omissions

Professional liability insurance (PLI) more commonly known as errors & omissions (E&O), is a form of liability insurance that helps protect professional advice and service providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defense costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice especially medical and legal, and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.

Professional liability insurance may take on different forms and names depending on the profession. For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by insurance agentsconsultantsbrokers and lawyers. We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

For Errors and Omissions Insurance questions and to get a fast and free quotes call directly to our commercial lines account executive Joseph Ferrigno at 718.241.8500 ext 115. Admiral team is always here to help you.

Surety Bond

A surety bond is a promise by a surety or guarantor to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation.

A surety bond is defined as a contract among at least three parties:
• the obligee – the party who is the recipient of an obligation
• the principal – the primary party who will perform the contractual obligation
• the surety – who assures the obligee that the principal can perform the task

Through a surety bond, the surety agrees to uphold for the benefit of the obligee the contractual promises (obligations) made by the principal if the principal fails to uphold its promises to the obligee. The contract is formed so as to induce the obligee to contract with the principal to demonstrate the credibility of the principal and guaranty performance and completion per the terms of the agreement.

The principal will pay a premium in exchange for the bonding company’s financial strength to extend surety credit. In the event of a claim, the surety will investigate it. If it turns out to be a valid claim, the surety will pay and then turn to the principal for reimbursement of the amount paid on the claim and any legal fees incurred. If the principal defaults and the surety turns out to be insolvent, the purpose of the bond is rendered nugatory. Thus, the surety on a bond is usually an insurance company whose solvency is verified by private audit, governmental regulation, or both.

A key term in nearly every surety bond is the penal sum. This is a specified amount of money which is the maximum amount that the surety will be required to pay in the event of the principal’s default. This allows the surety to assess the risk involved in giving the bond the premium charged is determined accordingly.

We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

For Surety Bond Insurance questions and to get a fast and free quotes call directly to our construction account director of operations Charles Maniglia at 718.241.8500 ext 111. Admiral team is always here to help you.

Job Specific/Wrap

Owners, developers, and contractors must coordinate to make sure that the building process runs according to budget limitations and finishes on time. Wrap up insurance is a blanket policy that provides risk protections for owners, contractors and subcontractors for projects that exceed 10 million dollars. A wrap insurance policy gives you peace of mind knowing all participants in the project have sufficient insurance to meet any and every potential risk or liability.

A wrap insurance policy can help give you peace of mind knowing everyone involved in your project is insured properly. A wrap or wrap up insurance policy is a sweeping blanket coverage that protects the owner, the contractors and subcontractors.

There are two types of coverage:

  • Owner-controlled insurance program (OCIP): The OCIP is set up by the owner of the project for the benefit of the builder or contractor to cover all listed contractors.
  • Contractor-controlled insurance program (CCIP): The general contractor may use a CCIP to extend coverage to all the contractors and subcontractors signed up on the project.

We will gladly go over all your insurance needs and advise you on the exact types of insurance you should consider purchasing.

For Job Specific/Wrap Insurance questions and to get a fast and free quotes call directly to our construction account director of operations Charles Maniglia at 718.241.8500 ext 111. Admiral team is always here to help you.