New York City (NYC) Business Group Highlights 4 Steps to Take Before Buying Commercial Insurance

NEW YORK, May 15, 2014 (GLOBE NEWSWIRE) -- Here is a scenario no entrepreneur wants to experience: In business one day, and out of a job the next.

It's scary, but possible. This is why having the right commercial insurance coverage for a business is vital. A properly insured business or professional practice reduces risk and improves the likelihood of success by easing financial burdens in the aftermath of unforeseen events, such as fires, floods, accidents or thefts.

Although it's essential for most businesses in Staten Island, Brooklyn, Manhattan, Queens, the Bronx and Nassau County to be insured, buying proper coverage may not be as easy as it seems.

"Business owners need to do their homework before signing a policy," advises Carmelo DeFranco, president of New York City (NYC) Business Group, a leading Staten Island, N.Y.-headquartered insurance agency serving the entire New York metropolitan area.

"Having the right commercial insurance provides more than a just safeguard against financial disaster; proper coverage can help an enterprise in a variety of unexpected ways," DeFranco said. "Attractive employee-benefits programs, for example, can enhance the loyalty of your staff, and proper coverage can even help to strengthen the credit worthiness of your business."

According to DeFranco, every business's insurance needs should be looked upon as unique and different.

"When shopping for insurance, you need to proceed intelligently from one step to the next, making sure the coverage you are buying is within budget and helps to effectively manage risks that are specific to your situation," DeFranco said.

The buying process, he said, "should begin with the creation of an insurance plan, a risk-management strategy based upon a clear understanding of the various types of commercial insurance relevant to your specific needs and those you are required by law to obtain."

Depending upon the nature of a business, coverage may include: Business owners policies; commercial property insurance; business and personal property insurance; commercial auto insurance; product liability insurance; professional liability insurance for directors and officers; umbrella and excess liability; workers compensation; special event coverage; buy and sell agreements, and a variety of employee-benefits programs, such as health, dental, disability, life insurance, and Medicare-eligible health plans.

To ensure your commercial-insurance choices are wise, DeFranco recommends the following four essential steps be taken before you buy:

1) Meet with a licensed insurance agent, broker or consultant who can explain the various types of coverages available and match them to the specific needs of you business.

2) Make certain your insurance professional has a clear comprehension of your risks.

3) Obtain an understanding of what your actual insurance costs will be.

4) Avoid buying redundant insurance; but don't provide your business with less coverage than it actually needs.

"Once your insurance is in place, don't take it for granted. Business situations change and coverage may need to be adjusted, so review your insurance periodically to ensure it is still a good fit," DeFranco said.

About New York City (NYC) Business Group

New York City (NYC) Business Group is a New York City-based insurance agency specializing in commercial insurance; Medicare; group-health plans for small to medium-size businesses, and employee-benefits packages. The company serves thousands of businesses and tens of thousands of employees and Medicare recipients throughout the New York region.

NYC Business Group is located at 3971 Victory Blvd., Staten Island, NY 10314.

The firm may be visited online at

For additional information, the company may be reached at 718-554-3425, or via email at

CONTACT: Media Contact: Barton Horowitz Relevant Public Relations, LLC Headquarters: 718 682 1509 Mobile: 917 715 8761 Email: Bhorowitz@RelevantPR.comSource:NYC Business Group