InsureLI : Frequently Asked Questions

I'm starting a home business. What insurance do I need?
The first and most important point - DO NOT RELY ON YOUR HOMEOWNERS INSURANCE TO PROVIDE COVERAGE FOR YOU. You will, most likely, have the same insurance needs as a business run from a typical commercial building. To be sure you must discuss your exact situation with an insurance professional, i.e., an agent or broker such as Brisotti & Silkworth.

How can I reduce my workers' compensation costs?
This is a very common and difficult question to answer. Talk to the loss control representative of your insurance agency about possible training that may be available to help your employees do their jobs in a way that will minimize their possibility for injury. A second way is to work with a managed care facility that can hopefully reduce your loss costs in future years.

How can I get Flood insurance?
Any property and casualty agent licensed to do business in your state can arrange for this valuable coverage through one of the "Write your own" insurance companies.

How much liability insurance do I need?
No matter what answer you give for this question somebody will have an example where it will not be enough. You have to review all of the variables that follow:
• What are your personal assets that would be at risk?
• What is the liability exposure for your business operation?
• What is the cost of the insurance as opposed to the cost of not having enough insurance?

What is Uninsured Motorist Coverage?
Insurance to protect you from serious injuries which you incur in an accident with someone who has no insurance. The last statistics say that 1 in 7 autos in New York are being operated without insurance. "No Fault" from your insurance pays medical bills and lost wages to a specific limit but claims beyond that limit would be covered under Uninsured Motorist coverage.

Do renters need insurance?
Yes, yes, yes, yes. You get the idea. To a renter the most significant coverage they may acquire from a renters policy is the liability protection - world wide. And besides it is relatively inexpensive.