Name: L M Insurance & Financial Services, LLC
Address: The Bronx, NY
Telephone: 347-263-9403

Common Lifestyle Changes That Impact Life Insurance

Posted on August 30, 2024August 27, 2024 by admin

Life insurance is a beautiful way to protect your loved ones in the event of your untimely death. An insurance policy can help pay for a funeral, ensuring your loved ones can grieve instead of worrying about funeral costs. It can cover debt and ensure family members don’t have to worry about the electric bill. However, several things may impact your insurance, including your lifestyle.

Dangerous Habits

Several habits can impact your health, life, and insurance premiums. Aggressive driving often leads to a poor driving record. Abusing illegal substances or picking up smoking cigarettes can also impact insurance. Once you start smoking cigarettes, you must remain a non-smoker for an extended period before you can be re-classified as a non-smoker. Ask L M Insurance & Financial Services LLC agents how your habits impact your premiums.

Your Health Matters

While some health conditions are beyond your control, it’s important to note that some can affect your life insurance. Unhealthy eating may lead to obesity, which can increase your premiums. The onset of various health conditions, including diabetes, heart disease, and cancer, may impact your insurance. Instead, opt for a healthy lifestyle in Bronx, NY.

Dangerous Hobbies

Rock climbing, scuba diving, and sky diving can impact your life insurance. However, it does depend on the company you have. Some companies view these as high-risk hobbies and may increase premiums. Others decide this on a person-to-person basis.

Contact L M Insurance & Financial Services LLC

We understand you want to enjoy the lowest premiums possible while ensuring enough coverage to protect your loved ones. L M Insurance & Financial Services LLC currently serves the Bronx, NY, area. Our experienced agents can help you learn more about factors that impact life insurance. Contact us for more information about coverage options today.

Prepare For the unexpected: Commercial Insurance Products That Can Help

Posted on July 30, 2024July 29, 2024 by admin

Running a business is both exciting and challenging, but unexpected events can quickly disrupt your plans. At L M Insurance & Financial Services LLC, we proudly provide various insurance products, including commercial insurance, to the greater Bronx, NY area. We understand the significance of protecting your business. Here’s a review of crucial commercial insurance products offering peace of mind and financial security.

General Liability Insurance

General liability insurance is pivotal for any business. It deals with legal expenses and potential damages if your business is liable for causing injury or damaging property. Whether a customer has an accident on your premises or a product causes harm, this insurance can prevent financial upheaval.

Property Insurance

Your business’s physical assets are vital to its operations. Property insurance protects your infrastructure, equipment, and inventory from risks like theft, fire, and natural disasters. Without this coverage, replacing damaged items or repairing premises might be overwhelming.

Workers’ Compensation Insurance

Your employees significantly contribute to your business’s success. Workers’ compensation insurance benefits employees affected by work-related illnesses or injuries. It includes coverage for medical bills, rehabilitation costs, and lost wages. Furthermore, it helps protect your business from potential legal liabilities.

Business Interruption Insurance

Sometimes, the aftermath of an incident can inflict more damage than the event itself. Business interruption insurance compensates for income loss if a covered event disrupts your operations. This coverage helps you keep up with expenses like bills and payroll while you recover.

Secure your business from unexpected situations with comprehensive commercial insurance. Contact L M Insurance & Financial Services LLC, serving the greater Bronx, NY area. Learn more about how we can help secure your business’s future today.

Is Your Homeowner’s Liability Coverage Enough?

Posted on June 28, 2024June 28, 2024 by admin

At L M Insurance &Financial Services LLC, we provide homeowners coverage in the Bronx, NY, and throughout the New York metropolitan area. Homeowner coverage always incorporates liability coverage.

Liability insurance covers you in case of a claim following an injury to a guest in your home due to something you did or failed to do.

In New York, a vast number of homeowner insurance policy claims are related to slips and falls. For instance, someone could claim they fell because you didn’t clear ice or snow from your steps or sidewalk. Injuries could also occur if a guest trips over a cord on the floor or when a spill is left unattended. A crumbling stoop or a rotting board could also lead to actionable injury.

Claims relating to bites and other injuries caused by pets are also common. This can occur on your premises or while you’re out walking your pets.

New York operates on the principles of comparative negligence. That means that even if your guest was 99% responsible for their injury, you can be held liable for 1% of their injuries.

Your homeowner policy will cover court-awarded damages for these kinds of claims up to policy limits. However, there are situations where you might need a higher limit than most homeowner policies provide. For instance, a lawyer will seek the highest award possible if you have substantial financial assets and the plaintiff has a severe injury.

You might want to consider umbrella coverage if:

You have a large stock and bond portfolio.
You’re cashing out a retirement plan.
You’re a high-income individual due to your profession or any other reason.

Your L M Insurance & Financial Services LLC agent can review your homeowner policy to ensure you’re covered for all potential hazards in the Bronx or anywhere else in New York. Contact us today to review your coverage!

How to Budget For Auto Insurance

Posted on May 31, 2024June 3, 2024 by admin

Budgeting is tough, but you can make it work with careful thought and planning. Some expenses are more of a priority than others. For instance, car insurance is a top priority because you don’t have a choice. If you want to drive a vehicle, you must pay for insurance. Here at L M Insurance & Financial Services LLC, serving Bronx, NY, and the surrounding areas, we want to help you figure out creative ways to make insurance budgeting work.

Do Your Research

If you’re concerned about budgeting for auto insurance, you should do some research first. You’ll want to compare rates at different companies to see who will meet your needs in the most affordable way. If you haven’t purchased a vehicle yet, you’ll also want to research how much insurance will be for certain makes, models, and years of vehicles.

Uncover Discounts

Most insurance companies provide discounts for certain things. Each company is different, so the best way to learn about insurance discounts is to meet with an insurance rep from a few different providers and see what’s available. You’ll then want to compare those discounts to see what will benefit you the most.

Prioritize

Since insurance is a non-negotiable expense, you’re required by law to carry it; you’ll need to prioritize this expense. You should evaluate all of your monthly payments, and if the budget is too tight, you’ll want to see what other expenses could be cut out to make room for your insurance.

If you’d like to learn more about auto insurance, don’t hesitate to contact us at L M Insurance & Financial Services LLC, serving Bronx, NY, and the surrounding areas.

The Differences Between Term and Whole Life Insurance Policies

Posted on April 30, 2024April 30, 2024 by admin

When you are in need of life insurance, it’s best to know about the two main types so that you can make an informed decision about which type to choose. The two types, whole life, and term life are very different from each other. They each have their own advantages as well as disadvantages. If you want to know more about life insurance and get started with a policy, call us at L M Insurance & Financial Services LLC in Bronx, NY.

Term Life and Whole Life Time Periods

One of the biggest differences between these two types of policies is the amount of time that each type lasts. If you have a term life policy, it’s written with a certain term during which the policy will stay good. A term life policy is written for a specific number of years. It stays in force during those years. But at the end of that term, it will expire. However, when you have a whole life policy, it never expires. With a term life policy, you have to apply to get another policy after yours expires. If you don’t mind your policy expiring, you can get a term life policy. If you do, you might think about a whole life policy.

Financial Differences

One of the reasons that so many people get a term life policy is that it’s less expensive. A whole life policy will still be in effect when you’re elderly, so these policies cost more. However, a whole life policy also creates a cash value. You’re able to borrow this amount if needed.

Get Life Insurance

Life insurance is important for your loved ones and their needs after you’re gone. Call us at L M Insurance & Financial Services LLC in Bronx, NY to get started.

The Diversity of Commercial Insurance

Posted on March 29, 2024March 27, 2024 by admin

Ensuring your Bronx, NY business with commercial insurance is not optional but a necessary responsibility. However, with a broad range of commercial insurance types available, you may be wondering which one fits your needs best. At L M Insurance & Financial Services LLC, we offer over 20 types of key commercial insurance tailored to various businesses.

Insurance Policies for Small Businesses

In the U.S., nearly 98% of businesses fall under the ‘small businesses’ category designated by the U.S. Small Business Administration. These businesses, comprising the backbone of the American economy, are our focus! For starters, these businesses may consider the Business Owners’ Policy (BOP), an insurance bundle that offers four majorly needed policies for a reduced premium than separately purchased coverages. A BOP covers liability, perils, property damage, and business interruption. A qualifying business can add more coverage, such as spoilage coverage, glass insurance, or boiler and machinery insurance, to a BOP.

Other Coverage Options

Not all small businesses require a BOP. For instance, businesses that operate from home as independent contractors might not meet the BOP criteria but suggest acquiring a business liability policy if client meetings are regularly scheduled at home. Professions such as lawyers and doctors necessitate malpractice and umbrella insurance. Businesses that have operational vehicles undoubtedly require commercial auto coverage.

Workers Compensation Insurance

New York law mandates that all businesses with employees carry a workers’ compensation policy. Workers’ compensation coverage will be required if your businesses operate outside of New York but employ individuals operating in New York. This applies if one or more employees cumulatively spend at least 25 days there in the given year, regardless of the composition.

We at L M Insurance & Financial Services LLC in Bronx, NY, strive to ensure your business carries the appropriate insurance coverage, safeguarding your financial security. Call us today to schedule a consultation, and let us help you identify the types of commercial coverage your business needs to form a custom policy package.

Home Insurance for Your Home Office

Posted on February 28, 2024February 22, 2024 by admin

The Partnership for New York interviewed thousands of employers to find out that about one in ten employees in the Bronx work entirely at home. Over 60,000 people in the Bronx work at home for outside employers. Add to that the thousands of caterers, web designers, salespeople, interior decorators, and other professionals who work from their home offices, and that’s a lot of home offices to ensure.

Here are the five home insurance issues L M Insurance & Financial Services LLC most frequently encounters while serving Bronx, NY.

Most homeowner and renter policies don’t cover everything in the home office. Technology, files, and commercial equipment are often excluded.
Homeowner policies don’t cover personal injuries incurred when a customer visits your home. General liability or business liability policies will.
Homeowner policies don’t cover data breaches. You can incur huge expenses when your computer is hacked. You can be liable for breaches of customer information, like addresses and credit card numbers. L M Insurance & Financial Services LLC can write cybersecurity insurance for the greater Bronx, NY, area.
Homeowner policies don’t cover loss of income. Business continuity insurance can help you stay afloat after a fire, a break-in, or a cyberattack.
Homeowner policies don’t cover employment practice claims. We can insure you against claims for unlawful employment practices. We can also write liability insurance to cover the actions of your employees when they are working for you.

Who needs home office insurance the most?

Anyone who works at home needs, a minimum, coverage for computer equipment and hack attacks. Anyone with a home studio with expensive equipment needs additional property insurance, and anyone who deals with the public needs liability insurance.

Let L M Insurance & Financial Services LLC assess your business insurance needs. If you are in the Bronx, NY, or nearby, make your appointment with us today.

What Happens With Your Insurance After an Accident You Didn’t Cause?

Posted on January 22, 2024January 29, 2024 by admin

L M Insurance & Financial Services LLC is the kind of insurance company that Bronx, NY residents need to handle challenging and emotionally upsetting claims. For example, if you’re in a car crash that you didn’t cause, it can be hard to know what to do. Thankfully, there are ways to protect yourself.

New York is a No-Fault State

The concept of no-fault insurance might seem confusing at first, but it is actually quite simple. A mandatory no-fault state means that your coverage will protect you in a crash, no matter who’s to blame. As a result, you don’t have to rely on another person’s coverage if you’re not at fault.

However, some people may want to avoid this route to minimize their claim amounts and to keep their policy-protected. As a result, it’s critical to know that you can pursue compensation from the at-fault party, depending on your situation and your willingness to try various types of legal action.

Other Insurance Protection is Available

If you don’t want to use your insurance to pay for a car crash you didn’t cause, that’s understandable. You’ll have to make sure that the at-fault party is willing to help you with their policy. If they try to dispute this situation, you could potentially have a lawsuit on your hands that could take time to resolve.

It’s situations like this that no-fault insurance was designed to mitigate. By letting your policy cover your damages, it’s possible to get help without having to turn into a sue-me-sue-you blues. That said, lawsuits are still an option if you don’t want your policy to be affected by a claim.

Get Help Today!

With the help of our team at L M Insurance & Financial Services LLC, you can get the help you need to get through a car crash. Our Bronx, NY team will provide the long-term support that you need and work directly with you to ensure you get the high-quality policy that makes sense for your coverage.

How Much Life Insurance do I Need?

Posted on December 21, 2023December 30, 2023 by admin

Once you’ve made the wise decision to purchase life insurance from L M Insurance & Financial Services LLC, serving the greater Bronx, NY region, the next major decision is to determine how much life insurance to buy. The optimal amount for each person will vary, depending on the circumstances.

Here’s what to consider as you calculate your needs:

Your Family’s Lifestyle

Life insurance should help to keep your family living the lifestyle that they’re accustomed to. You should buy sufficient life insurance to help your surviving partner to provide for the family for at least a year, just as you provided for them. If your family’s lifestyle is modest, you would need less life insurance, and so on.

Your Current Income

Your current income is a good benchmark for calculating how much life insurance to buy. Life insurance won’t be able to completely replace your income, but it should come close to the net value of what you were bringing in.

The Number of Beneficiaries

The larger the family you have, the more life insurance they’ll need. Consider potential future costs of things like orthodontics, sports activities, life enrichment opportunities such as travel, and, of course, higher education. Multiply the amount by the number of children, and then add in a reasonable amount for your other beneficiaries, such as your surviving spouse.

The Monthly Cost

Of course, you’ll need to budget for the cost of having life insurance, which also needs to be considered. The more coverage you have, the higher the premium. However, the younger you start your life insurance policy, the better the rates you’ll get.

Consult With Us

Contact L M Insurance & Financial Services LLC serving Bronx, NY for all the important details about buying life insurance. We’ll help you every step of the way as you make this smart life choice.

Commercial Insurance That Makes Sense for Freelancers

Posted on November 17, 2023December 1, 2023 by admin

We at L M Insurance & Financial Services LLC know that being a freelancer in the Bronx, NY can be a tough process. As a result, we think it’s important for you to find a commercial insurance policy that makes sense for your needs.

Here’s what coverage types might make sense for you:

Liability Protection

Make sure that your insurance policy has basic liability concerns to help with injuries or property damage. After all, your apartment or house is where you’ll likely work, and this protection can keep you safe. Umbrella policies might even be necessary if you provide potentially dangerous coverage.

Cybersecurity Protection

You probably do a lot of your business online – which means you need insurance to keep your data safe. It’s critically important to take steps to mitigate these risks before you ever get put into a problematic situation. However, insurance can avoid long-lasting problems if they do occur.

Interruption Protection

Have you ever lost internet connection for days or even had equipment stolen from your home? That’s a serious issue that can disrupt your business. Thankfully, this type of insurance policy will protect you and mitigate your potential risks while you can’t operate.

Other Types to Consider

Here are a few other commercial insurance options to consider for your freelance work:

Commercial insurance for your business-oriented vehicles
Property insurance for your company’s items, like computers and furniture
Special event protection if you have to go to various industry events
Intellectual property protection if you work in a creative job

We Are Here To Help

At L M Insurance & Financial Services LLC, we have years of experience helping people like you get high-quality insurance that makes sense for their needs. If you’re a Bronx, NY freelancer who needs commercial coverage, contact our team to get the support that makes sense for your needs.

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