If you’re shopping for commercial insurance, you’ve likely come across the terms “occurrence” and “claims-made” policies. While they may sound similar, they function very differently in terms of how and when coverage applies. At L M Insurance & Financial Services LLC in Bronx, NY, we often help business owners understand which type of policy best fits their needs—and why it matters.

What Is an Occurrence Policy?

An occurrence policy provides coverage for claims arising from incidents that happen during the policy period, regardless of when the claim is filed. This means that if an event occurs while your policy is active—even if the claim is made years later—you’re still covered. Occurrence policies provide long-term peace of mind, making them ideal for industries where claims may arise long after the fact.

What About Claims-Made Policies?

Claims-made policies, on the other hand, only provide coverage if both the incident occurs and the claim is filed while the policy is active. If your policy ends and you don’t have tail coverage or a renewal, you could be left unprotected—even for incidents that happened during your coverage period. While claims-made policies are often more affordable upfront, they require careful management to avoid gaps in protection.

Choosing the Right Policy for Your Business

The best policy type depends on your business, industry, and risk tolerance. Some professions benefit more from the lasting protection of an occurrence policy. In contrast, others may find that claims-made policies are a cost-effective solution, provided the proper safeguards are in place.

If you’re unsure which policy is right for your business, L M Insurance & Financial Services LLC in Bronx, NY is here to help. Contact us today to ensure your business is covered—both now and in the future.

Preparing an insurance checklist will help you determine whether you currently have enough insurance coverage. A checklist can also assist first-time business owners with deciding how much coverage to attain.

The Reasons Behind Using A Checklist

Using a checklist will help you stay focused when you inspect your place of business. As you refer to the checklist, you will be reminded of the areas that you should focus on.

As long as you address all the key items listed on the checklist, you won’t overlook anything important that could affect the amount of commercial insurance coverage that is needed to protect your place of business.

Your Custom Checklist

Consider the assets within your business that you want to add to your insurance policy. Think about the risks that could affect how you operate your business.

Natural disasters, acts of vandalism, or theft could threaten your business operations. Add each situation that you are concerned about to your insurance checklist.

A Scheduled Inspection

Schedule an insurance inspection. This inspection could be overseen by a licensed insurance inspector or conducted informally.

During the inspection, note your discoveries. For example, if you observe inadequate drainage, write this down.

Once your inspection is over, focus on the areas of concern. The results can help you choose specific types of commercial coverage to protect your business.

Contact An Agent Who Serves Bronx, NY

After you have assessed your insurance checklist, you may be ready to compare insurance products. Contact one of our agents at L M Insurance & Financial Services LLC. An agent will set up a time to speak to you one-on-one about business insurance products.

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.

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.

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.

As a small business owner, you no doubt wear many hats each day. There are a lot of moving pieces that go into running a successful company, and one crucial piece is insurance coverage. A business requires different types of insurance coverage in order to remain safely protected from unexpected expenses. At L M Insurance & Financial Services LLC, we can help business owners in Bronx, NY and the surrounding areas better understand their commercial insurance options. 

Understanding Commercial Insurance 

Commercial insurance policies are specially designed to help business owners cover all of their bases when it comes to insurance. You will need different types of coverage for different aspects of your business. Having different policies for each area can be overwhelming, expensive, and confusing. A well-designed commercial insurance policy will streamline these different types of coverage for you.

Commercial Insurance Coverage Areas

When you purchase commercial insurance, you can have the policy customized to meet your particular needs. Here are a few of the common coverage areas that you may want.

Property damage– If you have a brick-and-mortar location for your business, you will need property damage coverage. This type of coverage will pay for the repair or replacement of property or equipment that is lost or stolen under certain types of claims.

Liability– Liability coverage will provide payments in the event that you are held liable for injuries or damage that may occur on your property, because of your goods or services, or at the hands of an employee. This is an important type of coverage to have in place.

We Can Help!

If you would like to learn more about commercial insurance, please contact us at L M Insurance & Financial Services LLC serving Bronx, NY and the surrounding areas.  

When it comes to workers’ compensation insurance, it is important to have the right amount of coverage from L M Insurance & Financial Services LLC for your Bronx, NY business. Depending on the type of business you own and the state you are in, the amount of coverage can vary. Generally, most states require businesses to carry at least some form of workers’ compensation insurance. 

Understanding Workers’ Compensation

It is important to understand how much workers’ compensation insurance you need so that you can adequately protect your employees and your business. Most states require employers to carry a minimum amount of coverage; however, depending on the size of your business, you may need more coverage than what is legally required.

If you employ a large number of people or if your employees work in hazardous conditions, it may be necessary to increase your insured limit. Additionally, if you are in an industry with high-risk potentials such as construction or manufacturing, it may also be beneficial to get extra coverage for additional protection.

No matter what type of business you own or where it is located, having adequate workers’ compensation insurance will help ensure that both your business and employees are adequately protected in case of an accident or injury. Make sure that you do your research and consult with a professional before deciding how much coverage is right for you.

Reach Out To Us

For more information, or if you want to explore getting a worker’s compensation policy to protect your employees and your business, call us at L M Insurance & Financial Services LLC today. We proudly serve the Bronx, NY area and would be glad to help you find a policy that suits your needs and your budget.

Property and casualty insurance is a type of protection that can extend to various categories of possessions and is often referred to as P & C for short. It is a type of liability indemnification that can extend to medical bills and repairs to another party’s vehicle in the event of an accident, for example, and this is referred to as the casualty portion of the coverage. 

L M Insurance & Financial Services LLC is here to assist our Bronx, NY clients with a guide. 

Property and Casualty Insurance: The Basics

The property side of this insurance type works to safeguard you against financial loss if your own automobile is damaged. Though this particular coverage is not mandated for business owners who live in the Bronx NY, many entrepreneurs choose to invest in this product for its dual benefits. Workers’ compensation is the only obligatory coverage for corporations, and commercial automobile insurance is required as well and is also a type of indemnification for which you can buy P & C protection. 

P & C insurance is available for properties, motorcycles, condos, or vehicles, and it can also extend to personal items. Its uses can include situations where a person hits a pedestrian and is at fault for their injuries.

It’s important to examine the nature of your business and the potential limits you may need in all aspects of activities you and your employees engage in. If you store inventory in a warehouse and also have customers on your premises who may be subject to falls, P & C may be a good choice. It can also guard against expenses incurred when colliding with a stationary object with a vehicle, like mailboxes, guardrails, fences, or other property. 

Contact Us Today

L M Insurance & Financial Services LLC meets the insurance needs of those in the Bronx, NY area. We invite you to stop by our office, call, or visit us on the web, and we look forward to working for you.