If you own your own business, then you understand the tremendous responsibility of making sure all of the bases are covered for yourself and your employees. At L M Insurance & Financial Services LLC, we provide business owners with insurance products that can help them fulfill these responsibilities in Bronx, NY and the surrounding areas. Keep reading to learn more about commercial insurance and how it can help you.
What Is Commercial Insurance?
Commercial insurance is a specially designed insurance product made just for business owners. There are many layers to running your business, and a commercial insurance policy will cover all of these layers. Having a commercial policy in place will help protect you from expenses should your business run into a liability event.
What Does Commercial Insurance Cover?
Businesses are unique, and that is why a commercial insurance policy can be customized to meet your specific needs. However, most policies will provide coverage in the following areas:
- Property Damage– Most businesses have a brick and mortar location they operate from, store inventory, and house equipment. This property must be protected. If this property is damaged due to fire, natural disaster, or burglary, you will be held responsible for the expenses out of pocket. Commercial insurance can kick in and pay for these costs.
- Liability Protection– As a business owner, you carry the risk of liability. If someone is injured at your place of business or because of your goods or services, you could be held responsible for medical expenses and even legal fees. Commercial insurance policies can be designed to protect you from these types of costs.
If you would like to learn more about our services, please contact us at L M Insurance & Financial Services LLC serving Bronx, NY and the surrounding areas.
Protecting your business is good business. If you have employees, it can save their jobs and, of course, it can save your income. Making sure that you have the correct coverage is important. Who wants to pay for coverage they don’t need? At L M Insurance & Financial Services LLC in Bronx, NY, our experienced team will work with you to curate the correct policy for your particular business.
In New York, two types of commercial insurance are mandated by law. If you have any employees, you are required to have worker compensation insurance. This protects your workers in the event they are injured while doing their job. They can collect for medical bills they incur because of their injury and also for lost time. If your business owns any vehicles, you also need to carry commercial auto insurance.
Just because other coverage isn’t mandated by law doesn’t mean it’s a good idea not to have it. Most businesses can benefit from commercial property insurance and commercial liability insurance.
Commercial property insurance protects not just the physical structure that houses your business but it also covers the things you need to do business. This is different for every business but can include things like computers, telephones, tools, machinery, raw materials, office equipment, and inventory. Whatever you need for your business to operate. Obviously, a plumber uses different things than an accountant.
Commercial liability insurance protects your assets from legal action taken against you. It can be from a customer, a client, a vendor, or even an employee. About one in three businesses are involved in legal actions every year. It can cause a lot of financial damage to your business if you don’t have liability insurance.
Contact L M Insurance & Financial Services LLC in Bronx, NY to get the commercial insurance you need.