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Commercial Insurance That Makes Sense for Freelancers

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.

What Small Business Owners Need To Know About Commercial Insurance

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.  

How much workers compensation insurance do you need?

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.

What is Property and Casualty Insurance?

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. 

How Can I Make Sure My Commercial Insurance Policy Is Effective?

Commercial insurance is an integral part of doing business. It can protect your company from a variety of risks, such as property damage, liability claims, and product liability. However, it’s essential to ensure that your policy is effective and meets your needs. L M Insurance & Financial Services LLC in Bronx, NY can help you navigate this important coverage.

Here’s how to make sure your commercial insurance policy is effective and provides the protection you need for your business:

1. Make Sure You Have the Right Coverage

The first step is to make sure you have the right coverage. You’ll need to consider the risks your business faces and ensure that your policy covers those risks. If you’re not sure what coverage you need in Bronx NY, speak to L M Insurance & Financial Services LLC and get help determining the right coverage for your business.

Some common types of commercial insurance coverage include property damage, liability, product liability, workers’ compensation, and business interruption.

2. Make Sure You Have Enough Coverage

Once you’ve determined the types of coverage you need, you’ll need to make sure you have enough coverage. This means considering the value of your assets and making sure that your policy covers them. It’s also important to consider the potential costs of a liability claim or lawsuit. If your policy has a low limit, it may not cover the full cost of a claim or lawsuit.

To determine the right amount of coverage for your business, speak to an insurance agent or broker who can help you assess your risks and determine the appropriate level of coverage. It’s also important to review your coverage periodically to make sure it still meets your needs. As your business grows and changes, your insurance needs will likely change as well.

Contact Us Today

Commercial insurance is an important part of doing business in Bronx, NY. By following the tips in this article, you can ensure your policy is effective and provides the protection you need for your business. If you have any questions about your coverage, speak to us at L M Insurance & Financial Services LLC, and we’ll help you assess your risks and determine the appropriate coverage for your business.

What Business Owners Need To Know About Commercial Insurance

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. 

What commercial insurance is required in New York?

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.

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