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.