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.