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.