Brooklyn Business Insurance

The sister coverage to Workers Compensation — also required by NYS if you have employees but this coverage responds to injuries to employees that occur off the job. The statutory benefits in NYS are relatively low but the coverage is still required. This policy can also provide the mandatory NYS Paid Family Leave coverage as well. Super important, often overlooked, and the source of many conversations with existing clients and prospects.

While not “required” this is important coverage for anyone that performs a service for others. There is no other protection for you with respect to “Your Work” unless you obtain Professional Liability. While we have most conversations about this with Lawyers, Accountants, Consultants, and Tech Firms this is coverage that we should discuss for any professional service business in Brooklyn — let’s talk about what you do and figure out if you need this valuable protection.

You don’t just need to own a commercial automobile to have commercial auto exposure. People miss this all the time — think car rental, car for hire (livery, uber, taxi), employees’ vehicles for business use — your personal vehicle while on a business appointment. We have seen auto claims that emanate from Brooklyn companies that never thought they had an exposure — you don’t want to wait until after a claim to find out you don’t have adequate commercial insurance for your vehicles!

Inventory is usually pretty straightforward, but when was the last time you evaluated your entire property exposure? Did you invest in improvements in your rental space? Have you made substantial improvements to your building over the years? Your commercial property insurance may not be enough to cover you in your new situation. Understanding what Property Insurance actually covers is extremely important in determining a coverage limit that is adequate. Let’s have a conversation about insurance for businesses in Brooklyn, NY.

This type of commercial insurance is so important to any operation, and not just because it would be mandatory in any lease that you execute. Every business needs to make sure they have adequate liability insurance to cover them from claims made by others. Bodily Injury and Property Damages to others is the simple definition of General Liability. And if you think you don’t have much exposure, we would ask you when the last time you reached out to an attorney to find out what they charge per hour? General Liability Insurance, among other things, provides for your defense of a covered claim — this is the largest source of the cost that we have seen on liability claims — while actual judgments are certainly on the rise, the legal costs are sometimes even larger.

Sexual Harassment, Failure to Promote — there are so many pitfalls that you are exposed to as an employer — especially in New York. Are you covered? For small businesses the cost isn’t as much as you think — for a larger business, there are many more options in the marketplace.

You can’t watch the news without hearing about another data breach. Cyber Extortion, data restoration, statutory notification requirements — have you ever had your Cyber exposure evaluated? Cyber liability is important for all types of businesses. Insurance is an important part of any business operation and should be taken seriously by people that specialize in handling business insurance. Lincoln Brokerage has roots that go back almost 100 years in Brooklyn — small business is our business.

The types of insurance you need depend on what kind of business you are starting, how many employees you have, your specific exposures, and much more.

Most New York state business owners must have general liability insurance. A general liability insurance policy is designed to protect business owners from direct and indirect damages to another party. General liability insurance helps a business/owner pay for damages caused by the actions of the business, the owner, or employees. You may also be interested in professional liability insurance if you offer professional services in Brooklyn.

New York State requires businesses with employees to carry a workers compensation policy and disability benefits insurance. Our agents can help you comply with any workers' compensation insurance requirements that apply to your business.

Learn more about the types of insurance your business may need, and why they matter.

For the most part, yes. With insurance, it’s never a blanket statement. Usually, the less cookie-cutter your coverage, the better. We help you identify your personal and professional exposure to make sure you are getting the correct coverage for your business, without unnecessary spending. If you want to find the best company insurance for your situation, it helps to start by examining your risk exposure.

Here are some exposures and their corresponding insurance:

Do your employees drive a company vehicle for work? You may need commercial auto insurance.

Does your business provide contracts for work, work on someone else’s goods or property, or have a chance of not fulfilling paid-for work? You may need professional liability.

If you have employees, you need Workers Compensation Insurance.

Get more information on different insurance policies and why your Brooklyn business may need them.