If you own a business or are a partner in one, you have probably already become familiar with risk. Compare Commercial Insurance options and sleep better at night
Very few things are riskier than starting and running your own business. Part of the risk of any small business is the loss of critical tools and property or liability to others. Either of which can cause loss of income or even force you to close your doors. Thus the need for insurance policies to ensure that you do not loose anything or everything.
I’m just getting my business started. Do I need business insurance right away?
Yes, because the chance that you could suffer a loss begins with the first day of business. You can’t get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything, your insurance agent can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.
Also, many states and local jurisdictions require that businesses be insured to begin operating. And if you rent space for your business, your landlord probably requires that you be adequately insured as well.
I don’t have any major business assets. Why do I need insurance?
Every business has some property. And, when you think about it, your business is your property. Just like your home and your automobile, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income. If you have any vehicles that you use in the business operations they will need a commercial auto insurance policy.
Generally, there are two types of insurance – property and liability. Property insurance covers damage to or loss of the policyholder’s property. And if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your insurance policy), the cost of the suit – both defending it and settling it if necessary – would be covered by your NJ liability insurance.
Is Commercial Insurance coverage different for different businesses?
It can be. Many smaller businesses are now insured under NJ package policies, know as Business Owner Package Policy that cover the major property and liability exposures as well as loss of income. A common package policy used by many smaller businesses is called the Business owners Policy (BOP).
Generally, these package policies provide the smaller-business owner more complete coverage at a lower price than separate policies for each type of insurance needed. Your agent can help you decide which policy or policies are right for your business. Additional coverage for property, liability or perils or conditions otherwise excluded (e.g., flood protection) can be purchased as endorsements to a standard policy or as a separate, second policy called a difference-in-conditions (DIC) policy.
Because businesses vary, it is impossible to have a standard policy to cover all contingencies. Also, some businesses, regardless of their size, do not fit the profile of a standard business owners policy. For example, restaurants, wholesalers and garages have special liability needs that are not met in the standard business owners policy. Your NJ Commercial Insurance specialist can advise you of the best policy (or policies) to protect you and your business.
While juggling all the jobs that need to get done to make your New Jersey business a smooth running and profitable operation, you may already be asking yourself, “Who has enough time to think about insurance?” You do! Keeping risks and losses to a minimum is an important part of business success in NJ, especially for smaller, newer businesses. Take a few minutes now to check your risk factors, find out your insurance needs and learn the many options available to you. And remember choosing the right agent is as important as choosing the right insurance. NJ Commercial Insurance Brokerage Services supports small business Saturday!
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To learn more about NJ Commercial Insurance insurance visit the NJ Department of Insurance.
Commercial General Liability insurance protects New Jersey business owner from the potential catastrophic losses from lawsuits. Carrying enough commercial general liability insurance to protect from financial loss due to injury, death or property damage caused by a company’s products, employees or operations is vital to keeping those businesses operational. Generally, commercial liability coverage provides legal defense costs and pays court awarded damages up to the policy limits when a company is held financially liable for a claim.
Workers’ compensation insurance offers coverage against employee work-related injuries or occupational illnesses for any organization that has employees working for them. Failure to carry Workers’ compensation insurance can expose small business owners to harsh fines and civil penalties, or occasionally, cause the organization to be liable for the cost of injuries sustained by their workers. By having workers’ compensation insurance, employees receive medical care and lost wages coverage in exchange for the promise that the employee will not sue their employer.
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