Is 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 NJ 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.
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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 insurance agent 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 commercial or business insurance?” You do! Keeping risks and losses to a minimum is an important part of business success in New Jersey, 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 and company is as important as choosing the right 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.