Every business should be insured, as you well know, because you need to protect yourself against all types of litigation and legal concerns. But as a first-time business owner, you may find it hard to navigate through the various options offered by the different agencies, as well as the plans currently available to you. As your business becomes more successful, the risks of operating without having the proper insurance in place often increases. Buying Trenton NJ business insurance is certainly the right choice for your company.
You need coverage for many exposures
You should begin by researching the insurance packages commonly carried by other professionals in your industry. Depending on the nature of your business, you’ll most likely need several of the following policies: general liability, commercial property insurance, professional liability, product liability, business interruption and worker’s compensation.
Commercial auto is needed whether you have a fleet of vehicles or even just a couple used for businesses purposes. Speaking with fellow entrepreneurs who work under similar circumstances may help you to determine some of your own needs, but keep in mind that commercial insurance agents are well equipped to offer you a Trenton NJ business insurance policy since they are familiar with a wide range of business needs. They can also help provide insight into what may be best for your company at the present time.
For affordable coverage for your new business, it’s often best to start with a business owner’s policy (BOP), a type of policy that combines both property and general liability insurance, and typically covers events that cause suspended operations, property damage or lawsuits. Depending on the type of business you own and the number of employees you have, you may need additional specific types of insurance, but a BOP will at least provide basic protection from common business losses. It’s important that small business owners have a conversation with an insurance agent about what a BOP policy does and doesn’t cover.
Insurance is the single greatest expense for many independent business owners. The cost of insurance varies for every business, but some providers specialize in insuring specific types of businesses, and can determine whether your business’s needs call for additional coverage types.