The question, “what type of business insurance do I need?” is not that easy to answer. What type of business is it? Are there employees, are there cars being used strictly for business purposes, are there products or services being sold or offered? Every business is unique and requires coverage for the type of exposures and risks faced in its daily operations.
Most companies need a basic general liability policy, for everything else, there is the common sense approach, and in many cases it pays to get advice from an agent familiar with the type of business being operated. Getting New Jersey business insurance doesn’t have to be difficult, but it does require a little research in order to get the right types and proper amounts of coverage.
What most entrepreneurs need to consider
- Liability insurance – Liability insurance protects your company in the event it is sued due to possible acts of negligence. This protects owners and employees that become embroiled in litigation over accusations from anyone who feels the company injured them, physically or financially.
- Property insurance – Property insurance protects against damage or loss of your business location and its contents. It may also insure the property of others in your care during the loss. The terms of property insurance are well defined and may only cover certain circumstances, such as fire or theft.
- Casualty insurance – Casualty insurance is generally purchased with property insurance and covers against damage or loss to the business itself.
- Workers’ compensation insurance – Workers comp insurance is required for businesses that have employees. Each state has different requirements regarding workers comp and most require some type of policy must be in place. Employees cannot sue their employer for injuries, but the employer is part of a system that automatically pays employees’ medical bills and damages in the event of injuries on the job.
- Commercial auto insurance – Commercial auto insurance covers your business if the vehicles cause property damage or personal injury. Personal automobile insurance does not cover vehicles used by a business.
There are other products to consider, umbrella, professional liability, and business interruption to name a few. Speak to an agent that can help you to determine which types of New Jersey business insurance suits your current needs.