Owning a business is much like owning a home. It requires a huge investment of time, money, energy and passion. If you have just opened your first small business in New Jersey or a seasoned business, one of the things you need to consider is commercial / business insurance. But with so many options available, it is customary to question what commercial policies are right for you depending on your situation. Whether big business insurance or small business insurance, at Retcho Insurance Agency in Closter NJ, we understand that each business is unique and require special care. Here are the different coverages you should consider.
In 1911, the state of New Jersey passed a workers compensation law that made coverage mandatory for all employers. Workers compensation insurance provides benefits to your employees who are injured or ill at work. This coverage is also known as workers compensation or workman's compensation.
Whether you own a small business or a large business in New Jersey that has employed workers you must have workers compensation insurance.
Workman's compensation in NJ can assist if your employee suffers a work-related injury or illness.
Our insurance agents are very familiar with the workers compensation insurance in Closter NJ.
Commercial general liability insurance (also called business liability insurance and commercial liability insurance) protects your company from everyday business risks like customer property damage or injuries, and slander and libel accusations. Commercial General Liability insurance does not cover damage to your property, premises you own, or injuries to your employees. It is a coverage that responds to claims of bodily injury, sickness, or disease, including death of the other party. It also provides coverage for claims involving false arrest, libel and slander, wrongful eviction of others, invasion of privacy, copyright infringement, trademark infringement, and malicious prosecution. Policy coverage example as follows:
Accidents and lawsuits (both legitimate and frivolous) do occur in New Jersey. If your New Jersey small business or large business owns property or other valuable assets, you should invest in adequate commercial general liability coverage to limit your risk exposure.
If you need general liability insurance in Closter NJ or any other part of the state, give our insurance agents a call.
Commercial Auto Insurance protects company-owned vehicles. If you or an employee get into an accident while driving a business car and causes property damage or bodily harm, you'll be protected from the financial ramifications of accidents, such as vehicle repairs and medical bills. Remember that a covered claim is subject to the deductibles and limits of your policy. Furthermore, coverage availability and requirements differ by state.
To get you started, here are some common commercial auto insurance coverages:
Not sure if you need Commercial Auto insurance in NJ?
It all depends on your line of work. Here are a few occupations that could benefit from commercial auto insurance:
Whether you own or have rented your business location, business property insurance protects your company's physical assets from unforeseen events such as fires, windstorms, theft, and vandalism. Physical assets covered by commercial property coverage could include business property that you own or rent, office equipment, furniture, fixtures, inventory, and other items that you rely on to run your business. Commercial Property Insurance also includes business interruption insurance. So, if you can’t operate your small business or big business because of covered property damage, your policy can help replace your lost income.
When an unexpected loss causes disruption or even temporarily shuts down your business, your ability to recover quickly is critical. Commercial property insurance can provide the support and financial assistance needed to get your business back up and running. Here are some examples of what's covered under Commercial Property Insurance:
Keep in mind that your commercial property insurance policy may not cover all types of property damage. Here are some exclusions:
Other types of commercial insurance can be obtained to provide your company with additional protection against these types of claims.
Keep in mind that you will never find an insurance policy that covers exclusions such as intentional damage and normal wear and tear. It's simply not a risk appropriate for a commercial property insurance policy.
This is a critical business insurance policy if you offer expert services to clients. It applies to certain professionals such as accountants, lawyers, and consultants. If a client sues you for negligence, mistakes, or missed deadlines, the policy can cover the legal fees and the compensation entitled to the client.
Experts in a specific field typically require professional liability insurance coverage because their services can lead to mistakes that can cause financial or indirect loss for their clients. These types of incidents are typically excluded from other business insurance coverages.
Professional liability insurance can help cover the following claims:
Even if you did nothing wrong, your client may sue your company if they believe you made a mistake. You will have to pay for expensive legal defense costs out of pocket if you do not have coverage.
What Doesn't Professional Liability Insurance Cover?
Professional liability insurance does not cover all claims. It will not help your business if you make the following claims:
A business owner policy, or BOP, is a small business insurance and mid sized business insurance in much the same way that a homeowner policy protects your home and family by combining property and liability insurance into one convenient package.
When you have worked so hard to establish a business in Closter, NJ, it is wise to find a way to protect it with a small business insurance such as a BOP or a more specialized policy such as Professional liability insurance. At Retcho Insurance Agency, our commercial insurance agents can help you with your business coverage quotes and customize a small business insurance plan to larger veteran business insurance plans you may need. We specialize in both small business insurance to large business insurance. Contact our insurance agents for your business insurance quote in Closter NJ today, and together we can find the right type of commercial insurance for your business.