Business or commercial insurance refers to the collection of core insurance policies that protect your business from losses arising from a wide range of risks.
Business or commercial insurance refers to the collection of core insurance policies that protect your business from losses arising from a wide range of risks. Running a business without insurance is akin to driving in the fast lane without wearing a seat belt; disaster will eventually strike, and you will have a hard time getting back on your feet. As a ton of the factors which affect business profitability are out of your control, investing in business insurance is a solid way of reducing your liability and protecting your New Jersey business from making losses due to common business risks.
Commercial insurance includes coverage for several potentially loss-making risks like property damage, employee-related risks, and legal liability. Your insurance needs will ultimately depend on the potential risks your business faces. For instance, if you have an operational fleet, you will need commercial auto insurance to cover any damages and medical bills arising from a car crash.
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Types of Business Insurance
As a business owner in Bergen County, New Jersey, here are some types of business insurance you should consider while determining your insurance needs:
Commercial property insurance
Covers damage or loss caused to inventory, equipment, furniture, and signage by theft, vandalism, riots, fire, storms, explosions, wind, lightning, hail, falling objects, electrical current, vehicle or aircraft impact, and water damage from indoor plumbing. For mass-destruction events like earthquakes and floods, you will have to buy special add-on coverage.
Business Interruption Insurance
Commercial interruption or continuation policies will compensate businesses that require a physical location for lost income caused by unforeseen events that disrupt normal business
Home-based Business Insurance
Provides coverage for property damage and business-related injuries for businesses that operate on residential property
Professional Liability Insurance
Insures professionals like doctors, lawyers, and accountants against negligence, malpractice, and other client-initiated claims. Depending on the industry, professional liability insurance can be called medical malpractice insurance or errors and omissions insurance.
Commercial vehicle insurance
Provides coverage for medical expenses and damages caused by a company car accident. It can also cover personal vehicles if they are used to deliver company goods, services, or transport personnel.
Product Liability Insurance
Protects businesses from lawsuits arising from damage caused by their products. If you manufacture products for sale, product liability insurance can cover compensation claims from individuals who were injured or sustained property damage due to your product.
Workers’ Compensation Insurance
Provides medical care for employees who are injured on the job and covers the income they lose while they cannot work. Workers’ compensation also protects employers from lawsuits filed by injured workers. Nearly every state in the country requires employers to have this policy.
Determining Your Insurance Needs
Depending on the kind of business you run, its size, your geographical location, and whether or not you have employees, certain commercial insurance policies will be more suitable than others. Insurance providers often tailor their commercial policies for small, medium-sized, and large businesses as they each have varying degrees of risk. However, identifying all the risks your business faces and finding out the most suitable insurance policies to cover these risks can be a difficult, time-consuming task.
Get Business Insurance in Bergen County, New Jersey
At Comprehensive Insurance Agency, we will evaluate all the potential risks and come up with an insurance plan that fits the specific coverage needs of your New Jersey business. Furthermore, we will leverage our connections with more than a dozen insurance providers to get you the best plans at the best rates. Contact us today for a consultation.