subject: Types Of Nj Business Insurance To Choose From [print this page] If you run a business in New Jersey, you will need to look into some forms of NJ business insurance to keep yourself protected. Virtually every aspect of your business can be protected in one way or another, and figuring out what insurance coverage you need is usually a matter of knowing your options. Listed below are several different types of coverage that you could look into as a business owner. Some of them may provide great protection for you in the future.
Liability Insurance
Liability insurance can protect your business in the event that someone files a claim against you for negligence. This is highly recommended for people in the medical field especially because of how frequently malpractice lawsuits come up. The cost of a defense lawyer can be huge, let alone any damages you may incur if the case is ruled in your patients favor. It is best to invest in liability insurance just in case something happens.
Property Insurance
This is similar to homeowners insurance, but it is only meant for your business. This coverage is often packaged together with casualty insurance, which provides funding for any loss or damage that happens to your business. The property insurance will protect the location of your business and anything inside the building you work in. You must set an approximate value on the items you wish to insure with this coverage, so do a thorough assessment of your property before you apply.
Health Insurance
Health coverage may not be the most affordable form of NJ business insurance to cover, but it can give you an edge over your competitors. The best employees are going to expect some type of insurance through any company they work for. If you can provide that, you will be much more likely to secure good people on your team. You can get a group insurance policy that will require your employees to pay some of the costs for the insurance. That could save some money in the long run.
Workers Compensation
Workers compensation, sometimes called workers comp, is something you invest in to protect your employees from on the job injuries. If your employee is injured on the job, you will be required to pay for any damages he or she incurred, plus some money for lost wages. If you have insurance in place, you will not have to pay as much when the accident comes about. This is especially important for people in the construction industry where injuries are most likely to occur.
Commercial Auto Insurance
You need to get an insurance policy for any company vehicles you have. Personal insurance policies will not cover that. If you register the auto insurance policy with another NJ business insurance policy though, you may be able to save some money.
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