subject: Five Insurances That You Need For Your Business [print this page] Five Insurances That You Need For Your Business
Jersey. Depending on the type of business you want to start and the number of staff you plan to hire, you might be required by the law to acquire certain kinds of business insurance.
For instance, if you possess and operate one or several vehicles for your business, then you will need to get a commercial auto insurance. Auto insurance (Commercial) is a policy that is specifically made for business-owned or business-operated vehicles, and it is much different from a regular car insurance.
Another insurance that you might want to get for your business is property insurance. The types of damages that can be covered vary depending on the policy. With this kind of insurance, you can be assured that your company is well-protected against the potential risks it could face. There are policies for flooding, fires, tornadoes, earthquakes, and other disasters. Usually, some companies sell property insurance in a package with casualty insurance. The latter is another policy that could benefit your company.
You might also be required to get a worker's compensation coverage for your employees. But before you do so, it would be a good idea to review laws on business insurance New Jersey so that you know how this applies to your business. The worker's compensation coverage will take care of an employee's medical bills in the event that he or she gets injured while performing the job. Because the medical expenses will be paid in full by the policy, any worker who gets injured while working is barred from suing the company for damages.
A liability insurance is another policy that could benefit your company . These days, lawsuits are very common, and your business could well have one or two tomorrow. If you have a liability insurance, you can save your business from the potential ruin brought about by a lawsuit. This policy can also safeguard your company if ever you are sued for negligence because of a mistake you or one of your employees made.
You should also put some thought into getting a business interruption insurance. Sometimes, it is inevitable that something happens to the company premises, or an important piece of machinery that you use for business operations suddenly breaks down. In such cases, you might be forced to halt your operations until the necessary repairs or replacements are made. When you have a business interruption insurance, you can get compensation for the period when your business closed. This type of policy is invaluable since it can save you from ruin or bankruptcy. While property insurance can cover the damages on the premises and the machineries, the only way to gain back the lost revenue from halted operations is through a business interruption insurance.
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