3 Types Of Business Insurance Nj You May Need For Your Business
Running your own business requires that you make many important decisions to protect and grow that business
. One of the most important things you will need to decide on is the type of business insurance NJ that your company needs. Insurance protects you in case things go wrong and ensures that the time, energy and effort you put into building a successful company isn't ruined because of an unforeseen event or catastrophe.
The specific types of business insurance you will need to protect your company will vary depending upon what services or goods you provide to customers, how large your business is and what interaction you have with employees and customers. However, there are three types of business insurance NJ that almost every business needs.
1) Auto insurance
If your business owns and operates company cars, then having business auto insurance is absolutely essential. You or your employees could become involved in an accident and find yourself responsible for property damage and personal injury costs that sometimes total in the hundreds of thousands, or even in the millions. This loss can be devastating. Not only that, but the law also requires that business vehicles be insured, just as personal vehicles must be.
The right type of business auto insurance is going to depend upon whether you have one car or several or on whether multiple employees drive your vehicles. In certain cases, fleet insurance may be the best and most cost effective option will in other instances, you will insure each vehicle individually.
2) Property/casualty insurance
Chances are, your business operates somewhere. This may be an office, a storefront, a warehouse or any other physical location. If that building were to be destroyed, and the items within it destroyed, the costs would likely be astronomical and enough to bankrupt your business. To ensure this does not happen, make sure you have property insurance on your space.
The casualty component of your properly insurance will make sure that you are also covered if someone is injured at your location. Premises liability law dictates that you may be responsible and can be subject to legal action if someone is hurt on your land or in your building, and business insurance NJ can protect you from liability in the event that this occurs.
3) Business interruption insurance
If your business suddenly had to stop operating for a period of time, you would likely lose a significant amount of money perhaps enough to make the business go under. Business interruption insurance is a type of business insurance NJ that provides you with coverage if your business has to cease operations for a time due to a covered cause. This allows you to hold onto your business as you rebuild and get up and running again.
Each of these three types of business insurance NJ is helpful for almost any business owner to have. There may be additional types of coverage necessary for your situation, but at a minimum, you should speak with an insurance agent to get these basic policies in place.
by: Scott Bader
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