New Jersey Retailer Insurance
New Jersey’s total number of small businesses is about 809,780. Of those, 70,167 are in the retail industry. But what you might really be interested in as a business owner is the fact that this state’s economy has been improving lately. In 2010, for instance, New Jersey had 19,103 new small firms open, and 66.7 percent of those made it to 2012. Then, in 2013, 20,170 small firms opened, and 78.7 percent were successful enough to remain open until 2014. (Source: BLS, BED). If you’re hoping to count your store among the businesses that have been able to stay open for years, you need the right New Jersey retailer insurance policy.
New Jersey Retailers Need The Following Insurance
Business Liability Insurance (GL): One of the most basic parts of your New Jersey retailer insurance policy is general liability. You’ll need this when a customer is hurt at your store. For instance, if he or she slips on a wet floor or has a product fall on him or her during a visit to your store in New Jersey, this coverage will pay for the medical expenses. Another reason you need general liability is that it will pay for repairs when a customer’s purse, vehicle, or any other belongings are destroyed while at your retail store.
Business Personal Property Insurance: Your New Jersey retailer insurance policy also needs to include business personal property coverage, because this protects your building and its contents. This is quite valuable when you have a store full of products, since you will need a way to replace them if they are ever stolen or damaged for any reason. In addition, this coverage can pay for repairs to the building, from broken windows to damaged walls.
Workers Comp Protection: If you have even just one employee, you need to protect him or her with workers compensation when you get New Jersey retailer insurance. Whether your employee falls off a ladder while stocking products or slips on a wet floor after mopping, it’s your responsibility to make sure the medical bills are paid. Otherwise, you could be sued by your employee. Fortunately, workers compensation pays for everything from hospital bills to lost wages, so neither you nor your employee should have to pay for those expenses.
Umbrella/Excess Liability: The best complement to the general liability portion of your New Jersey retailer insurance policy is excess liability. This just increases the amount you are covered for when it comes to liability claims. This means that if a few people are hurt at your retail store, and the medical bills cost more than your general liability claim limits, excess liability will act as an umbrella to increase coverage and ensure that you don’t have to pay out of your own pocket.
Cyber Crime Liability: If you use the internet to conduct business in any way, you need cyber crime liability on your New Jersey retailer insurance policy. Without it, cyber criminals could damage your financial standing, leaving you unable to pay your bills or even your employees.