New Jersey Small Businesses Need The Following Insurance
Protect your business (GL): Every small business needs general liability coverage, since this is the part of the policy that applies when someone is injured on the property. For example, if a customer falls during a visit to your business, you will be expected to pay for the costs of medical treatment, transportation to the hospital, and any long-term expenses related to the injury, such as physical therapy. General liability pays for all of that, saving you thousands of dollars in most cases. Plus, this aspect of New Jersey small business insurance can pay to fix or replace the belongings of any customers who claim that they were damaged during a visit to your place of business.
Insure Your Property (BPP): If you are worried about expenses related to keeping your business property at its best, you need to add BPP to your New Jersey small business insurance policy. This coverage pays for property repairs when necessary. For instance, if someone breaks a window, equipment breaks down, or a drain gets backed up, BPP will pay for the repairs you need. It can also pay to replace any inventory or furniture that gets lost, stolen, or damaged for just about any reason. Many businesses would have to close down, at least temporarily, after experiencing property damage. BPP can keep that from happening when you add it to your New Jersey small business insurance policy.
Employee Protection (WC): No matter how many or how few people you employ at your business, it’s essential that you protect them with workers compensation when you get New Jersey small business insurance. This part of your policy will pay for your employees’ medical bills when they become sick or injured while working at your company. One bonus of having workers compensation is that it can help make up for the wages your employees lose out on after an injury or illness, since it will pay them at least some of the income they would have made if they could still work.
Umbrella/Excess Liability: Now that you know how imperative it is to have general liability when you get New Jersey small business insurance, you should see the value in having excess liability, too. Also known as umbrella coverage, excess liability increases the limits of your liability coverage.
Cyber Crime Liability: All businesses face the threat of cyber crime, but some are more prepared than others because they have cyber crime liability coverage. This is just another way to protect your business when you have New Jersey small business insurance.