Purchasing and managing business insurance in NJ is a big job. As a business owner, you’re responsible for understanding your risk and the coverages you...read more
What To Know When Buying Business Insurance in NJsiadmin May 15, 2019
Business insurance helps companies in New Jersey protect their financial assets. Without this coverage, you would have to pay out-of-pocket for any damages or legal claims made against your company. To protect your business and your personal assets, it’s necessary that you carry the right NJ business insurance.
In this article, we will discuss some of the things to know before choosing a policy for your business. Let’s dig in!
Understand what you are required to carry in New Jersey
Before deciding on coverage, understand what you are legally required to carry in our state. New Jersey general liability coverage is required for most businesses. This coverage pays for damages that are caused by your business or your employees. Also in the state of New Jersey, any business that employs one or more people must carry workers compensation.
We always recommend overestimating your needs because litigation is expensive. If something does happen on your watch, you wouldn’t want to lose your business over it. Talk to an insurance agent to determine a balance between the minimum requirements in our state and what you can afford.
Know the specific risks your industry faces
Every industry is different and faces unique risks. Product liability offers coverage from design defects, manufacturing defects and marketing defects. So, if your business carries products used by your customers, product liability is a good thing to have. Professional liability offers protection from claims made against you. For example, if you are a financial advisor and your client loses their money per your advice, they may try to sue you.
Obtain quotes from multiple carriers
Just as you obtain several quotes for your New Jersey car and home insurance, you should do the same for your business insurance. Running a business costs a lot of money, but don’t be tempted to choose the cheapest plan. It’s possible that the lowest premium comes with less coverage. Compare apples to apples and make sure each policy has what you need.
Review your business policy carefully
It’s important to understand what’s in your policy. Don’t wait until something happens to find out. When you work with a trusted insurance agent, you should have no problem going through the policy and clearing up any loose ends. If you do need to file a claim, you’ll be glad you took this extra step.
The Soden Agency can help you find the best coverage for your New Jersey business. We work with many different insurance companies and will do the research for you. With us, you’ll know that you are getting the best price and the best coverage. Contact us today to learn more.