Bloomfield Business Insurance

Complete Guide to Bloomfield, NJ, Business Insurance

Find the right business insurance policy for you.

Small business owner on the computer

More than 4,000 businesses can be found in Bloomfield Township, NJ.  Companies operating in the healthcare and educational services industries are most abundant here, but businesses of all types have the potential to thrive. If you own a business in this township, you will want to be sure to have a comprehensive business insurance plan.

A local independent agent can help you identify the specific risks your company faces and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to start comparing customized commercial insurance quotes.

Businesses in Bloomfield Need Liability Insurance

Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your company is sued for a covered event. All business insurance policies include commercial general liability insurance (CGL).

CGL provides premises liability insurance which covers your business if an accident on company property causes third-party injuries, illnesses, or damages, and product liability insurance which covers your business if a defect in a product your company produces, sells, or promotes causes third-party injuries, illnesses, or damages.

Businesses typically have liability exposures that go beyond what CGL insurance can cover. Your insurance agent can help you identify your company’s other liability risks and can recommend the right insurance products to cover against them. Examples of some of the many available commercial liability products you can choose from include: 

  • Employment practices liability insurance (EPLI): This covers your business if a current or former employee sues for illegal business practices such as discrimination, harassment, or wrongful termination. For example, in 2019, three Bloomfield police officers were awarded $1 million when they sued for discrimination due to military service.
  • Liquor liability insurance: This covers businesses that sell, serve, or furnish alcoholic beverages. New Jersey is one of only a few states that have a “dram shop” law. This law enables victims of injuries or property damage caused by intoxicated people to sue the businesses that served them or otherwise provided the alcohol.
  • Cyber liability insurance: This product protects businesses that store sensitive customer data electronically. If hackers break into your computer system and access this information to commit theft or fraud, this insurance can cover the resultant damages. It can also pay to provide affected customers with credit monitoring services.
  • Professional liability insurance: This covers individuals in professional positions in the event that errors in judgement or other professional mistakes cause third-party damages. This type of insurance can cover all kinds of professionals ranging from doctors to real estate agents.

Talk to your local insurance agent to learn more about these and any other liability products that may be right for your Bloomfield business.

Bloomfield Business Insurance Covers Your Commercial Property

All business insurance policies also include commercial property insurance. This is designed cover the cost of repairing or replacing your business-owned property if it is damaged by a covered event. It can cover such assets as merchandise, inventory, tools, machinery, and office furniture.

Businesses in Bloomfield are most likely to experience damages caused by hail, windstorms, hurricanes, and freezing temperatures. Although hurricanes damage is covered by business insurance, flood damage is not. If your business is at risk for flooding, be sure to also consider a supplementary commercial flood insurance policy.

A local independent insurance agent may also recommend other specialized policies like inland marine insurance or boiler & machinery insurance if they are necessary in order for all of business property to be properly covered. Talk to an insurance agent near you to learn more.

The Importance of Business Interruption Insurance in Bloomfield, NJ

Damage to your business-owned property isn’t your only risk during a catastrophic event. You may also need to close down your business operations for weeks — or even months — while repairs are made. Without a stream of revenue during these times, many small businesses could find themselves defaulting on loans and facing bankruptcy.

  • Number of federally declared disasters in NJ since 1953: 50
  • Most common reasons for declared disasters: Severe storms and hurricanes

Business interruption insurance is designed to provide a continuation of income during the times that your company is forced to temporarily close down because of damages caused by a covered event. This insurance enables your company to continue to pay expenses, like loan installments and salaries, until you can once again resume your normal business operations.

Businesses in Bloomfield Township are most likely to experience a long-term closure because of damages caused by structure fires or hurricanes. When Hurricane Sandy made landfall in 2012, Bloomfield business owners experienced a great deal of property damage due to toppled trees, damaged roofs, and flooding.

Talk to a local independent insurance agent to learn more about how business interruption insurance can protect your Bloomfield business.

Does Your Bloomfield Business Need Worker’s Compensation Insurance?

Workers’ compensation insurance is designed to cover your employees’ medical treatments, lost wages, and other associated expenses if they are hurt while doing their jobs. It can also pay out death benefits to family members in the unfortunate event that a workplace injury proves fatal.

In New Jersey, all employers who are not covered by federal programs are required to either have workers’ compensation coverage or obtain approval for self-insurance. The cost for this insurance is based on how likely your workers are to suffer a serious injury according to their job type. Therefore, it would cost more to insure a warehouse worker than an office clerk.

An independent insurance agent can help you find an appropriate policy through a commercial provider.

What about Employee Benefits for Your Bloomfield Business?

Health insurance may be costly, but providing it to your employees can have money-saving benefits for your company. Studies by human resource managers have shown that workers who have access to healthcare tend to use up fewer sick days. Other studies have demonstrated that an attractive benefits package can help companies recruit and retain the best employees.

  • Amount spent on healthcare coverage by NJ businesses: $2.239,166
  • Ranked 44th highest medical insurance costs in the US
  • Average annual cost of healthcare in NJ: $6,283/person or $17,396/family

If you want to include health and life insurance in your employee benefits package, you will find that there are many different policy types and coverage options available.  This can make it difficult to determine which are the best policies. You may therefore benefit from having the guidance of an experienced insurance professional when you are making your selections.

Talk to your local independent insurance agent for more information about business health and business life insurance products.

Why Work with an Independent Insurance Agent in Bloomfield, NJ?

There is no such thing as a one-size-fits-all business insurance plan. That’s why insurance companies offer a wide variety of products and policy options that enable business owners to fully customize their company’s commercial insurance portfolio. Independent insurance agents can help you choose the best coverage to meet your company’s specific needs.

Because they do not work for a particular insurance company, these agents are able to shop around for appropriate business insurance policies at the most competitive prices. Contact an independent insurance agent with an office in or near Bloomfield Township to get started.

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