The small state of New Jersey is home to more than 792,000 businesses. In Brick, New Jersey nearly 6,000 businesses represent a variety of industries, including transportation, health care, and manufacturing. Business owners in Brick Township need a comprehensive business insurance plan to protect their assets and their employees when something goes wrong. Since every business has unique risks, it’s important to understand all of your exposures and find tailored insurance policies to cover them. A local independent insurance agent can help you assess your risks, compare policies and quotes, and make an informed decision.
Liability Insurance for Small Businesses in Brick, NJ
Lawsuits against businesses are common. Whether a customer trips and falls in a single-location store or a food manufacturer is responsible for causing illness to hundreds with tainted products, negligence claims can quickly destroy a business. That’s why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers the injured party’s medical expenses as well as any property damage that you are responsible for. And it covers court costs, attorney fees, and even settlements or judgments that you must pay to injured parties.
CGL policies typically include premises liability insurance, which covers incidents on your business property. CGL policies also include product liability coverage, which pays for third-party damage, illnesses, or injuries caused by defective products that you produce, sell, or promote. Not every kind of liability risk is covered by a CGL policy. There are additional types of commercial liability policies available for many of these scenarios. Talk to your independent insurance agent about why you might need the following types of liability protection:
- Commercial auto liability insurance: This is necessary if your business owns and operates any vehicles. It covers your vehicle fleet and drivers if an employee causes an accident while driving an employer-owned vehicle.
- Environmental liability, or pollution liability coverage: Protects companies from the costs associated with damage caused by improperly disposing of hazardous waste or causing environmental harm.
- Employment practices liability insurance: Covers your business against accusations of harassment, discrimination, wrongful termination, or other illegal business practices.
- Professional liability insurance: Covers lawsuits arising from rendering negligent professional services or failing to perform professional duties. It is often recommended for people in professional positions, such as lawyers, accountants, architects, and IT professionals, but it is becoming more common for a variety of business types.
An independent agent can help you determine which commercial liability products are right for your Brick, NJ business.
Cyber Liability Insurance for Brick, NJ Businesses
Cyber liability insurance is a liability insurance policy or rider that is designed to protect companies against the increasing threat of cybercrime. Almost every business has at least some cyber risk exposure, and most are in more danger of cybercrime than they realize.
- Number of identity theft complaints in New Jersey per year: 7,144
- Ranked 19th highest for identity theft complaints in the US
- Only 22% of businesses have a cyber/data breach response plan
Cyber liability insurance protects your business assets by paying for many of the costs related to a cyber breach and any resulting legal action against you. Be sure to ask an independent agent about how cyber liability insurance can help you protect your business.
Property Insurance for Small Businesses in Brick, NJ
Severe storms and hurricanes are serious threats to commercial property in New Jersey.
- Number of federally declared disasters in New Jersey since 1953: 51
- Most common reasons for declared disasters in New Jersey: Severe Storms and Hurricanes
Commercial property insurance is the coverage you need to reimburse you for damage to your physical assets. It pays for repairing and replacing buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when they are damaged by some type of covered event. An independent insurance agent can help you determine if you need more than just a basic commercial property policy.
Some businesses have specialized machinery or equipment that needs additional coverage. And if you have tools, equipment, or other materials stored at job sites or in transit, you may also need additional coverage to protect those assets. Be sure to talk to your agent about the appropriate coverage limits for your unique business, so you can make repairs or rebuild without taking a major financial hit.
Business Interruption Insurance for Brick, NJ Businesses
Property damage can be far more devastating than you could imagine. If your commercial property is damaged or destroyed, you may also be forced to close your doors for weeks or longer while you make repairs, rebuild, or relocate. Without a consistent revenue stream, small businesses especially may find themselves failing to pay fixed expenses, defaulting on loans, and facing bankruptcy. Business interruption insurance provides income continuation if you must close temporarily because of property damage caused by a covered event. You can continue to pay for expenses like loan payments and employee salaries until you resume normal operations.
Workers’ Compensation Insurance for Brick, NJ Businesses
Workers’ compensation insurance is a no-fault program designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. It also provides death benefits to dependents of workers who have died as a result of their employment. Workers’ compensation insurance allows you to protect your employees from the costs of these injuries, and it protects you from lawsuits related to workplace accidents. In New Jersey, all employers that are not covered by federal programs are required to have workers’ compensation insurance. This includes:
- Corporations: All corporations with one or more employees—including corporate officers—must have workers’ compensation insurance or be approved for self-insurance.
- Partnerships and LLCs: Partnerships and LLCs with one or more employees must have workers’ compensation insurance or be approved for self-insurance. Partners or members of the LLC are excluded from coverage but can elect to be included.
- Sole proprietorships: Sole proprietorships with one or more employees must have workers’ compensation insurance or be approved for self-insurance. Principal owners are excluded from coverage but may elect to be included.
Inmates, casual employees, independent contractors, domestic workers, and employees who were injured due to willful negligence are excluded from workers’ compensation coverage in New Jersey. It’s best to work with an independent insurance agent who understands the workers’ compensation laws and the requirements for your business. Failing to comply with workers’ compensation laws can lead to fines and penalties for employers.
Employee Benefits for Small Businesses in Brick, NJ
There are many different health insurance and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. Employee benefits can help you attract and retain top employees, and they are a huge but essential expense for any business. In order to make the best decisions about what kind of health insurance, life insurance, and other benefits are best for your unique employee population, it’s best to work with a knowledgeable independent insurance agent.
- Average amount spent per year on healthcare coverage by New Jersey businesses: $2,239,166
- Ranked 8th for highest health insurance spending in the US
- Average annual cost of healthcare coverage in New Jersey: $6,283/person or $17,396/family
A local independent agent can help you find suitable coverage at a competitive price.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Brick, NJ business. You probably have a lot of questions, and a local independent insurance agent can help. An independent agent can work with insurance companies that specialize in the type of work that you do. And your agent can help you assess your risks and get quotes from multiple, highly rated insurance companies.
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