There are nearly 793,000 businesses operating in New Jersey. The economy of Cherry Hill is diverse, with over 8,100 local businesses. Health care and professional services firms are among the most prominent industries operating in the municipality. Whether you operate a small or large business in Cherry Hill, you need business insurance to protect your assets and your employees. Remember that business insurance is not a single insurance policy. A local independent insurance agent can find and customize a comprehensive set of policies and endorsements tailored to the unique risks that you face.
Liability Insurance for Small Businesses in Cherry Hill, NJ
It’s not uncommon for lawsuits alleging negligence by a business to result in judgments of $1 million or more. If your business were sued for some kind of error, negligence, or faulty product, how would you pay for attorney fees, court costs, and any judgments levied against you? The best way to be sure you're covered is to purchase liability insurance. A commercial general liability policy offers broad protection from lawsuits. It can mean the difference between staying in business and declaring bankruptcy should you be faced with serious allegations.
While a CGL policy covers your business in many situations, it is not enough coverage for many businesses. In fact, commercial general liability insurance excludes coverage for certain types of lawsuits, such as those related to employment disputes and claims of professional errors or negligence. In these and other cases, you might need additional policies or endorsements to ensure you are fully protected. An independent insurance agent can help you assess your need for additional liability coverage, such as professional liability insurance and employment practices liability insurance.
Cyber Liability Insurance for Cherry Hill Businesses
A discussion of liability protection would not be complete without assessing your need for cyber liability insurance. Cyber liability insurance is a relatively new insurance product, but it is becoming an essential part of a complete business insurance package for many businesses, no matter their size.
- 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
If you are sued because of a data breach or other cybercrime, your business will be responsible for paying legal fees, court-ordered judgments or settlements, and any other court-related costs. You will also need to notify your customers of the breach, provide them with credit monitoring services, and undertake extensive public relations efforts to repair your public image. Imagine the financial blow this would be to a small firm. Cyber liability coverage protects your business assets by covering many of these costs. Be sure to ask an independent agent about how cyber liability insurance can help you protect your Cherry Hill business.
Property Insurance for Small Businesses in Cherry Hill, NJ
Cherry Hill experiences severe storms, heavy precipitation, and even the effects of Atlantic hurricanes and tropical storms. A natural disaster can wipe out your business in one fell swoop. And even more common occurrences like fires, break-ins, or vandalism can cause serious damage and put your ability to operate in jeopardy.
- Number of federally declared disasters in New Jersey since 1953: 53
- Most common reasons for declared disasters in New Jersey: Severe Storms
Cherry Hill business owners need commercial property insurance to ensure they can repair, rebuild, or even relocate if disaster strikes. Property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to a covered event.
Remember that commercial property insurance doesn’t cover your physical assets in every situation. You might need special coverage for specialized equipment and machines, or for materials, inventory, or tools that are in transit. Ask your insurance agent about equipment breakdown coverage or inland marine coverage to supplement your commercial property insurance policy.
Business Interruption Insurance for Cherry Hill Businesses
Big storms and catastrophic events—and even not-so-catastrophic ones—can easily damage your building, your suppliers’ buildings, local utilities, and more, leaving you unable to operate for some time. Bad storms can happen at any time in Cherry Hill and often cause businesses to close, sometimes for good. Business interruption coverage, or business income coverage, protects your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown or some other covered event. If you are forced to close your doors for a while in order to make repairs, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
Workers’ Compensation Insurance for Cherry Hill, NJ Businesses
Workers’ compensation insurance is designed to cover medical treatment, lost wages, and other miscellaneous expenses for employees who are injured on the job. Employees can get hurt, even in the safest workplaces. 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. Your independent insurance agent can help you learn more about the workers’ compensation laws in New Jersey.
Employee Benefits for Small Businesses in Cherry Hill
Employee benefits serve a critical purpose for many employees, which is why a good employee benefits program is a proven way to attract and retain top talent in your organization. Benefits like health insurance, dental insurance, life insurance and disability insurance are also very expensive and complex. It’s important that you carefully evaluate all of your options and choose wisely to ensure that you are choosing the best programs for your employees. You also need to be sure that you are complying with a myriad of rules and regulations.
- Average amount spent per year on healthcare coverage by New Jersey businesses: $2,239,166
- Ranked 8th for highest medical insurance costs in the US
- Average annual cost of health care in New Jersey: $6,283/person or $17,396/family
Working with a knowledgeable independent insurance agent is the best way to ensure that you are choosing the right plan, complying with the laws, and providing a satisfactory program for your employees.
Why Work with an Independent Agent?
There are many business insurance products and options available to protect your Cherry Hill business. You probably have a lot of questions and don’t want to leave any gaps in your protection. A local independent insurance 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.
Find an agent in or near Cherry Hill to get started.
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