Elizabeth, NJ, is a great place to start a business. In addition to having access to the Port Newark-Elizabeth Marine Terminal, one of the busiest ports in the world, many area businesses can benefit from the Urban Enterprise Zone, which cuts their sales taxes in half. If you have invested in a business in this great American city, you can greatly benefit from the protection of an Elizabeth, NJ business insurance policy.
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New Jersey Small-Business Industries that Employ the Most People
- Healthcare and social service companies provide 514,100 jobs.
- Retail trade companies provide 444,600 jobs.
- Professional, scientific and technical services companies provide 325,800 jobs.
- Accommodation and food services companies provide 277,200 jobs.
- Administration, support, and waste management companies provide 261,800 jobs.
- Wholesale trade companies provide 257,000 jobs.
- Manufacturing companies provide 252,400 jobs.
No matter what your industry, a comprehensive commercial business insurance policy can protect your privately owned business from suffering financial losses due to unforeseen problems or circumstances.
The Importance of Having an Elizabeth Business Insurance Policy
Like most states, New Jersey requires all businesses that have employees to have coverage for workers compensation and disability. Similarly, if your business uses vehicles for delivery, transportation or construction, you will be required to carry commercial vehicle insurance. Finally, if you have taken out a large business loan to build capital for your business, your lender will probably require you to carry a comprehensive commercial insurance policy.
On the other hand, if your business is a sole proprietorship and you do not have any employees, as is the case with 74.5 percent of all New Jersey small businesses, you are not required to carry insurance. Regardless of whether a comprehensive commercial policy is required, it is a very good idea to protect your business and the investment that you have made in it with a solid business insurance policy.
Union County Industries that Employed the Most People
- Trade, transportation and utilities: 50,500 jobs
- Professional and business services: 36,100 jobs
- Educational and health services: 30,100 jobs
- Manufacturing: 21,500 jobs
Do not be fooled into believing that because your company is an LLC or a corporation, you have protection against liability-related financial loss. These corporate business structures protect the business owner’s personal assets from liability charges against the company, but the business itself remains vulnerable. To avoid the risk of bankruptcy or shutdown, you need commercial insurance. An Elizabeth business insurance policy can shield your business from losses and allow you to continue business operations without giving up your investment.
Union County Industries Change in Job Numbers During Previous Years
- Professional and business services, increase of 4,496 jobs
- Educational and health services, increase of 2,184 jobs
- Manufacturing, decrease of 14,708 jobs
- Trade, transportation and utilities, decrease of 4,583 jobs
As the economy slowly recovers from the recent recession, Union County experts expect many of the lost jobs, particularly in the manufacturing, trade and construction sectors, to rebound.
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What Does Business Insurance Cover?
There are many different types of businesses, varying greatly in size, and industry and risks. Business insurance policies offer many policy options. This allows you to customize your policy to meet your business’s unique coverage needs. Your Elizabeth business insurance policy may provide coverage for the following:
- General, professional or product liability issues
- Instances of malpractice or negligence in provision
- Loss or damage caused by weather, fire, vandalism, and theft
- Lost income during an interruption caused by a covered event
How Can You Find the Best Elizabeth Business Insurance Policy?
Because there are so many different variables in business insurance policies, when shopping for an appropriate business insurance policy, you will likely benefit from the assistance of an independent agent. A local member agent can assist you in determining your business’s unique risks and coverage needs and will ensure that you have all the coverage that you need without purchasing the coverage you do not need. It is easy to find an agent close to you and to set up an obligation-free meeting.
Contact an insurance agent today to get more information and to obtain a variety of Elizabeth commercial insurance quotes for policies designed specifically for your business.