According to the US census, there are more than 792,000 businesses operating in the state of New Jersey, and about 4,450 of these businesses can be found in Evesham Township. While companies in the healthcare and the professional, scientific, and technical services industries are most abundant here, businesses of all types have found success in this Philadelphia suburb.
Business insurance can help your company stay profitable by protecting it from undue financial losses. A local independent agent can help you build a customized commercial insurance plan that will cover against all of your business’s various exposures. Find an insurance agent in or near Evesham Township to get started.
Liability Insurance Is Important for Evesham Township Businesses
Even if the courts rule in your company’s favor, being named in a liability lawsuit can be very expensive for your business. That is why liability insurance is a crucial part of every commercial insurance policy. It is designed to cover the various expenses associated with liability lawsuits including court costs, legal defense fees, and damages.
All business insurance policies include commercial general liability insurance (CGL). This basic liability coverage has two main coverage components:
- Premises liability insurance: This covers third-party injures and property damage that occur due to accidents on your business property
- Product liability insurance: This covers third-party injuries, illnesses and damages that occur due to defects in the products your company produces, sells, or promotes.
CGL alone is not always enough to protect businesses against all of their liability risks. Many businesses need additional policies in order to be fully covered. Examples of some of the many other commercial liability products that are available for you to choose from include:
- Employment practices liability insurance: This covers businesses against accusations of illegal practices such as harassment, discrimination, and wrongful termination.
- Professional liability insurance: This covers individuals in professional positions in the event that negligence, errors in judgement, or other professional mistakes lead to third-party damages, losses, or hardships.
- Cyber liability insurance: This covers businesses against the growing threat of cybercrime. If hackers break into your company’s computer system and steal sensitive customer data like financial and personal information, your businesses can face huge financial penalties. This insurance helps to cover the costs.
- Environmental liability insurance: This covers businesses that use or produce toxic substances for the cost of environmental damage if an accident leads to the pollution of the land, water, or air. It can cover cleanup costs and damages.
Contact a local independent insurance agent to get help deciding which commercial liability insurance policies are a good fit for your Evesham Township business.
Evesham Township Business Insurance Covers Commercial Property
All business insurance policies also include commercial property coverage. This is designed to reimburse your business for loss or damage to company-owned property such as furniture, signs, inventory, computers, machinery, and more.
- Number of federally declared disasters in NJ since 1953: 50
- Most common reasons for declared disasters: Severe storms and hurricanes
Businesses in Evesham Township are most likely to experience damages caused by severe storms, accidental fires, and property crimes. It is important to be sure that your coverage limits are high enough to enable you to repair, rebuild, or replace damaged property without your Evesham Township business experiencing a large financial loss.
Sometimes commercial property needs to be covered by specialized policies like boiler & machinery insurance, inland marine insurance, or contractor equipment insurance. A local independent insurance agent can ensure that all of your business assets are covered by the right policies when you are building your commercial insurance plan so that you are not left with any unintentional coverage gaps.
Companies in Evesham Township Can Benefit from Business Interruption Insurance
When disaster strikes, you need to be prepared for more than just damage to your business-owned property. In some cases, a major disaster, like a structure fire or a severe windstorm that can topple trees onto your property, can force you to close down your business for weeks or even months while the damages are repaired.
Business interruption insurance is designed to provide your company with a continuation of income during these times. This insurance enables you to have the income you need to pay your employees’ salaries and other expenses like loan payments until you are able to resume your normal operations. Talk to an independent agent in Evesham Township to learn more.
Most Businesses in Evesham Township Need Workers’ Compensation Insurance
There are many ways that workers can be injured on the job. These range from short-term physical injuries like cuts that require stitches to long-term illnesses caused by exposure to toxic fumes or substances. If an employee is hurt because of the work they do, your business is responsible for covering the associated costs.
Workers’ compensation insurance is designed to cover medical treatments, lost wages, disability payments, and other related expenses if employees are injured while working for you. Rates for this coverage are based on the risks associated with the jobs your employees do. Therefore, a worker at a roofing company would cost far more to insure than a receptionist at a doctor’s office.
The state of New Jersey requires all employers that are not covered by federal programs to carry workers’ compensation insurance. In this state, workers' comp does not cover independent contractors, domestic workers, casual employees, inmates, or employees who are injured due to willful negligence.
Let a local independent insurance agent help you secure a competitively priced policy through a commercial provider. Or with approval, your business can opt to self-insure.
How to Find the Best Insurance to Include in Employee Benefits Packages
Despite the costs, it can actually be financially beneficial to provide your workers with benefits like vacation time, health insurance, and life insurance. Studies by human resources experts have shown that businesses with great benefits packages are more likely to attract and retain ideal employees. It has also been demonstrated that workers who have access to healthcare use up fewer sick days.
- 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
A local independent agent can help you find good coverage at a competitive price. There are several different policy types you can choose from, so you may find it beneficial to have guidance of a local insurance professional when you are shopping for life and health insurance policies to include in your employee benefits package.
Why Work with an Independent Agent in Evesham Township, NJ?
The coverage needs of one business can vary significantly from the needs of another. That is why when it comes to commercial insurance, there is no such thing as a one-size-fits-all policy. The wide range of products and policy options available allows for each business insurance policy to be fully customized to meet the specific needs of the policyholder.
A local independent agent can help you navigate through your many choices so you can select the policies that are best for your particular company. Contact an insurance agent in or near Evesham Township to get started in your search for the best and most affordable business insurance.
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