There are more than 792,000 businesses operating in the state of New Jersey, and about 3,750 of these businesses can be found in the borough of Fair Lawn. While businesses in the retail trade and the professional, scientific-technical services industries are most abundant here, businesses of all types have the potential to thrive in this vibrant town. As a business owner, you can protect your investment with comprehensive commercial insurance. A local independent insurance agent can help you build a customized business insurance plan that will cover all of your company’s various exposures. Find an insurance agent in or near Fair Lawn to get started.
Liability Insurance for Small Businesses in Fair Lawn, NJ
Even if the courts rule in your favor, being named in a liability lawsuit can be very expensive. That is why liability insurance is a crucial part of every commercial insurance policy. It is designed to cover the expenses related to liability lawsuits, including court costs, legal defense fees, and damages. Your business insurance policy will include commercial general liability insurance (CGL).
This basic liability coverage has two main coverage components: premises liability insurance, to cover third-party damage that occurs on your business property; and product liability insurance, to cover third-party damage that is caused by products your company produces, sells, or promotes. CGL alone is not always enough. Many businesses need additional policies in order to be fully covered against all of their potential liability risks. Examples of some other commercial liability policies include:
- Employment practices liability insurance: This covers your business 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 judgment, or other mistakes lead to third-party damage.
- Commercial vehicle liability insurance: This covers businesses that own a vehicle or fleet of vehicles in the event that these vehicles are involved in a collision.
- Pollution liability insurance: This covers businesses for the cost of environmental damage if an accident causes toxic substances to pollute the land, water, or air.
Contact a local independent insurance agent to get more information about which liability insurance policies are a good fit for your business.
Cybercrime Insurance for Fair Lawn Small Businesses
No talk of commercial liability coverage is complete without giving special attention to cyber liability insurance. This relatively new insurance product was created to protect businesses against the continually growing threat of cybercrime.
- 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 your company uses computers to manage your customers’ personal and financial information, it is at risk. Even if you safeguard your data with firewalls, passwords, and other security measures, determined hackers can sometimes find a way to break through and access this sensitive information. They can then use the acquired data to commit identity theft and fraud. Companies that experience a data breach can be held liable for the very expensive resultant damages. If your Fair Lawn business collects customer data electronically, be sure to ask your insurance agent for more information about how cyber liability coverage can offer protection.
Property Insurance for Fair Lawn Businesses
Business insurance policies also include commercial property coverage. This is designed to reimburse your company for loss or damage to property such as inventory, furnishings, tools, computers, and more.
- Number of federally declared disasters in NJ since 1953: 53
- Most common reasons for declared disasters: Severe Storms
A major disaster, like an explosion or a severe storm with hurricane-force winds, can cause extensive destruction to your business-owned property. It is therefore important to be sure that your coverage levels are high enough to enable you to repair, rebuild, or replace damaged belongings without your Fair Lawn business experiencing a large financial loss.
Some commercial property needs specialized policies (for example, boiler & machinery insurance, inland marine insurance or contractors equipment insurance) in order to be properly covered. 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.
Business Interruption Insurance for Businesses in Fair Lawn
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 fire or a hurricane, can force you to close down your business for weeks, or even months, while the resultant damage is 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. Most policies limit business interruption insurance coverage to one year. Talk to an independent agent in Fair Lawn to learn more.
Workers' Compensation for Fair Lawn Businesses
There are many ways that your workers can be injured on the job, from short-term physical injuries like cuts that require stitches to illnesses caused by exposure to toxic 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 treatment, lost wages, and other related expenses if employees are injured on the job. Rates for this coverage are based on the risks associated with the work your employees do. A worker in a manufacturing plant would cost far more to insure than a computer programmer.
The state of New Jersey requires all employers that are not covered by federal programs to carry this insurance. In this state, workers’ compensation insurance 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 an appropriate and competitively priced policy through a commercial provider. With approval, your business also has the option to self-insure.
Employee Benefits for Small Businesses in Fair Lawn
It can be financially advantageous 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 health care take 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 health care in NJ: $6,283/person or $17,396/family
Health insurance is expensive, but 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 the guidance of a local insurance professional when you are shopping for policies to include in your employee benefits package.
Why Work with an Independent Insurance Agent?
Every business is unique, and each has its own particular coverage needs. 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 to you, as a business owner, enables you to fully customize your coverage. A local independent agent can help you navigate through your many choices so you can select the coverage that is best for your company.
Contact an insurance agent in or near Fair Lawn to get started in your search for the best and most affordable business insurance policies.
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