Hackensack, NJ is home to nearly 6,000 businesses. The top industries in this New York City suburb are manufacturing and professional, scientific and technical services. Of course, in this diverse city, there is a need for all types of businesses. As a business owner in Hackensack, it is important that you protect your commercial enterprise with a comprehensive insurance plan.
Finding the right businesses insurance can be complicated. Fortunately, you do not need to tackle it alone. Independent Insurance Agents in Hackensack can help you build a solid coverage portfolio by identifying your company’s specific risks and determining which policies can best cover against them. Find an insurance agent near you to get started.
Liability Insurance for Small Businesses in Hackensack, NJ
Liability insurance is an extremely important part of your business insurance policy. It is designed to cover the court costs, legal fees, and damages associated with certain liability lawsuits. All business insurance policies include commercial general liability insurance (CGL). It has two main coverage components:
- Premises liability insurance: Designed to cover third-party injuries, illnesses, and property damage that occurred on your business property.
- Product liability insurance: Designed to cover third-party injuries, illnesses and property damage caused by problems with products your business produces, sells or promotes.
CGL alone is not always enough. An independent insurance agent can identify any other liability risks your business faces and can recommend the appropriate policies to cover against these hazards. Examples of some of the many liability insurance products available to you include:
- Liquor liability insurance: Covers businesses that sell or serve alcohol if an intoxicated patron causes injuries or property damage to others.
- Employment practices liability insurance: Covers businesses against accusations of illegal business practices such as discrimination, harassment, and retaliation.
- Environmental liability insurance: Covers businesses against the accidental pollution of the ground, water, or air by toxic substances used or produced by the business.
- Professional liability insurance: Covers individuals in professional positions for damages caused by negligence, errors in judgment, and other professional mistakes.
You can learn more about these and your many other commercial liability coverage options by consulting a local independent insurance agent.
Cyber Liability Insurance Protects Hackensack Businesses
If your business uses computers, cyber liability insurance is one liability product you may find of particular interest. This relatively new coverage was designed to protect businesses from the growing threat of financial loss due to cybercrime. Cyber liability insurance provides coverage in the event that hackers break into your business’s computer system and access sensitive customer data that your company has stored electronically. This data can then be used to commit identity theft and fraud, and your company can be sued for the resultant damages.
- 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
Firewalls and passwords will only slow a determined hacker down. Be sure to ask your insurance agent for more information about how cyber liability insurance can offer your Hackensack business an additional layer of protection.
Property Insurance for Small Businesses in Hackensack
- Number of federally declared disasters in NJ since 1953: 50
- Most common reasons for declared disasters: Severe Storms and Hurricanes
Fortunately, all business insurance policies include commercial property coverage. It is designed to compensate your business for loss or damage to your commercially owned property, including merchandise, furniture, outdoor signs, tools, and machinery. Some commercial property needs to be covered by specialized insurance like contractors equipment insurance, inland marine insurance, or boiler & machinery insurance. Your local agent can help you be sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace, if necessary.
Business Interruption Insurance for Hackensack Businesses
Major disasters, like fires and hurricanes, can do more than just damage property. They also have the potential to force businesses to remain closed for an extended period while repairs are made. A closure that lasts for several weeks or months can be financially devastating for a small business. That is why, when disaster strikes, business interruption insurance is so important.
Business interruption insurance is designed to provide companies with a continuation of income when a covered event leads to a long-term closure. With this insurance, your business can continue to pay monthly expenses and employee salaries even while it is unable to generate revenue. These policies typically limit coverage to up to one year.
Hackensack Businesses Need Workers’ Compensation Insurance
Workers’ compensation insurance (sometimes referred to as “workman’s comp”) is designed to cover the cost of medical treatment, lost wages, and other associated expenses if an employee of your company is injured or becomes ill on the job. This insurance can also provide family members with compensation in the unfortunate event that a workplace accident proves fatal. In the state of New Jersey, all employers that are not covered by federal programs are required to have workers’ compensation insurance. This insurance does have its limitations, however. In this state, workers’ compensation will not cover inmates, casual employees, independent contractors, domestic workers, or employees who were injured due to willful negligence.
The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. You can expect it to cost far more to cover a worker at a sign manufacturing plant than it would to cover an IT specialist in an office setting. Your agent can help you find appropriate coverage through a commercial provider.
Employee Benefits for Small Businesses in Hackensack
Studies conducted by human resource management professionals have shown that when businesses offer their workers benefits such as vacation time, sick time, life insurance, and healthcare coverage, they are better able to attract and retain highly skilled employees.
- 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
There are many different life and health insurance products available for you to choose from. This can make it difficult to decide which to include in your employee benefits package. Fortunately, local independent agents are available to explain each of your various options, answer your insurance-related questions, and help you find competitively priced coverage.
Why Work with an Independent Insurance Agent?
Every business has specific risks and exposures, and no two companies are alike. That is why insurance providers make it possible to fully customize your commercial coverage. An independent insurance agent can guide you in your search for the best policies to cover your Hackensack business. Because they can work with multiple insurance companies, independent agents can find you great coverage at competitive rates.
Contact an insurance agent with an office in or near Hackensack to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.
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