Your Guide to Howell Township, NJ, Business Insurance

Howell Township, NJ, is home to more than 4,200 businesses. Construction and machinery companies are most common in this township, but any business that meets the needs of the community has the potential to thrive here. As a business owner in Howell Township, you can protect your investment with a comprehensive business insurance policy.

Obtaining the right commercial insurance can be complicated. Fortunately, you do not need to tackle it alone. Independent insurance agents in Howell Township can help you build a solid business insurance 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.

How Does Liability Insurance Protect Howell Township Businesses?

Liability insurance is an important part of every business insurance policy. It is designed to cover the court costs, legal fees, and damages associated with liability lawsuits. All business insurance policies include commercial general liability insurance (CGL). CGL has two main coverage components:

Premises liability insurance: Covers third-party injuries, illnesses, and property damage that occur due to accidents on your business property.
Product liability insurance: Covers third-party injuries, illnesses, and property damage caused by problems with products your business produces, sells, or promotes.

CGL alone is not always enough to fully cover most businesses against all of their liability exposures. 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 commercial liability insurance products that are available to you include:

Employment practices liability insurance: Covers your business against accusations of illegal practices such as discrimination, harassment, and retaliation.
Cyber liability insurance: Covers businesses that use computers to store sensitive customer data such as financial and personal information. It can pay for damages and restitution if hackers break through your company’s firewall and access this data.
Environmental liability insurance: Covers your business against the accidental pollution of the ground, water, or air by toxic substances used or produced by your business.
Professional liability insurance: Covers individuals in professional positions against lawsuits related to damages caused by negligence, errors in judgment, and other professional mistakes.
Liquor liability insurance: Covers businesses that sell or serve alcohol if an intoxicated patron causes injuries or property damage to others and your business is named in a liability lawsuit.

You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.

What Does Commercial Property Insurance Cover Against?

All business insurance policies also include commercial property coverage. It is designed to compensate your business for loss or damage to your commercially owned property including such things as merchandise, furniture, outdoor signs, tools, and machinery.

Howell Township businesses are most likely to experience property loss, damage, or destruction due to such hazards as accidental fires, property crimes, and severe weather events like electrical storms, heavy winds, and hail.

One thing that business insurance does not cover, however, is flood damage. This applies even if the flooding is the direct result of a covered event like a hurricane. Fortunately, your local independent insurance agent can also help you secure a flood insurance policy through the National Flood Insurance Program (NFIP).

Keep in mind that in 2018, many parts of Howell Township were affected by widespread flash flooding. Many of those affected were not located in designated flood zones. This highlights the importance of being prepared for the unexpected.

Why Is Business Interruption Insurance Important in Howell Township?

In June of 2017, Howell Township was hit by two F0 tornadoes on the same day. One touched down in the Fort Plains area, where Home Depot, Chase Bank, a strip mall, and an ice cream shop all sustained significant damages. The other touched down in a park in Oak Glen.

Number of federally declared disasters in NJ since 1953: 50
Most common reasons for declared disasters: Severe storms and hurricanes

Major disasters, like tornadoes and structure fires, can do more than just damage property. They also have the potential to force businesses to remain closed for an extended time while repairs are made. A closure that lasts for several weeks or months can be financially devastating, especially 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 if a covered event leads to a long-term closure. With this insurance, your business can continue to pay its regular monthly expenses even though it is unable to generate revenue during the closure. These policies typically limit coverage to up to one year.

Do All Howell Township Businesses Need Workers’ Compensation Insurance?

Workers’ compensation insurance is designed to cover the cost of medical treatment, lost wages, disability pay, and other expenses if an employee is injured while working for your company. 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 carry workers’ compensation insurance. Sole proprietors with no employees are exempt from needing this coverage.

The cost of workers’ compensation is based on your company’s overall payroll and the types of jobs your employees do. Therefore, you can expect it to cost far more to cover a construction worker than it would to insure a cashier at a clothing store. Your agent can help you find appropriate coverage through a commercial provider.

What about Insurance Products for Employee Benefits Packages?

Studies by human resource professionals have shown that when businesses offer their workers benefits such as vacation time, sick time, life insurance, and health insurance, they are better able to attract and retain highly skilled employees. Other studies found that employees with access to healthcare tend to use fewer sick days.

Amount spent on healthcare coverage by NJ businesses: $2.239,166
Ranked 44^th highest medical insurance costs in the US
Average annual cost of health care in NJ: $6,283/person or $17,396/family

When you are shopping for insurance products to include in your employee benefits package, you will find that there are many different kinds of products available for you to choose from. This can make it difficult to decide which is best.

Fortunately, local independent agents are available explain each of your various options, answer your insurance-related questions, and help you find great coverage at a competitive price.

Why Work with an Independent Insurance Agent in Howell Township, NJ?

Every business has specific risks and exposures, and no two companies are alike. That is why business 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 Howell Township business.

Because they can work with multiple insurance companies, independent agents can shop around to find you great coverage at an affordable price. Contact an insurance agent with an office in or near Howell Township to learn more. You will soon discover how easy it can be to build a comprehensive business insurance portfolio.

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