Jackson Township is home to more than 4,100 businesses. While the Six Flags Great Adventure & Safari amusement park may be the most well-known business in the area, companies of all sizes and industries are thriving in this New Jersey township. Business insurance protects the finances of these companies so that they can remain profitable.
Independent insurance agents make it easy to build a commercial insurance policy package that can protect your business against all of its potential exposures. Contact an insurance agent in Jackson Township to get more information and to start comparing customized business insurance quotes.
Jackson Township Business Insurance Shields against Liability Lawsuits
If your business finds itself on the wrong end of a liability lawsuit, the associated expenses can be overwhelming. This is true even if the courts ultimately rule in your favor. Your legal defense fees and time spent defending against accusations can really add up. That is why liability insurance is a crucial part of every business insurance policy.
All business insurance policies include commercial general liability insurance, or CGL. CGL insurance is designed to cover against some of the most common liability risks businesses face. It has two main coverage components:
- Premises liability insurance: This covers third-party injuries, illnesses, and damages that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and damages caused by products your company produces, sells, or promotes.
CGL only provides basic liability coverage. Your business may need to secure additional liability insurance policies in order to be fully protected against all of its exposures. There are many other commercial liability products available. These include, but are not limited to:
- Liquor liability insurance: This covers businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that an intoxicated patron causes damage or injury to others and the business that provided the alcohol is named in a lawsuit.
- Employment practices liability insurance (EPLI): This covers businesses against accusations of illegal practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Professional liability insurance: This covers individuals in professional positions in the event that they are sued for damages caused by errors in judgment, failure to act, negligence, or other professional errors.
- Cyber liability insurance: This covers businesses that electronically store sensitive customer information in the event that the company's firewall is breached and this data is accessed by hackers. It can cover financial losses caused by identity theft and fraud and can pay to provide those affected with credit monitoring services.
An independent insurance agent can help you determine whether these or any other commercial liability products are appropriate for your Jackson Township business.
Business Insurance Provides Commercial Property Coverage
All business insurance policies also provide commercial property insurance. This is designed to cover your business property against loss or damage caused by property crimes, severe weather events, accidental fires, and other hazards. You will need to be sure that your coverage limits are sufficient to fully cover your company’s assets.
Some types of business property need to be insured by specialized policies, such as:
- Inland marine insurance: This covers goods and materials while they are in transit.
- Boiler & machinery insurance: This covers the cost to repair or replace broken down or malfunctioning equipment. It also covers losses incurred by your business as a result of the downtime.
- Contractor equipment insurance: This covers loss or damage to contractors' equipment while it is at job sites.
An independent insurance agent will be able to offer you advice about which policies are appropriate for your particular business. That way, you can be sure that all of your company’s assets are suitably protected.
Also, be aware that although business insurance covers against hurricanes, it does not cover the flood damage these storms can bring. You may therefore want to supplement your business insurance coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). Your local independent insurance agent can help you get this coverage.
Business Interruption Insurance Protects Jackson Township’s Businesses
Hurricanes, tropical storms, and heavy winds can topple trees and cause a great deal of destruction in the Jackson Township area. These natural disasters as well as man-made disasters, like fires and explosions, are all risks that businesses must be prepared for.
- Number of federally declared disasters in New Jersey since 1953: 51
- Most common reasons for declared disasters in New Jersey: Severe storms and hurricanes
These types of disasters can be quite damaging, not just to your business-owned property, but to your company’s bottom line. If your business is forced to close down so that repairs can be made, the loss of income can be financially devastating. Business interruption insurance can help your company stay on firm financial footing.
Business interruption insurance is designed to provide a continuation of income during the times your company suffers a forced extended closure. This insurance, which is usually limited to one year, enables you to continue pay normal monthly expenses even while there is no income being generated. Talk to your local insurance agent to learn more.
Employers in Jackson Township Need Workers' Compensation Insurance
Even when reasonable precautions have been taken, workers are sometimes injured on the job. Whether your employees suffer a physical injury on the job or they are afflicted with a long-term illness caused by exposure to a toxic substance at the workplace, as their employer, you are responsible for covering the cost of their medical treatments and lost income.
Workers’ compensation insurance is designed to cover these expenses. In New Jersey, any business that has one or more employees is required to carry this insurance. Sole proprietors with no employees are exempt from this requirement, but may choose to cover themselves if they want to.
The cost for workers’ compensation insurance is based mainly on the probability that your employees will sustain significant injuries based on the types of job they do. Therefore, it would cost more to cover a worker at a roofing company than it would to cover a cashier at one of the Jackson Premium Outlets shops.
Your local independent insurance agent can help you secure a competitively priced policy through a reliable insurance provider that specializes in covering businesses in your industry.
How to Find Great Insurance Products for Employee Benefits Packages
Human resource managers have conducted many studies about the benefits of offering attractive benefits packages to employees. They found that providing perks such as paid vacation, health insurance, and life insurance can help businesses attract and retain ideal employees. They also found that workers with healthcare coverage use fewer sick days.
- Average amount spent per year on healthcare coverage by New Jersey businesses: $2,239,166
- Ranked 8th for highest medical insurance costs in the US
- Average annual cost of health care in New Jersey: $6,283/person or $17,396/family.
There are several different life and health insurance policy types and options available for you to choose from. An experienced insurance professional can help you understand the pros and cons of your various options so that you are able to make an informed decision about which is the best choice for your business. Talk to a local independent insurance agent to learn more.
Why Work with an Independent Insurance Agent in Jackson Township, NJ?
Shopping for business insurance can be confusing, especially if you are unfamiliar with the ins and outs of the various insurance products and options available to you. Independent insurance agents in Jackson Township can help.
These insurance professionals can help you find appropriate coverage at competitive rates. Find an insurance agent in or near Jackson Township to learn more, and you can start reviewing customized business insurance quotes in no time.
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