Middletown Business Insurance

The Complete Guide to Middletown, NJ Business Insurance

Find the right business insurance policy for you.

Middletown Township is a great place for business owners. While businesses operating in the construction and finance and insurance industries are most abundant here, any business that fills the needs of the community has the potential to thrive. If you have established a business in this vibrant New Jersey township, you can protect your investment with a well-built business insurance plan.

Independent Insurance Agents can provide one-on-one support to Middletown business owners who are in search of reliable, affordable commercial insurance. Independent Insurance Agents offer a unique advantage in that they can offer quotes from multiple providers and help you build a customized insurance policy for your business. Contact an insurance agent near you to learn more.

Middletown Business Insurance Provides Liability Coverage

Liability lawsuits remain the single most devastating risk for small businesses across the nation. According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern, and more than 30% said they felt the least prepared to handle this issue. Fortunately, a well-built business insurance policy can cover you against your company's liability risks. All policies include commercial general liability insurance, (CGL). Your policy's CGL covers against the most common business liability hazards and has two coverage components:

Most businesses have liability exposures that go beyond what CGL can cover. Fortunately, there are several additional commercial liability products available so you can purchase coverage against the risks that are inherent to your particular business. Some examples of these other liability products include:

  • Professional liability insurance: This is designed to protect individuals in professional positions against errors, omissions, contract breaches and claims of negligence. 
  • Liquor liability insurance: This is designed to protect businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that a patron becomes intoxicated and causes property damage or injuries to others.
  • Cyber liability insurance: This is designed to protect businesses that use computers to store sensitive customer data in the event that hackers bypass security features and access this data. It can cover the cost of restitution to affected and potentially affected customers.
  • Employment practices liability insurance: Also referred to as EPLI, this is designed to cover your business if it is sued following an accusation of harassment, discrimination, wrongful termination or other illegal business practices.

Talk to your local independent agent to learn about these and many other liability insurance policies that may be beneficial to your business.

Middletown Business Insurance Provides Property Coverage

When disaster strikes, area businesses may sustain damage to their commercially owned property, including everything from inventory to office furnishings to tools and equipment. The good news is that all business insurance policies include commercial property coverage.

  • Number of federally declared disasters in New Jersey since 1953: 51
  • Most common reasons for declared disasters in New Jersey: Severe Storms and Hurricanes

You will want to be sure that your business insurance policy includes high enough coverage limits to fully cover all of your business assets. At times, you may need to include extra property coverage such as inland marine insurance, which covers items while in transit, and boiler & machinery insurance, which covers repairs to necessary business machinery.

Given its proximity to the coast, Middletown's businesses have a significant risk of damage due to hurricanes, heavy winds, and floods. While wind and hurricane damage is covered by business insurance, flood damage is not. A local independent agent can help you supplement your business insurance with an affordable commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Business Interruption Insurance for Middletown Businesses

Middletown’s heavy winter snows pose a serious threat to property owners, and businesses also must consider the potential consequences. When the next big blizzard hits the area, the heavy snowfall it brings will inevitably cause property damage. In some cases, the damage to commercial property is so severe that companies have to completely shut down until repairs are complete. Another hazard business owners must contend with is hurricane damage. If heavy winds and flooding lead to long-term power outages in the area, many businesses may have to shutter their doors until they once again have the resources they need to carry out business as usual. 

Long-term closure can lead to unmanageable financial losses for area businesses. Fortunately, if your commercial insurance policy includes business interruption insurance, you can rest assured that you will have the continuation of income you need to keep your business afloat. Business interruption insurance enables companies to continue to pay employee salaries, loan installments, and other regular business expenses until they can once again resume regular operations following a covered event.

Most Middletown Businesses Need Workers' Compensation Insurance

If an employee is injured and you fail to have workman’s compensation policies in effect, you could be facing a financial nightmare in addition to a lengthy lawsuit. That is why workers' compensation insurance is so important. The state of New Jersey requires all businesses that have at least one employee to carry workers' compensation insurance. Sole proprietors with no employees are exempt from coverage but may opt to cover themselves if they wish to.

If one of your employees suffers from a work-related illness or injury, your workers' comp policy steps in to pay for the medical bills and the employee’s lost wages. It can also provide survivor benefits to family members in the unfortunate event that a workplace injury is fatal. Talk to your local independent insurance agent to learn more.

Employee Benefits Coverage for Middletown Businesses

Providing your employees with benefits such as subsidized health insurance and life insurance can make you a more attractive employer and can lower employee turnover. Unfortunately, this coverage does not come cheap, especially when it comes to health insurance.

  • Total recent spending on premiums in New Jersey: $2,239,166
  • Ranked 44th for highest premiums in the US
  • Annual cost of health care for small businesses in 2013: $6,283/person or $17,396/family

Independent insurance agents can help you navigate through your many coverage options and policy offerings so that you can find suitable coverage at a competitive rate. Do not shop for employee benefits insurance products without the guidance of an experienced professional.

Middletown Business Owners Can Turn to an Independent Insurance Agent for Help

Independent insurance agents can be a reliable source of information when it comes to business insurance. With years of experience navigating policies and coverage options for small businesses, our agents can help you build a customized policy that will protect your company against all of its exposures. Whether you’re worried about liability lawsuits, commercial property damage or cybercrime, a local independent agent can help. 

Contact an insurance agent in Middletown to start comparing customized quotes for commercial insurance.

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