New Brunswick is a great place to own a business. While Johnson & Johnson and Bristol-Myers Squibb are two of the biggest names in this city, companies of all types and sizes have found success here. If you are among New Brunswick’s enterprising business owners, you can protect the investment you have made in your company with a well-built business insurance policy. Local independent insurance agents can help you identify your company’s various risks and exposures and can recommend the right business insurance products to cover against them. Find an insurance agent near you to learn more.
What Kinds of Liability Coverage Does New Brunswick Business Insurance Offer?
Let’s face it: We live in a litigious society. If your business ends up on the wrong end of a liability lawsuit, having the right insurance coverage is crucial. Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your business is sued for a covered event. All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This covers third-party injuries, illnesses, or damage, whether they are caused by an accident on your business property (premises liability insurance) or are due to a defect in a product your company produces, sells, or promotes (product liability insurance).
In many cases, businesses have liability risks that go beyond what CGL can cover. An independent insurance agent can help you identify your company’s other liability exposures and can recommend the right liability coverage products to protect against them. Examples of some of the many commercial liability insurance policies you can choose from include:
- Employment practices liability insurance: This covers your business against accusations of illegal business practices such as discrimination, harassment, or wrongful termination
- Cyber liability insurance: This covers businesses that electronically store customer information in the event that hackers break into their computer systems and steal sensitive data like credit card numbers and personal information.
- Pollution liability insurance: This covers clean-up costs and damages if your company accidentally pollutes the land, water, or air
- Liquor liability insurance: This covers businesses that sell or serve alcoholic beverages in the event that they are named in a liability lawsuit if an intoxicated patron causes property damage or injuries to another.
Talk to your insurance agent to learn more about these and other liability products that may be a good idea for your New Brunswick business.
How Important Is Commercial Property Insurance in New Brunswick?
In addition to liability coverage, business insurance policies also include commercial property insurance. This is designed to cover loss or damage to your company’s assets, including merchandise, tools, machinery, computers, furniture, outdoor signs, and more. Businesses in New Brunswick are most likely to experience loss or damage due to property crimes, heavy winds, and hailstorms. Hurricanes also pose a big risk in this city. Although these storms are covered by business insurance, the flooding that often results because of them is not covered. For that, you will also need a commercial flood insurance policy.
Also, be aware that some commercial property requires specialized coverage. Your local insurance agent can help you determine whether additional policies like inland marine insurance, boiler & machinery insurance, or contractors equipment insurance are necessary in order for all of your business property to be fully covered.
Why Purchase Business Interruption Insurance?
Damage to your commercially owned property isn’t the only expensive risk your business faces during a catastrophic event. Major damage caused by hazards such as fires can potentially force your business to remain closed for weeks—or even months—while repairs are made. Without an ongoing stream of revenue, many small businesses would sink into bankruptcy.
Business interruption insurance protects against this risk. It provides a continuation of income during the times that your company is forced to temporarily close because of damage caused by a covered event. This insurance enables your company to continue to pay expenses like loan installments and employee salaries until it can once again resume normal business operations.
Do All New Brunswick Businesses Need Workers’ Compensation Insurance?
For the most part, all employers in New Jersey are required by law to carry workers’ compensation insurance. Exceptions are made for sole proprietors (who may opt to cover themselves if they wish) and employees who are covered by federal protections (such as railway workers). Some businesses may self-insure if approved. Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other related expenses if they are hurt or become ill in the course of doing their jobs. It can also pay out survivor benefits to family members in the unfortunate event that a workplace injury is fatal.
Costs for workers’ compensation insurance are based on your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. It costs much more to insure a roofer than a pharmaceutical rep. An independent insurance agent can help you compare rates from a selection of insurance companies that specialize in covering businesses that operate in your industry.
What about Purchasing Insurance Benefits for Your Employees?
There is no denying that healthcare coverage is expensive. However, providing it to your employees can have money-saving benefits. Studies by human resource experts have demonstrated that workers who have health insurance tend to use fewer sick days. Other studies have found that offering an attractive benefits package helps companies recruit and retain the best employees.
- 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
If you are considering including health and life insurance in your employee benefits package, you will find that there are many different policy types and options available for you to choose from. It may, therefore, be beneficial to have the guidance of an experienced independent insurance professional when you are shopping for these types of policies.
Why Work with One of New Brunswick’s Independent Insurance Agents?
Businesses have vastly different coverage needs. That is why there is no such thing as a one-size-fits-all commercial insurance plan. Insurance companies offer a wide variety of products and options so that business owners can fully customize their company’s insurance coverage portfolio. Independent insurance agents can help you choose the right policies and coverage options to meet your company’s specific needs. Because they do not work for a particular insurance company, these agents can shop around for the best business insurance policies at the most competitive prices.
Contact an insurance agent in New Brunswick to get started.
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