Parsippany-Troy Hills Business Insurance

Complete Guide to Parsippany-Troy Hills, NJ, Business Insurance

Find the right business insurance policy for you.

Wholesale flower shop led by young business owner

Home of the headquarters for B&G Foods, Parsippany-Troy Hills Township is a great place to own a business. Companies representing a wide range of industries have found success in this vibrant New Jersey township. Business insurance protects these companies so that they can remain profitable.

If you are a Parsippany-Troy Hills business owner, a local independent agent can help you identify your company’s specific risks and can recommend the right business insurance products to cover against them. Find an insurance agent in the Parsippany-Troy Hills area to learn more.

What Kinds of Liability Coverage Can Parsippany-Troy Hills Business Insurance Provide?

Mishaps happen. If your business ends up on the wrong end of a liability lawsuit, having the right insurance coverage is crucial to protect your company’s finances. 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 commercial general liability insurance (CGL). This is designed to cover third-party injuries, illnesses, and damages 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 insurance can cover. An independent insurance agent can help you identify any of 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 that are available to choose from include: 

  • Employment practices liability insurance: This covers businesses against accusations of illegal business practices such as discrimination, harassment, breach of contract, or wrongful termination.
  • Cyber liability insurance: This covers businesses that electronically store customer information. If hackers break into their computer systems and steal sensitive data like credit card numbers and personal information, it can pay for resultant damages and provide restitution to those who were affected.
  • Environmental liability insurance: This covers business that use or produce toxic substances. It can pay for cleanup costs and damages if an accident or disaster leads to these substances polluting 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 and for help determining which are a good fit for your Parsippany-Troy Hills business.

How Important Is Commercial Property Insurance in Parsippany-Troy Hills?

All business insurance policies also provide commercial property insurance. This is designed cover loss of or damage to your company’s assets including such things as merchandise, inventory, tools, machinery, computers, furniture, and more.  

Businesses in Parsippany-Troy Hills are most likely to experience loss or damage due to accidental fires and severe weather events such as windstorms and freezing temperatures. Given its proximity to the eastern seaboard, this township also has the risk of hurricane damage.

Be aware that although hurricanes are covered by business insurance, the flooding that often results because of these storms is not. In order to be covered against damages caused by rising waters, you will also need a commercial flood insurance policy.

Additionally, there are times 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 contractor equipment insurance are necessary for all of your business property to be fully covered.

Why Purchase Business Interruption Insurance?

Damage to your business-owned property isn’t the only expensive risk you face during a catastrophic event. Major damage caused by disasters like fires and hurricanes can potentially cause your businesses to remain closed for several weeks while repairs are made. Without an ongoing stream of revenue, many small businesses would be forced 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 damages caused by a covered event.

When your company is covered by business interruption insurance, you can afford to continue to pay regular expenses like loan installments and employee salaries until such time that your business can once again resume normal operations.

Do All Parsippany-Troy Hills Businesses Need Workers’ Compensation Insurance?

As a general rule, all employers in New Jersey are required by law to carry workers’ compensation insurance. Exceptions are made for sole proprietors with no employees and for businesses that employ workers who are covered by federal protections such as railway workers. Businesses may opt to self-insure if approved.

Workers’ compensation insurance is designed to cover medical treatments, lost wages, and other related expenses if your workers are hurt or made sick by exposure to toxic substances while doing their jobs. It can also pay out survivor benefits to family members in the unfortunate event that a workplace injury proves fatal.

Costs for workers’ compensation insurance are based your company’s overall payroll and the likelihood that your employees will sustain serious injuries based on the types of jobs they do. Therefore, it costs much more to insure a roofer than it does to cover a bagger at a grocery store.

An independent insurance agent can help you compare rates from a variety of insurance companies that specialize in covering businesses likes yours.

What about Purchasing Insurance Benefits for Your Employees?

Healthcare coverage is expensive. However, subsidizing it for 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 businesses recruit and retain the best employees.

  • Average amount spent on healthcare coverage by NJ businesses: $1,568,586
  • Ranked 3rd for highest medical insurance costs in the US
  • Average annual cost of health care in NJ: $6.086/person or $17,530/family

If you are looking for health and life insurance to include in your employee benefits package, you will find that there are many different policy types and options available for your consideration. It may therefore be beneficial to have guidance and advice from an experienced insurance professional when you are deciding which make the best choices.

Talk to a local independent insurance agent for help when you are shopping for employee benefits insurance products.

Why Work with an Independent Insurance Agent in Parsippany-Troy Hill, NJ?

Businesses vary in their coverage needs. The risks at a restaurant are very different from those at a financial firm. 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 options to meet your company’s specific coverage needs. Because they do not work for a particular insurance company, these agents can shop around to find the best business insurance policies at the most competitive prices. Contact an insurance agent in Parsippany-Troy Hills to get started.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

©2020, Consumer Agent Portal, LLC. All rights reserved.

https://www.census.gov/quickfacts
https://www.fema.gov/disasters
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
http://www.city-data.com