Passaic Business Insurance

Your Complete Guide to Passaic, NJ Business Insurance

Find the right business insurance policy for you.

Passaic is an excellent city in which to base a business. This is particularly true for retail store owners whose business is located in the Urban Enterprise Zone, where shoppers can save money by paying a reduced sales tax. Whatever type of commercial enterprise you own, it is important that you protect its finances with a comprehensive business insurance plan. Independent Insurance Agents can help you identify the risks that are unique to your particular business and can recommend the appropriate insurance products to cover against them. Find an insurance agent near you to start building a suitable business insurance portfolio for your company.

Passaic Business Insurance Offers Liability Protection

Liability coverage is a vital part of every business insurance policy. All business insurance policies include commercial general liability insurance, or CGL. This insurance includes two main coverage components:

  • Premises liability insurance: This covers third-party injuries, illnesses, or property damage if they occur as a result of accidents on your business property. 
  • Product liability insurance: This covers your Passaic business if products you produce, sell, or promote cause injuries, illnesses, or property damage to consumers.

Your insurance agent will ask you questions about your business and can then let you know about other kinds of commercial liability coverage that you may want to consider. Having the right kinds of coverage will ensure that your business is suitably protected against all its potential liability risks. Some liability insurance products your agent may recommend include:

  • Errors and omissions insurance:  This covers individuals in professional positions for damage they may cause to others due to errors in judgment and other professional mistakes. This can cover several kinds of professionals including real estate agents, stockbrokers, and wedding planners.
  • Employment practices liability insurance: This covers your business if a current or former employee accuses your company of engaging in illegal business practices such as harassment, discrimination, or wrongful termination and you must go to court.
  • Cyber liability insurance: This covers businesses that store customer information electronically in the event that there is a data breach and sensitive data is accessed by hackers. It can pay for restitution to those affected.
  • Environmental liability insurance: This helps cover the cost of restitution and clean up if an accident at your business results in the pollution of the land, air, or groundwater.
  • Liquor liability insurance: This covers businesses that sell or serve alcoholic beverages if they are named in a liability lawsuit related to injuries or damage caused by an intoxicated patron.

Every business has specific liability risks, and there are a number of different policies to meet the various coverage needs. Talk to your local insurance agent to learn more.

Passaic Businesses Insurance Offers Property Coverage

Hazards such as property crimes, fires, and accidents can cause damage to your business-owned property. So too can severe weather events, such as severe storms, heavy winds, and hail, which are not uncommon in Passaic. That is why all business insurance policies include commercial property insurance.

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

Commercial property insurance is designed to cover business-owned property such as computers, tools, machinery, merchandise, and furniture. If this property is lost or damaged due to a covered event, your insurance company can provide your business with compensation that will enable you to repair or replace these items.

It is important to note that although hurricane damage is typically covered by commercial property insurance, flood damage is not.  This is true even when the flood is the direct result of a covered hurricane. If at risk, be sure to talk to your insurance agent about supplementing your business insurance with a commercial flood insurance policy through the National Flood Insurance Program (NFIP). 

Should Passaic Businesses Buy Business Interruption Insurance?

How would your business handle it if a good portion of your building was destroyed in a fire?  Or what if heavy winds broke windows and destroyed much of your storefront interior. Your property insurance can cover your losses, but it could take several weeks before you can reopen for business. A long-term closure can have a significant impact on your business finances. That is why, in times of crisis, business interruption insurance can be invaluable.

Business interruption insurance is designed to provide your company with a continuation of income during times that it must halt operations for an extended period due to damage caused by a covered event. With this coverage, you can continue to pay monthly expenses, loan installments, and employee salaries so you can focus on getting your business back up and running.

Do All Passaic Businesses Need Workers’ Compensation Insurance?

In New Jersey, nearly all businesses that have employees are required to carry workers’ compensation insurance. Exceptions are made for sole proprietors with no employees and for workers who are already covered under federal protections (such as railroad workers.) Policies can be purchased through a commercial provider or, with approval, you can self-insure. Workers’ compensation insurance is designed to cover the costs associated with injuries or occupational illnesses your employees suffer while doing their jobs. It can cover medical treatment, disability payments, and, in the worst cases, provide survivor benefits to family members following an employee’s death.

Workers’ compensation insurance protects your employees while shielding your business from liability lawsuits. Rates for this coverage vary according to the risks associated with the jobs your employees do. A driver for a trucking company will be far more expensive to insure than a cashier at a shoe store.

What about Insurance Products to Include in Employee Benefits Packages?

Human resource managers have demonstrated that offering your employees benefits such as life insurance and health insurance can help you attract and retain a team of highly talented workers.

  • 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

There are many different types of coverage available, and with the high costs associated with health insurance, shopping for suitable coverage can sometimes be daunting. So how do you go about finding the best and most affordable insurance products for your staff? Your local independent agent can offer trustworthy advice and can help you find and review a wide range of affordable policies. That way, you can make an informed decision when purchasing coverage.

Why Work with an Independent Insurance Agent in Passaic?

Building a comprehensive commercial insurance policy for your Passaic business can be a complicated undertaking – especially for those unfamiliar with the ins and outs of commercial insurance products. Independent insurance agents make shopping for coverage easy. These agents can help you identify the various risks faced by your business and can ensure that you have the right policies in place to fully protect your business against them. 

Contact an insurance agent in or near Passaic to get started.

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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