Business Insurance in Ridgewood, NJ

Over 884,000 small businesses are operating in New Jersey. Ridgewood, NJ is home to many companies, including many in the professional services, finance, and insurance industries.

Whether a large or a small business in Ridgewood, NJ, you need a comprehensive business insurance plan to protect your assets and employees when something goes wrong. Since every company has unique risks, it's essential to understand your exposures and find the right policies to cover them.

An independent insurance agent can help you compare business insurance quotes in Ridgewood, NJ.

How Much Does Business Insurance Cost Ridgewood, NJ?

Business insurance costs in Ridgewood, NJ vary across businesses and industries. In general, your insurance costs will vary depending on the size of your business, the number of employees you have, the amount and value of your commercial property, the location of your business, and a number of other variables.

Depending on your business's risk, you'll pay more or less than average for your insurance coverage. Some companies, for example, might be more susceptible to property losses from natural disasters, severe weather, or crime because of their location.

There have been 53 federally declared disasters in New Jersey since 1953. And even everyday events can easily cause unexpected property damage. The leading causes of property losses in New Jersey are as follows:

• Severe storms and lightning
• Hurricanes and tropical storms
• Flooding and other water damage
• Heavy snow
• Burglary and other property crimes

A local independent insurance agent can help you assess all the risks you face to understand your business insurance costs better.

Is Business Insurance Required in Ridgewood, NJ?

Business insurance is a package of insurance policies covering your property and liability risks. State law does not require most types of business insurance. But if your business owns any vehicles, you must buy commercial auto insurance that complies with the state’s minimum auto liability insurance requirements.

Business vehicle owners in New Jersey must buy auto liability coverage up to the following minimum limits:

• Bodily injury liability: $15,000 per person/$30,000 per accident
• Property damage liability: $5,000 per accident

You must also include personal injury protection (PIP) and uninsured motorist coverage in your New Jersey commercial auto insurance.

In addition, New Jersey law requires that all employers not covered by federal programs have workers’ compensation insurance or be approved for self-insurance. Workers' compensation insurance helps injured workers pay for the costs of medical care and lost wages if they are injured on the job.

What Does Business Insurance Cover in Ridgewood, NJ?

A typical business insurance package in Ridgewood, NJ will include the following types of coverage:

• Commercial general liability (CGL) insurance: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your CGL policy even covers personal injury claims such as libel and slander.
• Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, or other covered perils.
• Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
• Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
• Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.

Don't settle for cookie-cutter insurance for your Ridgewood, NJ business. Your business insurance package may include additional policies that cover your unique risks.

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What Does Small Business Liability Insurance Cover in Ridgewood, NJ?

Lawsuits against businesses are common. From simple trips and falls to illnesses caused by tainted food or severe injuries caused by faulty products, the costs of defending yourself and paying the injured party can be devastating if someone accuses you of negligence.

Even if claims against you are unfounded, you always have to defend yourself if you are sued. And mounting any defense will be costly.

That's why all businesses need liability insurance. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers court costs, attorney fees, and even settlements or judgments you must pay to the injured party.

A CGL policy doesn't cover every kind of liability risk, though. There are additional small business liability policies available for many of these scenarios.

Talk to your independent insurance agent about why you might need environmental liability insurance, cyber liability insurance, or professional liability insurance to appropriately protect your assets from lawsuits.

Are There Any Small Business Health Insurance Plans in Ridgewood, NJ?

Most employers choose to offer an employee benefits plan because programs like health insurance, life insurance, disability insurance, and other benefits help attract and retain good employees. While employee benefits are often complex and expensive, they are necessary to keep employees healthy and satisfied.

And employers who offer small business health insurance plans may also be eligible for significant tax benefits.

There are many different small business health insurance plans in Ridgewood, NJ. A local independent agent can help you find an affordable small business health insurance plan that meets your needs.

What Are the Best Small Business Insurance Companies in Ridgewood, NJ?

Finding the best business insurance companies in New Jersey can be simple. A local independent insurance agent can help you get business insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.

How Can an Independent Insurance Agent Help Me Find the Best Business Insurance in Ridgewood, NJ?

Instead of just getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of business insurance quotes in Ridgewood, NJ to help you make the best choice.  

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Contact an agent today for a free, no-obligation consultation.