There are nearly 793,000 businesses operating in New Jersey, with over 8,700 in Toms River Township. The economy in Toms River is diverse, with healthcare, construction, and professional services firms playing a prominent role. Toms River business owners face a variety of risks from severe weather, fires, and other kinds of property damage to the financial devastation that a single lawsuit can bring. A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster, and it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent is the best place to turn to understand the unique risks you face as a Toms River business owner. Independent agents can help you review policy options from multiple insurance companies so you can make an informed and affordable choice.
Liability Insurance for Small Businesses in Toms River, NJ
Many small businesses would have a hard time recovering if they were faced with a lawsuit. That’s why you need liability insurance. Commercial general liability (CGL) insurance offers protection from many types of negligence claims, from simple trips and falls on your premises to major product liability cases. It covers your legal costs, medical expenses, and other damages for the injured party, as well as any settlements or judgments that you are required to pay.
Be aware that CGL policies do not protect you from every type of lawsuit. You'll likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection. An independent insurance agent can help you assess your need for additional liability coverage, such as
- Employment Practices Liability Insurance
- Environmental Liability Insurance
- Professional Liability Insurance
Cyber Liability Insurance for Toms River Businesses
Any business that handles electronic data—especially personally identifiable information about its customers—is particularly susceptible to cyber threats.
- Number of identity theft complaints in New Jersey per year: 7,144
- Ranked 19th highest for identity theft complaints in the U.S.
- Only 22% of businesses have a cyber/data breach response plan
If a breach of your computer systems leads to identity theft or other privacy concerns for your customers, you’ll likely have to contend with many unexpected expenses, from notifying your customers of the breach and providing credit monitoring services to extensive public relations costs. And you can probably expect to be sued for additional damages.
Cyber liability is a relatively new insurance product that is becoming increasingly important for all kinds of businesses. While policy specifics are evolving and vary among insurance companies, it typically pays for your legal defense, financial damages to injured parties, and even PR and other related expenses. Talk to a local agent about your need for cyber liability insurance.
Property Insurance for Small Businesses in Toms River, NJ
Commercial property insurance covers your buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs due to a covered event (fire, severe weather, theft, vandalism, and so on). Toms River businesses face a variety of commercial property threats.
- Number of federally declared disasters in New Jersey since 1953: 51
- Most common reasons for declared disasters in New Jersey: Severe Storms and Hurricanes
While commercial property insurance covers most of your business property, you might still require some special policies or endorsements. Ask an independent agent about your need for inland marine coverage, equipment breakdown coverage, or special flood, windstorm, or earthquake coverage.
Business Interruption Insurance for Toms River Businesses
Business interruption insurance can mean the difference between recovering after a disaster and closing your doors for good after sustaining serious damage to your commercial property. It pays for certain ongoing expenses and allows your company to stay afloat if you must close to make repairs or rebuild due to physical damage. It helps you pay employee salaries and reimburses you for lost income, enabling you to make repairs and reopen with confidence. Business interruption insurance is usually a part of your commercial property policy or a business owners policy (BOP). An independent insurance agent can help you assess your risks and help you get the coverage you need.
Workers’ Compensation Insurance for Toms River Businesses
Your company is responsible for covering the costs of work-related injuries or illnesses, regardless of who is at fault. Excessive workplace injuries can be costly for everyone involved. That’s why you need to ensure a safe workplace and purchase workers’ compensation insurance. It is designed to cover medical treatment, lost wages, and other miscellaneous expenses for injured employees. In New Jersey, all employers that are not covered by federal programs are required to have workers’ compensation insurance. This includes:
- Corporations: All corporations with one or more employees—including corporate officers—must have workers’ compensation insurance or be approved for self-insurance.
- Partnerships and LLCs: Partnerships and LLCs with one or more employees must have workers’ compensation insurance or be approved for self-insurance. Partners or members of the LLC are excluded from coverage but can elect to be included.
- Sole proprietorships: Sole proprietorships with one or more employees must have workers’ compensation insurance or be approved for self-insurance. Principal owners are excluded from coverage but may elect to be included.
Inmates, casual employees, independent contractors, domestic workers, or employees who were injured due to willful negligence are excluded from workers’ compensation coverage in New Jersey. Your independent insurance agent can help you learn more about the workers’ compensation laws in New Jersey and find a policy that fits your needs.
Employee Benefits for Small Businesses in New Jersey
Employee benefits are an important component of your comprehensive business insurance plan—and one of the most complex and expensive.
- Average amount spent per year on healthcare coverage by New Jersey businesses: $2,239,166
- Ranked 8th for highest medical insurance costs in the U.S.
- Average annual cost of health care in New Jersey: $6,283/person or $17,396/family
Employee benefits play a major role in employee satisfaction, retention, and loyalty. There are many different health insurance and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. It’s important to get expert advice and to shop around for quality, affordable coverage.
Why Work With an Independent Agent?
There are a wide variety of insurance products and options available to Toms River business owners. The best way to be sure you are getting the appropriate coverage for all of the risks you face is to work with a helpful and knowledgeable independent insurance agent.
Get started by contacting an agent in or near Toms River today.
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