From construction firms to diners, there is a wide variety of businesses in Washington Township, New Jersey. If you are among the many entrepreneurs who have started a business in this lively township, you will want to be sure to protect your investment with a suitable business insurance policy.
A local independent insurance agent can help you build a commercial insurance policy package that includes all the coverage your business needs. Find an insurance agent near you to start comparing customized business insurance quotes.
Washington Township 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. Also known as “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 an accident on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, or property damage if they occur due to a defect in a product your Washington Township business produces, sells, or promotes.
CGL alone is not always enough to fully protect your business. An independent insurance agent can help you determine which, if any, additional commercial liability products may be worth considering. Examples of some of the liability insurance products your agent may recommend include:
- 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 breach of contract, harassment, discrimination, or wrongful termination.
- Cyber liability insurance: This covers your businesses if hackers break into your company’s computer system and steal sensitive customer data that can be used to commit identity theft or fraud. It can compensate affected customers and cover the resultant damages.
- Liquor liability insurance: This covers your business if it sells or serves alcoholic beverages. If an intoxicated patron causes injuries or property damage to another, New Jersey’s dram laws allow the injured party to name your business in a liability lawsuit.
- Professional liability insurance: This covers individuals in professional positions for damage or hardship they may cause to others due to errors in judgement or other professional mistakes.
Different kinds of business have different kinds of risks. Having the right coverage in place will ensure that your business is suitably protected against all of its liability exposures. Talk to your local insurance agent to learn more.
Washington Township Businesses Insurance Offers Property Coverage
Business owners in Washington Township face a few hazards such as property crimes, fires, and severe weather events. These potential hazards can lead to damage or destruction of business-owned property such as computers, tools, machinery, inventory, and furniture. That is why all business insurance policies include property coverage.
Commercial property insurance is designed to cover your business-owned property against a wide variety of damaging events. It can provide your company with compensation that will enable you to repair or replace damaged property. Sometimes, specialized coverage like inland marine insurance may be necessary. Your insurance agent can help you get the coverage you need.
It is important to note that although hurricane damage is typically covered by commercial property insurance, flood damage is not. This applies even if the flood is the direct result of a covered hurricane. If your business is 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).
Do Washington Township Businesses Need Business Interruption Insurance?
How would your business handle it if your building was destroyed in a fire? Or what if heavy winds caused broken windows and significantly damaged your storefront interior? Damage to your business property is not the only expense your business faces in these cases. It can also suffer a financial hit from loss of revenue while your business is closed for repairs.
- Number of federally declared disasters in New Jersey since 1953: 51
- Most common reasons for declared disasters in New Jersey: Severe Storms and Hurricanes
A long-term closure can have a significant impact on your business finances. That is why, in times of crisis, business interruption insurance can prove invaluable.
Business interruption insurance is designed to provide your company with a continuation of income during times that it must close down for an extended period due to damage caused by a covered event. This insurance provides the funds you need to pay regular expenses like loan installments and employee salaries until you can resume normal business operations.
Do All Washington Township Businesses Need Workers' Compensation Insurance?
In New Jersey, nearly all employers are required to carry workers’ compensation insurance. Exceptions are made only 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 may self-insure.
Workers’ compensation insurance is designed to cover the costs associated with injuries or occupational illnesses your employs suffer while doing their jobs. It can cover medical treatment, follow-up care, disability payments, and, in the worst cases, provide survivor benefits to family members following an employee’s death.
Workers’ compensation insurance protects your employees. It also shields your business from potential liability lawsuits. Rates for this coverage vary according to the risks associated with the jobs your employees do. An independent insurance agent can help you find an affordable policy from an insurance company that specializes in covering businesses like yours.
What about Insurance Products to Include in Employee Benefits Packages?
Through various studies, human resource managers have demonstrated that offering employees attractive benefits such as life insurance and health insurance can help you recruit 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 kinds of policies available, and each includes a number of options. This, coupled with the high costs associated with health insurance, can make shopping for coverage daunting. So how do you go about finding the best and most affordable insurance products for your employees?
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 Washington Township?
Building an all-encompassing business insurance policy for your Washington Township business can be complicated. This is especially true for those who are unfamiliar with the ins and outs of commercial insurance products.
Independent 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. Find an insurance agent in or near Washington Township to start comparing customized business insurance quotes.
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