Whether you are an established business in the Bloomfield, NJ area or looking to start up soon, choosing commercial insurance can boost your reputation and give you positive word-of-mouth marketing from one customer to the next. At E.S.T.I.R. Inc. we want you to gain the benefits of a reputation boost with commercial insurance. 

Have the funds to make it right.

No matter what business you are in, accidents happen where the customer is negatively impacted and compensation is required. Having commercial insurance that covers liability and other types of protections based upon the services you provide. Customers who receive advice through your business may end up being negatively impacted, leaving your business at fault. With the right coverage, you can have the funds to make it right and protect your reputation either verbally or across social media. 

Secure your contract project and employees.

If you are a contractor who visits the private homes of your customers for your work, then it is critical to have insurance for any damages that could happen while you are working. When you come prepared and covered to work sites, your customers will refer your business and make a note of your responsibility on social media. 

Give your employees more than the minimum coverage.

While New Jersey requires your business to carry Worker’s Compensation coverage, take your coverage to the next level and offer full coverage to protect them in the event of danger or missed pay periods due to tragedies beyond their control. A business who protects its employees will have minimal retention, loyal employees, and a growing reputation among their clientele. 

In the Bloomfield, NJ area?

If you are in need of commercial insurance or shopping around for a new policy, contact the agents at E.S.T.I.R. Inc. for more information. 

Here are some tips for new and established contractors in New Jersey that can be used to make sure their insurance coverage is adequate. Work with your insurance agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the nearby communities to get your questions answered.

The Basics

A contractor in New Jersey needs to have workers’ compensation insurance to cover on-the-job injuries or accidents. General liability insurance is also necessary to provide the basic minimum coverage for business operations. 

Commercial vehicle insurance is required for any vehicles used in the business, even if they are only used occasionally for business purposes. For example, if the owner drives his or her vehicle to the job site that is usually considered commercial use of the vehicle. This means it is better to have commercial auto insurance for that vehicle than to rely only on personal auto insurance.

Insurance Extras

A contractor may need to carry professional liability insurance depending on what kind of construction that they do. Examples, where professional liability insurance is usually required or preferred, include working on hospitals, banks, and some government contract jobs.

Some projects require bonding, which is a type of insurance that guarantees the construction will be completed.

It is an excellent strategy to carry umbrella insurance. Umbrella insurance extends the policy limits of underlying insurance policies so that it can be accessed to cover a claim that exceeds those lower limits. It also may provide coverage for other things that are not covered in other policies.

Also, consider having business interruption insurance that will help pay the bills if the business is interrupted by circumstances that are beyond the owner’s control and key person life insurance on the owner to protect his or her family. 

Summary

Having adequate insurance coverage for your contracting business is like using quality tools and materials to do a good job. Contact your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ to get a commercial insurance review and a quote for contractor’s insurance.