Running a contracting business in Bloomfield, NJ, will keep you busy. Amidst the heavy workload, you need to find time to handle essential paperwork for your company, and some of that paperwork includes insurance.

Did you know that there is specific insurance just for contractors? It’s available through E.S.T.I.R. Inc., and it’s worth taking a quick minute to learn more.

Who Uses It?

Contractor insurance is designed specifically for construction businesses. If you own a company that builds places from the ground up, that counts. If you remodel bathrooms, that also matters. Any business in the field of construction applies.

The insurance itself is designed to handle an array of issues, including equipment damage, injuries, property damage, and liability. It’s an essential insurance package for anyone who owns a contracting company.

How Does Coverage Work?

Specifically, the insurance policy is designed to protect the business itself. Policies vary, but common coverage would include instances where damage occurs on a customer’s job, construction materials are stolen, or the company is sued over the quality of work done. There is a variety, but most contractors cover the basics.

It’s important to understand that New Jersey has contracting insurance requirements. Your business needs a minimum of $500,000 in general liability insurance. That coverage can come from a specific liability policy, or you can get it from different insurance policies — including contractors’ liability.

You get an insurance bundle for your business that groups everything you need, including liability, earnings protection, and workman’s compensation.

If you want to explore these options for your Bloomfield, NJ, business, contact your agent with E.S.T.I.R. Inc. today.

If you’ve had a commercial insurance policy for a while, it may be time to update it. In the Bloomfield, NJ area, E.S.T.I.R. Inc. can help. We understand that insurance is a vital part of operating a business and that the needs you have for your company can change over time. That’s why updating your policy matters. Here are four of the biggest reasons to update your commercial coverage.

1. You Moved to a New Location

The policy you have covers where you are, and if you move, you’ll want to let your agent know. That’s especially true if you own the building where your company is located because the coverage amounts may change based on the new location.

2. You Took on More Employees

Having more employees may mean more liability and risk. The same is true for many added equipment or larger amounts of inventory. There’s no reason to put your company at risk when you can easily update your coverage for the protection you need.

3. You Changed the Nature of Your Business

Sometimes, businesses change how they operate or what they do, and if that’s the case with yours, it’s time to update your insurance policy. Working with your agent will give you the help you need to get that done.

4. You Changed or Added Ownership

Anytime a business is bought or sold, or a person is added to or removed from ownership responsibilities, updating your policy is the right choice. If you’re in the Bloomfield, NJ area and need to update your commercial insurance policy, contact us today at E.S.T.I.R. Inc. Our trusted agents can help you make the changes you need to ensure you’re fully protected.