Understanding Lesser-Known Insurance Options for Your Business

Operating a business involves facing a myriad of risks. While you might be familiar with standard insurance policies like general liability and property insurance, various lesser-known options can offer valuable protection. At E.S.T.I.R. Inc. in Bloomfield, NJ, we aim to help you understand all your options so you can make knowledgeable decisions.

The Value of Business Interruption Insurance

Imagine a situation where your business had to shut down temporarily due to an unexpected event, like a fire or flood. Business interruption insurance can provide a financial lifeline by covering the income you would lose during the closure. This type of insurance can aid in paying ongoing expenses like rent, utilities, and employee wages.

The Importance of Cyber Liability Insurance

In today’s digitally connected landscape, cyber threats are a significant concern for businesses of all sizes. Cyber liability insurance is designed to protect your business from the financial fallout of cyber incidents such as data breaches and hacking. This coverage can help handle costs related to data recovery, legal fees, customer notification, and even public relations efforts to manage your business’s reputation.

Employment Practices Liability Insurance (EPLI) for Employee-Related Lawsuits

Employee-related lawsuits are becoming increasingly common, making EPLI pivotal to protecting your business against employee claims. EPLI can cover legal defense costs and any settlements or judgments that may arise, providing your business with critical protection in complicated situations.

Get to Know the Full Range of Commercial Insurance Products

Understanding the entire set of commercial insurance products available can help you safeguard your business more effectively. At E.S.T.I.R. Inc. in Bloomfield, NJ, we’re ready to navigate your options and guarantee you the protection you need. Contact us today to learn more about these and other insurance products that can secure your business.

Ensuring Adequate Insurance Coverage as a Contractor in Bloomfield, NJ

Working as a contractor in Bloomfield, NJ, can be a lucrative enterprise. However, it is crucial to ensure you meet state licensing and insurance requirements before you start work to avoid potential issues.

New Jersey Contractors Insurance Requirements

According to New Jersey law, contractors must have general liability insurance providing at least $500,000 in coverage per occurrence. If you employ one or more workers, you also need to either purchase workers’ compensation insurance or gain approval for self-insurance. This requirement applies to in-state companies as well as out-of-state contractors taking on jobs in New Jersey.

A commercial auto insurance policy is also necessary for travel to and from job sites. Standard auto insurance policies don’t cover business-related trips or provide coverage if you allow an employee to drive one of your vehicles. A commercial auto insurance policy should have a minimum liability limit of $15,000 per person, $30,000 per accident for bodily injury, and $5,000 for property damage.

Contact E.S.T.I.R. Inc. for Options in Contractor’s Insurance Policies

Securing ample insurance coverage is a must if you plan to work as a contractor in Bloomfield, NJ. Whether you’re new to the state, just starting as a contractor, or seeking to update your coverage, E.S.T.I.R. Inc. can help you find a baseline policy that fits your needs and budget. We also offer other forms of contractor insurance for added protection in case of any unfortunate incidences. Contact us today to explore your policy options or to get a quote on the policy of your choice.