New Jersey business owners need to understand how commercial insurance works. They need to explore their commercial insurance options in Bloomfield, NJ. At E.S.T.I.R. Inc. we can help business owners find the answers to their questions about commercial insurance.

The following are three things you might not have known about commercial insurance in New Jersey.

New Jersey businesses with employees need workers compensation insurance.

Commercial insurance is especially important for companies with employees. If you have either full or part-time employees working for you, you need to invest in worker’s compensation coverage.

Make sure you explore worker’s compensation insurance requirements and meet these requirements. Otherwise, your company could be subject to fines and penalties. 

Companies using vehicles for commercial operations need commercial auto coverage.

For many companies, it’s necessary to use a vehicle for transportation for everyday business operations. If this is the case with your company, you need to carry commercial auto insurance.  

The state of New Jersey requires that companies carry at least $30,000 in bodily injury coverage per accident and at least $5,000 in property damage coverage per accident. 

Commercial liability coverage is especially important in New Jersey because lawsuits are common. 

Commercial liability coverage is not required by law in New Jersey. However, it’s a good idea for New Jersey business owners to carry liability insurance.

Unfortunately for business owners in the state, lawsuits against businesses are particularly common in New Jersey. For this reason, carrying commercial liability insurance is definitely a good idea. 

If you’re on the market for a commercial insurance policy, we’d be happy to hear from you at E.S.T.I.R. Inc. Get in touch with us for answers to your questions about protecting your business in Bloomfield, NJ. 

The Bloomfield, NJ area can be a great place to start a small business. For those that are skilled in a trade or construction, going into business for yourself here and becoming a contractor could be a great option. If you are going to become a contractor here, it is important that you get a full contractor insurance policy. There are several reasons why you may need to have this insurance. 

Provides Necessary Liability Protection

One of the main reasons that a contractor is going to need to have insurance is that it can provide them with necessary liability insurance. A contractor will always have some liability risk when working any job. This can include accidentally causing damage to a job site or making a mistake that leads to bodily injury. When you have a contractor insurance policy, you are going to have the coverage you need to protect against this risk.

Needed to Comply with Lender Requirements

When you are a new contractor that is trying to get a business off the ground, taking out a business loan can be a great option. These loans can provide you with some working capital while also helping you to pay for the tools and equipment you need to run your business. If you have taken out a loan, you will likely need to have a contractor insurance policy to meet your lender’s requirements

When you are shopping for insurance in the Bloomfield, NJ area, you should reach out to the team at E.S.T.I.R. Inc. The insurance professionals at E.S.T.I.R. Inc. can help you to get into a policy that offers the right coverage for your small business. They understand the needs and risks that contractors have and can build a policy that mitigates these as well as possible. 

Running a business is quite expensive. Therefore, the last thing you want to do as a business owner is add on expensive commercial insurance. However, business insurance is not just a luxury – it is a necessity that protects the business itself, its owner, and employees. If you are still thinking of skipping it and operating your business without it, E.S.T.I.R. Inc. serving Bloomfield, NJ has prepared the list of risks you may face if you choose not to buy commercial insurance: 

• Failing to protect your employees.  Having workers’ compensation is important not only because it is required by the government, but also because it protects employees. It takes care of employees if an accident happens by preventing them to work and makes sure that you, as an employer, can afford their medical bills. 
• Property loss.  By deciding to not carry commercial insurance, you should understand that risk losing your commercial property. Without insurance, you can lose all your assets due to natural disasters, folding, free, theft, and others. 
• Interruptions. There is no businessman owner who wants his business to be closed. However, it is not always possible to avoid. Those business owners who have commercial insurance, are financially protected. However, without commercial insurance, you have a risk of facing high out-of-pocket costs that can become a serious financial burden. 

Commercial insurance is a necessity for any type of business today because it offers protection against a variety of losses. If you start your business in Bloomfield, NJ and you want to make sure that your company, yourself, and your employees are protected, contact E.S.T.I.R. Inc. to talk to one of our experienced agents and find out what options are available. 

If you are in the contracting business, you are likely to face financial loss in case of an accident or a disaster. A contractor insurance policy offers coverage against financial obligations resulting from unexpected or unprecedented events. If you are a Bloomfield, NJ resident, feel free to talk to our E.S.T.I.R. Inc. agents who will guide you on what you to include in your contractor insurance policy.

What is contractor insurance?

Contractor insurance offers two forms of coverage: liability insurance and property insurance.

Liability insurance

• Body injuries

While every organization has put in place safety measures and work ethics, accidents could still occur in the workplace resulting in injuries. Mishandling of tools and materials often exposes employees and third parties to accidents. Contractor insurance protects you against the financial obligation arising from lawsuits as a result of injuries happening in the workplace.

It is crucial that you disclose to our E.S.T.I.R. Inc. agents about all the possible accidents you are likely to experience at your workplace.

• Copy right claims

When developing a new product to challenge the competition, you are likely to be sued for copyright infringement. Contractor insurance bears the obligation of settling such matters in a court of law.

• Product claims

If you are in the equipment selling industry, your equipment is likely to cause destruction of company products resulting in legal battles. The insurance company bears the cost of such lawsuits and cost to repair damaged products.

Property insurance

The construction industry faces the risk of property or equipment damage. In some instances, depending on the activities of your company, other structures near your business premises cannot be utilized. The insurance company bears the financial obligation arising from such circumstances.

How much contractor insurance should you bear?

The amount of contractor insurance to purchase is dependent on the risks associated with your business. Kindly give our E.S.T.I.R. Inc. agents at Bloomfield, NJ a call to analyze with you the best policy for you or visit our website for more information.

The agents of E.S.T.I.R. Inc. understand how important it is to maintain sufficient coverage on your business. Without having the right amount of commercial insurance on your service-based business, Bloomfield, NJ residents leave themselves open to a variety of liability concerns that may eventually cost them their livelihood. Purchasing a commercial insurance policy for your service-based business should be considered an essential purpose.

Commercial Liability

Commercial liability covers many different types of loss ranging from personal injury accidents to property damage caused by storms. Commercial insurance also covers loss caused by theft, defective product claims, and poor workmanship. It is up to you as a business owner to protect yourself from liability issues. Providing top quality workmanship and products are good ways to maintain a positive reputation. Commercial liability insurance and umbrella insurance are often purchased together.

Separating Personal insurance from Commercial Policies

Insurance agents often stress how important it is to keep your personal insurance policies and your commercial insurance policies separate. Commercial liability can devastate your personal financial situation. With a commercial policy protecting your business, you won’t have to worry about an accident or liability issue affecting your family’s future.

Business owners who live and work in the Bloomfield, NJ area can contact E.S.T.I.R. Inc. to find out all of the benefits of having a commercial insurance policy in place. The ultimate goal of any commercial insurance policy is to protect your business and its assets without affecting your personal security. Contact your insurance agent today and discuss your commercial insurance options. You will be able to find the perfect policy that will protect your service-based business and keep it on track financially.