Do you own a small business in the Bloomfield, NJ area? If so, you’d do well to get set up with general liability commercial insurance. Read on to learn what general liability coverage means in this state and contact E.S.T.I.R. Inc. with any additional questions.

General Liability Definition

This is the most basic type of commercial insurance. Also known as Comprehensive Commercial Liability, it covers bodily injury claims, as well as claims about other physical injuries and property damage. This includes expenses related to defending or settling claims, regardless of whether or not they’re fraudulent ones. You must remember that such policies exclude professional liability claims that are against your business.

Customize Your Policy

After you have your basic liability insurance policy set up for your business, make sure to look into coverage that will insure against risks that are relevant to your type of business. If you get a property package added on, this can cover theft and damage to your business property, such as computers and hardware.

Requirements for General Liability in NJ

General Liability coverage is required in New Jersey for the majority of business owners. This is in place to protect business owners from having to pay a large amount of out-of-pocket expenses for direct or indirect damages to another party. The insurance will help you pay for damages that have been caused by the actions of your employees or business itself. This includes the personal injuries of your visitors, sub-contractors, and customers. It also will cover damages to an individual’s property, whether it’s on your business property or damaged by a company vehicle or the work activities of an employee or sub-contractor.

If you’d like to learn more about general liability insurance and the options you have, contact E.S.T.I.R. Inc. of the greater Bloomfield, NJ today. You won’t regret reaching out for assistance with your general liability matters. 

Like many Bloomfield, NJ homeowners, you may have a shed, detached garage, or outbuilding on your property. Any freestanding structure should be protected with a homeowner’s insurance policy in the event of an incident that causes damage or loss, but the policy you currently have on your home may or may not automatically cover them all. Because coverage amounts and exclusions from that coverage may differ, be sure to discuss any freestanding structures when you review your E.S.T.I.R. Inc. Homeowners policy.  

Garages, Sheds, and Other Outbuildings and Structures 

The most common detached structures found on a typical residential property are garages, sheds, decks, and fencing. While most of these structures are typically covered under the average homeowner’s insurance policy, it is important to check for any limitations of coverage, because not all policies include the same coverage. 

Stored Personal Items 

Do you know if the personal items you store in your detached structures are covered by your homeowner’s insurance policy? While typical items stored in outbuildings are usually covered, you should review your coverage with your insurance agent, because there may be limitations. For example, there may be a reimbursement limitation in your policy for certain items such as sporting equipment, machinery, marine equipment, or other high-value belongings. You may need to obtain separate coverage for those items, add a rider to your policy, or increase your personal property coverage limits. 

Is It Time to Review Your Homeowners Insurance Policy? 

Have you built or installed a new deck or shed? If you aren’t sure if your homeowner’s policy covers your freestanding structures and stored personal belongings, it’s time to have your policy reviewed to ensure you have protection for all your property. For answers to all your Bloomfield NJ homeowners insurance questions, give us a call today. Getting the right amount of protection for your home and property is easy with E.S.T.I.R. Inc. 

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.

Contractors should carry contractors insurance. It helps to cover many different problems that may arise in their line of work, including workplace injuries, accidentally causing structural damage and can help to protect against certain types of lawsuits. If you are preparing to hire a contractor, you should always ask a contractor if they carry contractors insurance. At E.S.T.I.R. Inc. serving Bloomfield, NJ, we want to make everyone aware of the importance of this. Here is what you need to know about contractors insurance. 

Why Is It Important to Work With a Contractor Who Carries Contractors Insurance?

Contractors insurance helps to cover against many of the unexpected issues that can arise in the construction industry. For example, if a contractor falls off of your roof while they are working, contractors insurance helps to cover their medical expenses and lost wages. Without this insurance, they may come after you or your homeowner’s insurance policy to recover money. Contractors insurance also covers construction accidents or errors. For example, if a contractor accidentally knocks down the wrong wall, their insurance will pay to rebuild the wall, so you don’t have to pay for it out of your pocket. 

How Can You Verify If a Contractor Has Contractors Insurance? 

When you are looking to work with a contractor, simply ask them if they have contractors insurance and if you can see the valid insurance policy or card. If desired, you can call their insurance company and verify that their policy is valid. You can also write in a contract that the contractor must carry a valid contractors insurance policy the entire time they are working on your property. 

It is extremely important that homeowners and business owners only work with contractors that carry contractors insurance. If you are a contractor who does not have contractors insurance, it could cost you work. If you need to purchase contractors insurance, E.S.T.I.R. Inc. serving Bloomfield, NJ can help you. Call us today to learn more. 

If you run a business in Bloomfield, NJ, you probably want to know if you’re getting (or already have) the best type of insurance policy for you. We’ll take you through a business owners policy (BOP) as this is one of the more common types of insurance. Its popularity does not necessarily make it the right option for you, but it may give you some indication as to what other owners are seeking out. E.S.T.I.R. Inc. is here to help you get the answers. 

What Is a BOP?

A BOP essentially gives business owners a solid protection plan in a single package. Instead of having to worry about choosing individual liability limits or deciding on different riders, an owner can just buy an all-in-one policy. You get major property and liability protection, so you can repair your building if it’s damaged or settle lawsuits (either in court or out) as they arise. 

Are All BOPs the Same?

While many small- and medium-sized business owners may have some version of a BOP, this does not mean that they’re all the same. Most BOPs include business interruption insurance or a coverage option that provides income if you have to close your business for a covered reason. Others offer all-risk coverage, or essentially coverage against every event unless it’s been specifically excluded on the policy. You never want to assume that policy covers anything — even if it seems as though it should a standard clause for all policies. 

When you want to learn more about commercial insurance of any kind, E.S.T.I.R. Inc. can help you fill in the gaps. We help the entrepreneurs in Bloomfield, NJ protect everything they’ve built, so they can keep their dream alive no matter what happens.