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If you own a business in Newark or any other area within New Jersey, you’re required to carry several forms of commercial insurance coverage to protect yourself and your business from various financial liabilities. Commercial insurance covers the gamut from automobiles owned and used by your business to workers compensation and medical expenses for employees.
To maximize your protection against a variety of unforeseen events, it’s important to know what types of commercial insurance policies are available, as well as the coverage they offer:
· General Liability Insurance (CGL) – This form of insurance ensures that your business is covered against legal and financial claims resulting from bodily injury, slander and libel. It also covers your business in the event of theft or vandalism.
· Property Insurance – This form of insurance protects your business property, including land, inventory and on-site possessions, against natural and unnatural disasters.
· Workers Compensation – If your employees are injured on the job, this policy takes care of their medical expenses and wages while they recover.
· Commercial Auto Insurance – Similar to personal auto insurance, it covers the vehicles your business owns and/or uses, as well as their drivers under certain circumstances.
Many of these policies can be bundled into a Business Owner Package (BOP) that offers a significant savings over individually purchased policies.
The amount of coverage offered by these plans depends on the size and type of business and varies by cost accordingly. Don’t hesitate to give us a call to find out how much coverage your business needs to provide adequate coverage and comply with New Jersey state minimums. As your independent agent, we can help you find the right commercial plans that suit the unique needs of your business.