Does a Service-Based Business Need Commercial Insurance?

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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.

Why do I need to create a home inventory

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When people think about the American dream, owning a home is high on the lists of things that make up that dream. With homeownership comes responsibility and one of those responsibilities is to protect your investment. For most people, buying a home is the largest investment they will ever make. Nobody likes to think about the bad things that can happen to their home but the reality is that many homeowners will file a claim for damages with their insurance provider. At E.S.T.I.R. Inc. in Bloomfield, NJ they believe that creating a relationship with their customers is a top priority as well as providing the latest information available. 

When you need to file a claim with your home insurance carrier they will need to know exactly what you have lost. You probably think that you know what you own but most people own a lot more than they realize. A home inventory is a written, video, or digital record of your home, room by room. You will be surprised by what you have in your drawers and closets that you would have never remembered. You need to also put any supporting documentation with your home inventory. The more information you have to give to your insurance company the easier the whole process of getting reimbursed will be. 

Once you have completed your home inventory and gathered whatever documents you have, you need to keep these is a safe place. A safety deposit box or online are two potential places where it will be safe and easy to access. 

Suffering a loss to your home is not something that anyone ever wants to happen. But having a home inventory can help remove some of the stress. At E.S.T.I.R. Inc. in Bloomfield, NJ our staff has years of experience and love to share that experience with their customers. Stop by the office or give us a call for a no-obligation quote. 

FAQs About Car Insurance in 2020.

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Are you a new driver in Bloomfield, NJ? Or have you been driving a while under someone else’s insurance policy and simply do not know much about auto insurance in general? At E.S.T.I.R. Inc. we want to make purchasing auto insurance and understanding your current policy as simple as possible. Here are some of the most common questions we receive about auto insurance in New Jersey. 

Frequently Asked Questions About Auto Insurance in 2020. 

  • What type of auto insurance is required in NJ? In New Jersey, you must carry two types of liability insurance, property damage, and bodily injury. These are the minimum legal insurance requirements before you can register your vehicle. 
  • How much coverage should I have? You can keep the minimum legal requirements only but it is easy to upgrade to more comprehensive coverage that will leave you in a better situation after a car accident, whether you are at fault or not. You can also customize your policy to fit your situation or specialized value of your vehicle. 
  • My teenager just started driving should I increase coverage? It would be a good idea to upgrade if you only have liability. It is a requirement to add your teen driver to your insurance, be sure to ask about honor student rates and other considerations before they get behind the wheel for that first time. Once your teen purchases their own vehicle they can also purchase their own policy and if they no longer drive your vehicle they can easily be removed from the policy. 

If you have any further questions or if you want to purchase a policy contact us at E.S.T.I.R. Inc. We serve Bloomfield, NJ and the surrounding areas with quality insurance services to protect you and yours. 

What is included with contractor’s insurance?

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If you are in the Bloomfield, NJ, and are a skilled technician or contractor, starting your own company can be a great idea. This area of New Jersey offers a lot of opportunities to contractors as the strong local economy and population base can keep your business very busy. If you are going to start your own company, you need to get the proper insurance in place. There are several parts of a contractor’s insurance policy that make it a great form of insurance to have. 

Contractors Errors & Omissions Insurance

One form of insurance that makes contractors insurance a good investment is the contractor’s errors and omissions insurance policy. No matter how skilled you are as a contractor, there is always a chance that you will have an oversight or mistake that causes damages. If this occurs, the contractor’s errors and omissions insurance will give you liability coverage for these errors. 

Property Protection

A contractor also needs to have contractors insurance to protect their business assets. A contractor is likely going to have a variety of tools and pieces of equipment that are needed to get a job done. If you have a contractor’s insurance policy, you will get coverage for these assets. This will ensure you can replace them if they are damaged or stolen. 

If you are a contractor in the Bloomfield, NJ area, getting contractor’s insurance should be considered a necessity. In a lot of situations, customers are going to require that you have a good policy before starting a job. If you are looking for a new policy for your business, you should call E.S.T.I.R. Inc. as soon as you can. The team at E.S.T.I.R. Inc. is aware of all of the risks facing contractors today. They can help you get into a policy that mitigates these as much as possible. 

4 Considerations When Buying Commercial Insurance In Bloomfield

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We are E.S.T.I.R. Inc. and our serving city is Bloomfield, NJ. We have been offering commercial insurance in Bloomfield for several years. Over the years, we have seen business owners mistakenly purchase commercial insurance that is not the most appropriate for their businesses.

They only get to realize this expensive mistake when an issue occurs. They are left to settle the liabilities mostly from their business revenue. To avoid that, we have outlined 4 things to consider when purchasing commercial insurance for your business.

First consideration

There are several issues that can make your insurance provider decline your claims. Although some insurance companies may be silent about these issues, we lay it bare to our customers. Nonetheless, it is advisable that you specifically find out all the reasons why any insurance company may decline your claims for benefits.

Second consideration

Your employees are your most valuable assets. So, you must ensure that your commercial insurance gives all of them adequate coverage at work and elsewhere. Imagine a scenario where only one of your employees can operate a particular machine and he falls ill.

It is not cost-effective to have a backup operator because you’ll only be paying for redundancy. The best option is to give every member of staff adequate coverage.

Third consideration

Your tools and equipment are also very important. After all, your employees cannot work without the right equipment. So, you must pick a policy that will give all of them adequate coverage.

Fourth consideration

Coverage is one thing and the limit of the coverage is another. The problem is that the minimum coverage amount can barely cover anything. It is when issues arise, that some businesses realize that the limit is grossly inadequate. They end up getting paid an amount that is just a fraction of what is needed.

Apart from the four considerations, there are a few other things to consider. That’s why our doors at E.S.T.I.R. Inc in Bloomfield, NJ are always open to everyone for professional guidance. We’d be glad if you take the time to check our website. You can also call us for more information.

What is the Difference Between Insuring a Home and a Duplex?

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A duplex or any other multifamily dwelling needs a different kind of insurance coverage than the insurance needed for a single-family home. The reason for this is that even if you live in a part of the duplex, usually the other part rents out. Renting a residential space is a commercial activity. Normally, this has no coverage under standard home insurance. If you use part of your home for an office, then, you need commercial insurance. The coverage is different. Many make the mistake of thinking that they have adequate protection when they may not.

There is no need to worry about this because the solution is simple. Work with your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the surrounding area to get the correct type of insurance coverage you need for a duplex. Make sure there are no gaps in insurance coverage that create extraordinary risk for you.

Add Professional Skills to Help

Do not hesitate to use the professional skills of your insurance agent to get recommendations. Their main job is to protect you, not force you to buy something you do want or need. They can be very helpful and are the perfect resource to ask for information even if your coverage is already adequate.

Call on them without hesitation when considering buying a home, duplex, townhouse, or other multifamily property. They can help you estimate the cost of insurance that needs factoring into the calculations to determine if the investment is a good idea. At the same time, they can review any of your existing policies to recommend any needed upgrades.

Summary

Many families are finding it more cost-effective to invest in a multifamily property, live in a part of it, and rent out the other part. Millennials call this “hacking” a residential property. In some cases, all or most of the expenses of the entire building may be covered by the rent collected for just part of it. This is a very clever way to build up a valuable real estate portfolio by starting with the purchase of a duplex. To get an insurance review and a quote, contact your agent at E.S.T.I.R. Inc. in Bloomfield, NJ.

Benefits of Full Coverage Auto Insurance

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It is common to wonder if it is better to carry the minimum liability or to attain full coverage for your vehicle. If you are trying to weigh out your options and understand the difference, E.S.T.I.R. Inc. is here to help. Let’s start with understanding what exactly full coverage auto insurance is for a Bloomfield, NJ driver.

Full coverage auto insurance is typically a combination of the following:

Liability Coverage- Coverage for other parties’ repairs and injuries if you are found at fault for an accident. In Bloomfield, NJ, the minimum required liability insurance is $15,000 for bodily injury per person (up to $30,000 per accident) and $5,000 in property damage per accident.

Collision Coverage- Coverage for repairs to your own vehicle if you are responsible for an accident with another car or object, such as a tree or stop sign.

Comprehensive Coverage- Coverage for auto repairs or replacement for certain covered events, such as theft, vandalism, fire, weather, and more.

You have the option to add on other coverage, such as uninsured motorist insurance to cover damage caused by another person who does not have insurance.

Though liability is all that is required by law, it is not always enough to cover the costs incurred during an accident. And it does not help repair or replace your car in the event that you are at fault in an accident, so you will have to cover those costs out-of-pocket. Without enough in savings, that could be a problem.

It is important to understand that no matter how careful a driver you are, there is no guarantee that you will never be in an accident. Safe driving does limit the possibility, but it does not eradicate it altogether. There will always be things you cannot control, such as the way other people drive or certain road conditions.

It is always better to be safe than sorry. Let us help you with the protection you need. Give E.S.T.I.R. Inc. a call or stop by today for a free, no-obligation full coverage quote!

Why a contractor needs contractors insurance

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Anyone that would like to be their own boss and has a strong skillset in construction or another trade should consider becoming a contractor. Successful contractors in the Bloomfield, NJ area can have a great career and build a very successful business. When you are a contractor, it is important that you have proper insurance in place at all times. There are several reasons why a contractor should get contractors insurance to cover their business.

Protects Company Assets

The first reason why a contractor should get contractors insurance is that it will help to protect their company assets. A contractor’s insurance policy will give coverage to protect any equipment, inventory, or other assets that a contractor owns. This will provide coverage in the event of fire or weather damage, theft, vandalism, or many other situations that could cause a loss. 

Provides Liability Protection

Any contractor that is working on a job in the Bloomfield area will find that they are taking on a lot of risk of liability. A mistake made on the job or injury that occurs near the job site could be considered the contractor’s neglect and mistake. This is a risk that continues to persist at all times, no matter how skilled the contractor is. A contractor’s insurance policy will give you coverage to protect against this risk. 

If you are a contactor in the Bloomfield, NJ area, it is very important that you get a quality contractor’s insurance policy. Picking one of these policies can seem complicated. However, when you work with the team at E.S.T.I.R. Inc. you can receive the support that you need to pick the right policy. E.S.T.I.R. Inc. will examine the needs of your small business and then help you to get int a quality policy. 

When will commercial insurance be needed in New Jersey?

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Starting a business is a dream that many people have. When you are looking to start a company, it is important to find a location that offers good economic benefits to small businesses. One city that offers a lot of potential and support to business owners in Bloomfield, NJ. When you are looking to start a business, it is important that you consider all of your insurance needs. There are several situations when you may need to have commercial insurance for your company.

When Required by Stakeholders

One situation when you may need to have commercial insurance is when it is required by your stakeholders. Commercial insurance can help to protect a company in many different ways. This insurance can ultimately help to keep a company solvent during more challenging situations. Due to this, any lender or investor is going to require that you carry this insurance at all times.

When Employees are Hired

For businesses that are in the Bloomfield NJ area, staying compliant with worker’s compensation requirements is very important. This part of your commercial insurance policy will ensure that your staff has insurance coverage if they are hurt while working. Companies all over the state of New Jersey will be required to carry commercial insurance at all times. Those that do not have it could face serious penalization.

When you are looking for a commercial insurance policy for your business, you should reach out to E.S.T.I.R. Inc. The team at E.S.T.I.R. Inc. can help anyone to get into a policy that provides adequate protection. The company will work with you to fully understand and assess the business risks that you face. They will then build you a policy that helps to mitigate these risks while also ensuring you are in full compliance. 

Is Home Insurance Required?

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With auto insurance and health insurance being a requirement, it makes sense to wonder whether home insurance is also required. Bloomfield, NJ residents, E.S.T.I.R. Inc. has the answer you are looking for: home insurance is actually not required by law. Before writing off home insurance completely, though, there are other questions that you need to ask yourself.

1. Are you currently paying on a mortgage loan for your home or have some other lien on the home? If so, you may need it. Most mortgage companies require that you keep homeowners insurance while paying on the mortgage, at least until a certain amount of the mortgage has been repaid. If you do not keep your insurance, you are breaking the contract, and the lender can take legal action. If you owe anything on your home, double check your contracts first.

2. If something were to happen to your home right now, could you afford to fix it or replace it on your own? Insurance is not something that we use every day, but it is something that can help us get back on our feet when certain events occur. Consider a house fire. If your home were to burn down, could you afford to buy a new home? Do you have enough money saved to repair any damages the home sustains? If not, having homeowner’s insurance should still be a priority, even though it is not required by law.

Homeowner’s insurance may seem like an unnecessary bill, but it is actually a great way to help protect your investment. For more information on how homeowner’s insurance can help protect your Bloomfield, NJ home, stop by or give E.S.T.I.R. Inc. a call today!