Having a small business takes a lot of time and energy. It causes a lot of stress, and you may feel overwhelmed when it comes to choosing commercial insurance. No two policies should be the same, your business is not exactly like anyone else’s, and your needs may differ. Knowing which components are right for you can save you money and make sure that you are protected. The O’Donnell Agency LLC in New Jersey is an independent agency that can offer reliable policies from the top carriers at prices that make sense for your business.
Most commercial insurance is optional, but in New Jersey, two types are required by law, workers’ compensation and commercial auto insurance.
Workers’ Compensation
New Jersey employers are required to carry workers’ compensation insurance for full and part-time employees. All that’s needed is one or more employees. This provides a worker who is injured on the job or while performing work duties medical coverage for injures and lost time and even death benefits.
Commercial Auto Insurance
If your business owns even one auto, you need to have commercial auto insurance. Keeping your vehicle separate from your business is always a good idea to avoid entanglement.
Business liability
No business is safe from the danger of a suit being filed against you. Liability insurance helps to pay for expenses associated with legal action against you and will pay the judgment up to the limit of your policy. If someone is injured at your business location or by one of your products, they may decide to sue. Even if they don’t sue, you may be liable for medical expenses. This insurance offers valuable protection.
These are just three components of a commercial insurance policy. There may be others that would be a good fit for your business. Talking to an insurance agency like O’Donnell Agency LLC can answer any concerns that you have about coverage. Give our office a call or stop by for a free quote.