Businesses that are looking for a good place to operate should consider the state of New Jersey. This state offers a lot of opportunities for organizations in many industries. While you can have a lot of success here, there are risks to consider and try to protect against. One way this can be done is by getting insurance. There are various reasons why businesses should get this coverage.
Comply with Agreements
A common reason that many businesses in this state will want to have a commercial insurance plan in place is so they can comply with any agreements that require coverage. Many businesses will engage in contracts with vendors, lessors, lenders, and investors. Due to the protections it provides, a lot of these contracts will require your organization to maintain proper insurance. With a commercial insurance plan, you will remain in good standing with these agreements.
Even if you are not obligated to carry a commercial insurance plan at all times, you may still want to have it to protect your business. Organizations today should always focus on mitigating risks. With the right insurance, you can offset the risk of liability as you will have insurance to cover costs if you are deemed liable for the losses of another party. This plan will also offer coverage to protect the core assets of your business.
A business that operates in New Jersey would clearly benefit by having the right insurance in place. If you want to get a new insurance plan when in this area, you should call O’Donnell Agency LLC to discuss your needs. O’Donnell Agency LLC will give you customized advice based on the circumstances and requirements your business faces. This will give you comfort that you can remain in good standing and properly supported.
Entrepreneurs help drive the economy in New Jersey, so we at O’Donnell Agency LLC are proud to offer you a quick primer on the benefits of commercial insurance for your new business.
What Does Commercial Insurance Do For You?
Your commercial or business insurance policy will be made up of a selection of coverage that goes beyond what a typical person needs for their personal property and dwelling policies. For just a small sample: Professional liability coverage handles damage caused by your business due to an error, workers’ compensation coverage helps cover issues like employee injuries on the job, and business income coverage provides relief during temporary shutdowns. The full list of options will vary between providers.
Working from Home Considerations
More jobs and businesses are moving to remote work for reasons like the reduction in transportation and office costs at no loss when you can just as easily make a call from New Jersey to New York from your living room. While running a business out of your home, commercial coverage related to your storefront could be covered by your homeowners’ insurance policy. Whether or not it will be covered depends on the type of business you’re running, since adding heavy equipment, changing the general use of your home, or other major alterations will factor into the risk assessment.
For a service that you operate over the phone or Internet without changing the use of your home, your homeowners’ or renters’ insurance policies should help with anything that’s a covered peril in the policy. What it might not cover are other potential risks of doing business. That’s where the versatility of insurance policy coverage becomes convenient, even if it makes the process more complicated. Since you’ll be purchasing less coverage, your insurance bill should see a decrease.
To find out the options available for your new small business, O’Donnell Agency LLC can tailor your answer for New Jersey residents.
Owning a business is a dream for a lot of people in New Jersey. If you are looking to start your own business here, there are a lot of ways that you can be successful. However, there are also some risks that you need to think about when running a business. Anyone that is going to start a business here can mitigate some of these risks with commercial insurance. There are several situations when someone here should get this coverage.
When Contractually Required
A key reason that you should get a commercial insurance plan in this area is that you could be contractually required to do so. Any business owner would benefit by raising outside capital, taking out a business loan, or even leasing a place of business. If you do enter into any of these agreements, you will likely have insurance requirements. You should understand these requirements and then get a policy that allows compliance.
When Looking to Protect Investments
It would be best to have a commercial insurance plan to protect your business and investment in the company. Starting a company comes with a lot of need for investments. This may require that you purchase equipment, inventory, or other assets. In any of these cases, you will want to know that your assets are protected properly. With commercial insurance, you will know that you have the means to replace them and protect your investment.
A New Jersey business owner needs to get commercial insurance. When looking for coverage, you may find that many choices need to be made. The team with the O’Donnell Agency LLC can help you assess all of your insurance needs. O’Donnell Agency LLC will also answer your questions and guide you so you can build an ideal plan.
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.
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.
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.