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Cranford, NJ 07016

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Insurance Blog

Does Your New Company Need a Commercial Insurance Policy?

Starting up a new company can be extremely exciting, but there are some specific areas you need to focus on in order to protect yourself and your business. If you’re in New Jersey and in need of a commercial insurance policy, working with us at O’Donnell Agency LLC is the right choice. Then you can have security, protection, and peace of mind, so you can worry less and focus on all the things you need to do to operate your business efficiently. There’s no reason to settle for anything less.

Commercial Insurance Policy

Commercial policies are designed for a wide variety of businesses, and there are different types and levels of coverage. Working with an agent is the best way to make sure you’re getting what you actually need for your particular company. Insurance isn’t something you want to guess because not being properly covered could be devastating in the event of a claim. No matter what kind of business you have, we can help you get the kind of coverage that’s right for you.

Our agents are dedicated professionals who understand the serious nature of proper coverage and protection. If you have an office with a few employees, for example, you won’t need the same kind of policy as a warehouse owner with hundreds of workers. Restaurants, construction sites, coffee shops, and all types of other businesses have unique and specific needs, so you want to see quotes from several different insurers before making a decision.

Get in touch with us at O’Donnell Agency LLC if you’re in New Jersey and looking for a commercial insurance policy for your new company. We can provide you with multiple quotes, making it easier and more convenient for you to choose the policy that fits your business properly.

Understanding General Liability Insurance

When running a business, certain risks come along with it. One of the most important things to consider in New Jersey is protecting your business from legal claims or lawsuits. General liability insurance is designed to cover various claims arising from your business operations. O’Donnell Agency LLC discusses the importance of general liability insurance for businesses, what it covers, and how it can protect your business.

What is General Liability Insurance?

General liability insurance is a type of coverage that protects a business against legal claims or lawsuits.

What Does General Liability Insurance Cover?

One of the biggest benefits of general liability insurance is that it protects your business from various claims. General liability insurance can cover those costs. It can also protect your business against property damage claims, such as if you damage a customer’s property while working on it. Additionally, general liability insurance can cover advertising injuries, such as copyright infringement or defamation.

Why is General Liability Insurance Important?

Without general liability insurance, your business could be at risk for financial ruin in the event of a legal claim or lawsuit. A single claim or lawsuit could cost hundreds or even millions of dollars.

How Does General Liability Insurance Protect Your Business?

General liability insurance protects your business by covering the costs of a legal claim or lawsuit. If someone files a claim against your business, your insurance provider will handle the claim and cover any associated costs up to your policy limits. This can include legal fees, damages, and other costs.

Reach Out To Us

When it comes to protecting your business, general liability insurance is essential to your insurance portfolio. If you’re interested in learning more about general liability insurance, contact O’Donnell Agency LLC. We’re here to help New Jersey!

Are You a Business Owner? Protect it With Commercial Insurance

If you are a New Jersey resident who owns a business, make sure it is protected from financial loss. The O’Donnell Agency LLC can explain why it is so important to protect your business.

Why Commercial Insurance?

Many times, being adequately prepared financially for sudden loss can make the difference between being able to stay in business and shutting your doors. The best investment a business owner can make to avoid financial loss is to purchase a commercial insurance policy.

The most common types of commercial insurance are:

General liability provides coverage for a business for personal injury and property damage caused by the business’s products, operations, or any injury that occurs on the premises.

Property insurance covers losses caused by lightning, fire, hail, wind, or acts of vandalism. Glass breakage and earthquake damage can be added.

Business interruption insurance is designed to cover your expenses and losses while your business is under repair or is being rebuilt and is unusable.

Workers’ compensation insurance pays for the employee’s medical expenses and lost wages if they become ill or injured because of their job, so they do not need to be paid out of pocket by the company.

Commercial auto insurance provides physical damage and liability coverage for vans, trucks, or cars that are used for business purposes. Commercial vehicles require their own policy as they are exposed to more risk than personal vehicles. Commercial auto insurance is not just for industrial vehicles such as dump trucks or semis.

Contact Us Today

Don’t put your business at risk. Make sure you have commercial insurance to handle any events that could put your finances and the future of your business at risk.

Our insurance experts at O’Donnell Agency LLC are the people to see for commercial insurance in New Jersey. Begin protecting your business today. 

Why should all businesses get a commercial insurance plan?

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.

Protect Business

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. 

Commercial Insurance 101 for Small Businesses

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.

Who should get commercial insurance in New Jersey?

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. 

What type of commercial insurance is right for my small business

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.

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