You’ve poured your heart and soul into creating, growing, and sustaining your business. It’s only natural to want the best when it comes to buying insurance designed to protect your business and its image. The decision to purchase insurance is one that involves so much more than the dollars and cents involved. Unfortunately all businesses are different meaning there is no one size fits all solution for insurance coverage.
It is important to work closely with an independent insurance agency to get reliable insurance quotes and honest information about the types of insurance your large or small business needs most. These are a few commercial insurance coverage types that are fairly common among all businesses.
General Liability Insurance
This coverage, for many, is the most valuable business protection available in today’s litigious climate. This general policy provides protection from lawsuits, settlements, and judgments against your business for things like slip and fall accidents on your property, property damage caused by your property (like a tree limb falling onto the awning of a business next door or a customer’s car).
Business Interruption Coverage
This is often included in a standard business owner’s policy, or BOP. What this does, is provide some relief for a portion of your lost income if the covered events forces you to close up shop for an extended period of time while repairs are being made. Typically this affords you the opportunity to keep your business afloat and continue paying vendors, creditors, salaries, etc. until you’re up and running again.
Contractors face unique and often very dangerous risks everyday while on the job. At any moment an accident can happen. That’s why it is vital to be protected with contractors insurance. Carpenters, landscapers, painters, plumbers, and roofers are just a few of the people who need contractors insurance.
Often referred to as workers comp or WCI, this coverage is critical for business owners who have employees. Most businesses are required to provide employees with workers’ compensation coverage. This insurance serves to promote safer workplaces and to provide relief and peace of mind to employees who are injured on the job.
Professional Liability Insurance
If your business is a service business (accounting, medical, legal, cosmetology, etc.) then the odds are good that you need professional liability insurance. This coverage provides protection for your business against claims that you’ve been negligent in your duties. It will help you to pay for legal fees and judgments awarded against you.
Equipment Floater Policies
These policies help to protect the equipment you have in your business from covered damages. Most businesses have some sort of expensive equipment that is absolutely essential the business. This coverage protects your business from the fallout if this equipment is stolen or destroyed. Damage resulting from a lack of maintenance or improper use of the equipment is excluded from coverage under this type of policy.
Other Business Insurance Coverages
The above is just a sampling of the most common business insurance coverages. Businesses may also need other coverages, including:
- commercial auto insurance
- business owners policy
- errors and omissions
- business interruption insurance
- liquor liability insurance
- product liability
- commercial property insurance
- umbrella insurance
Who Needs Business Insurance?
The long and short story is that anyone in business today needs business insurance coverage. This extends to all businesses in the state of New Jersey, Pennsylvania, Florida and beyond. The liability coverage alone provides peace of mind regarding lawsuits and legal actions. The knowledge that you are covered if there’s a fire, lightning strikes, or other disasters occur is worth its weight in cold and something you can’t really put a price on.
However, getting an insurance quote from a reputable independent agency allows you to get multiple quotes from top insurance companies so that you can compare the rate from one company to the next to find the combination of coverage and cost that meets your needs best.
Frank P. Licato Agency LLC in South Plainfield, NJ has been a leader in providing insurance to New Jersey, Florida, and Pennsylvania families and businesses since 1957. During that time, outstanding service has always been our priority. Contact us today at 908-757-5500 to learn more about how we can help you find the right policy for your business.