Business Insurance in Totowa New Jersey

Running a successful business starts with making some important decisions about protecting the business from losses, theft and/or costly lawsuits. This means purchasing adequate amounts of Business Insurance in Totowa New Jersey for the different exposures you may face based on your industry. Manufacturers, agencies, professionals, and auto mechanics all have different needs when it comes to insurance.

You have several options to choose from, so never be rushed into making a decision. Buying insurance requires knowledge, research, and comparisons of what the market has to offer, a process that can be overwhelming at times, so start by making a list of questions that you have for the agency of your choice. While having a knowledgeable insurance broker at the helm is very helpful, it can be beneficial to have some understanding of business policies and how they will serve your particular needs as you begin to shop.

Primary Policies Most Businesses Benefit From

Property insurance is often called the cornerstone of coverage, a basic necessity for all businesses, one that protects the company against damage or loss to its physical assets. You should have enough coverage in place in the event that you suffer a total loss, due to a fire or other unforeseen event. Casualty insurance provides companies with protection against legal liability for any injuries sustained on company property, as well as damage to any property not belonging to the business.

General Liability (GL) & Commercial General Liability

General liability provides coverage for damages your business may cause to other’s health, property, or reputation. This is considered a “catchall policy” that covers everything from legal matters due to accidents to others involving employees, injuries to customers, and other similar claims of negligence, such as the false or misleading advertisement.

Business interruption insurance (BI) is also vital in that it will make up for losses due to a catastrophic event that results in your business suffering a major loss of income. BI would cover lost sales, rent, and payroll in the event that you had to rebuild your business following any major disaster resulting in days or weeks of lost income. If necessary, it will help pay for temporary office space and/or rented equipment.

Umbrella Policies

An umbrella policy will cover any costs beyond limits of any other policies you have when those limits of coverage are reached. You need to determine if workers compensation, business auto, crime, cyber, or even professional liability are other policies under Business Insurance in Totowa New Jersey that are a necessity to your operations, required for the type of business you do. Speak to a qualified agent today.

Protecting Your Company by Addressing Your Risks