It is the American dream to own your own business, but with that dream comes a huge responsibility to your customers and employees. Accidents can happen, and natural disasters can strike. Landlord can neglect property issues and local youth can break your window. You need coverage to keep your dream alive. Here are some important things to consider when it comes to small business insurance in New Jersey:
You Should Carry Coverage Tailored To Your Business
Not every small business needs a Cadillac insurance plan, but it is important to cover all of your needs should anything negative ever affect your business. After all, a lawsuit or serious property damage can cost you a huge sum of money, and without coverage could bankrupt your business. Avoid these issues with quality insurance that meets all of your needs. You should always consider liability coverage should you ever face legal action, property coverage for accidents or costly repairs, employee coverage should one of your employees ever suffer an injury on your property, and natural disaster coverage should you ever need to shut down your business due to severe weather damage.
The More Coverage The Merrier
While it is understandable that you wouldn’t want to waste money on coverage you will never use, you are better off with too much coverage than too little. While you may get lucky and never need to call on your insurance for a claim, it is a huge risk to take. Your insurance provider can help steer you to the coverage that best fits your business. For example, an office that has very few customers on property may need less coverage than a retail store with lots of foot traffic. Know what you are most likely to face and get overage accordingly. Not sure if something is covered under your policy? Ask and your insurer will tell you. If you need more insurance coverage, they will help you find an ideal plan.
If You Rent, Make Sure You Know What Is Your Responsibility And What Is Your Landlord’s
It is fairly common for renters and landlords alike to misunderstand their duties for keeping a property clean and safe. Because of this issues can fall through the cracks, and if someone is injured it can be confusing as to who is at fault. If you rent a property make sure you review you responsibilities according to your contract. Make sure the liability issues that are your responsibility are always covered on the property. If you see an issue that your landlord should fix make sure to alert them, and it is best to put this information in writing. Therefore, if an accident should occur you have proof that you alerted the property owner when the issue was noticed and that nothing was done.
If you need small business insurance in NJ, contact ABCO Insurance Agency. We offer competitive rates and can get you quotes from over 35 companies. Call us today for more information!
Learn more about Small Business Insurance HERE.