Running a small business means having a lot of responsibilities, including keeping your customers and employees safe, and this is better accomplished by having the right New Jersey small business insurance coverage. While obtaining insurance can’t prevent accidents from happening, it will help you to cover the costs if and when an incident or problem occurs.
What should your small business insurance cover?
Ideally, your business insurance policy will be based on the size and function of your company. For example, if you work from home, you’ll likely need less insurance than someone operating a storefront office. Those businesses that have customers entering their facility on a regular basis will need more insurance than a business that has few employees and little or no foot traffic.
All small businesses should cover their facility from the usual concerns, including fire, flood, or other types of building or structural damage concerns. You should also be sure to cover any assets, such as computers and electronics, inventory and stock if you sell products, and any other important tools and materials that are used to run your business.
Workers compensation is must need coverage
For anyone having employees it’s important to have coverage for any sort of injury or issue that could result from the type of work they perform or the existing conditions, and if you cater to customers coming into your business it’s extremely important to have general liability coverage for any injuries or issues that they may face as well.
Prevention really is worth a pound of cure
To further help to protect your business, you’ll need to take precautions to ensure that your property remains safe at all times. Ways to accomplish this include regular maintenance and taking precautions, including:
- Cleaning up spills and slick spots
- Marking steps and tripping hazards clearly
- Repairing or removing broken objects to protect employees and others, and
- Using proper quality control on products being provided to consumers
One of the best preventative measures, with regards to running a small business, is to always carry adequate amounts of New Jersey small business insurance coverage. Your insurance agent can help you with important decisions on just what kind of coverage is necessary to protect you from any liability issues now and in the future.