Sussex County New Jersey Business Insurance Concerns

Running a successful business starts with making some important decisions about protecting the business from losses such as fire, theft and/or costly lawsuits. This means purchasing adequate amounts of Sussex County New Jersey Business Insurance for a number of exposures your particular company may face.

You’ll have several insurance options to choose from, so these decisions should never be rushed. Buying insurance can, at times, be a somewhat overwhelming process, so you should start by making a list of questions that you have for the agency you choose. While having a knowledgeable insurance broker at the helm is essential, it also helps to have some understanding of many of the more basic business policies on the market before you even begin shopping.

5 policies most businesses will benefit from

Here’s a look at some key types of business insurance options most business owners consider:

  1. Property insurance – Property insurance is a basic necessity for all businesses, one that protects the business against damage or loss to its physical assets.
  2. Casualty insurance – Casualty provides companies with protection against legal liability for a host of injuries sustained on company property, as well as damage to any property not belonging to the business.
  3. General liability & commercial general liability – General liability provides coverage for damages your business may cause to other’s health, property, and/or reputation. This is considered a “catchall policy” that covers everything from legal matters due to accidents involving employees, injuries to customers, and other similar claims of negligence, such as false or misleading advertisement.
  4. Business interruption insurance – Business interruption insurance (BI) will make up for losses due to a catastrophic event that halts your business’ stream of income. BI would cover lost sales, rent, and payroll in the event that you had to rebuild your business following any major damage, or an accident causing you to close for any amount of time, as well as help pay for temporary office space and/or equipment.
  5. Umbrella policies – An umbrella policy will cover any costs beyond limits of your other policies when those limits of coverage are reached.