Considering Business Insurance for Paramus New Jersey

Insurance is critical to the success of your company and having the right kind of coverage often requires some research. Most Paramus New Jersey businesses need multiple business insurance policies in place before they even open their doors for the first time. Various polices you should consider             It is important to note that you should review your coverage every year, or when your business makes any changes such as stocking new products or moving to a new location.

  1. Commercial Business Insurance

Commercial Property Insurance policies are either all-inclusive or risk specific and protect your office and its contents from damage caused by natural disasters, fires, or vandalism.

  1. Product Liability Insurance

This is necessary if you manufacture or sell products, and safeguards you if a product defect causes injury to someone.

  1. General Liability Insurance and Professional Liability Insurance

These are necessary for protection against lawsuits related to negligence claims. You may need to consider both policies depending on the type of business and the exposures you may face. Other types of insurance your business may need include the following:

  • Coverage that protects Directors and Officers from personal liability
  • Key Executive Life Insurance
  • Business Interruption (covers lost profits and expenses), and
  • Commercial Vehicle Insurance, to name a few

Employer-Related insurance Workers’ Compensation Insurance (administered by individual states) and Unemployment Insurance (under certain conditions) are mandatory in the U.S. Other important considerations

  • Don’t under-insure, but don’t over-insure either
  • Assess your liability risk honestly and thoroughly
  • Ask your lawyer for advice
  • Get quotes from several companies

Talking to your insurer can help to determine how you can minimize risk and keep premiums low. If you encounter legal problems because of an accident or injury that happens to someone on your property, or to an employee doing business for you, it’s important to protect your assets with Paramus New Jersey business insurance.