According to New Jersey law, all employers who are not covered by federal programs and who are not approved for self-insurance must have workers’ compensation insurance. By having New Jersey workmans comp insurance, business owners can be covered if their employees get injured because of the work these employees performed for the business.
This insurance often also needs to cover lost wages. According to New Jersey law, employees who have been disabled for more than a week may get seventy percent of their wages when on disability. The workers compensation coverage may even pay something to employees’ family members if employees die because of job-related issues. These death benefits often include funeral expenses and seventy percent of the workers’ lost wages. In exchange, the employees and their families cannot sue their employer for problems incurred while working.
New Jersey workmans comp, though, may be expensive for small business owners. New Jersey has an agency in the Banking and Insurance department called the Compensation Rating and Inspection Bureau that determines how much premiums your client may need to pay. As an insurance agent, you want to provide these small business owners, who do so much for our country and its citizens, with coverage that will not bankrupt them but will still allow you to earn a living. Insurance agents, like you, help business owners around New Jersey follow the law, help their employees, and help themselves.
A product liability insurance policy protects companies in the even that products they manufacture injure someone or cause property damage. Product liability insurance is particularly important for businesses that deal in product manufacturing and production. It protects a business financially in the case of a lawsuit claiming product defects. Manufacturers are legally responsible for damages that may arise from the use of their products. The manufacturer has the responsibility to ensure that products are of high quality. Most liability claims are covered by a company’s commercial general liability policy (CGL). CGL policies generally cover bodily injury and property damage that occurs off business property that is the result of a product. Unfortunately, CGL policies do not cover damages to a product when the damage was caused by a faulty part or faulty workmanship during manufacture. If the manufacturer of the equipment is also the manufacturer of the faulty part, CGL policies do not cover damages. A product liability insurance policy goes further than a CGL policy and can be purchased independently of CGL.
Having product liability insurance is especially important for partnerships and sole proprietors. Unlike corporations, these business owners do not have a corporate shield to hide behind in the case of a lawsuit. Product liability exposure lasts as long as a product is in use even if the product is no longer in production. Therefore, your product liability insurance policy should be kept in force as long as the possibility remains that a product is in use and could cause injury or damage.
Any business faces risks entailed with lawsuits. If your company fails to provide a service, then a client or customer may sue, and this is where having errors and omissions insurance in Michigan will come in handy. For starters, having a comprehensive insurance policy will assist you greatly in covering legal fees associated with a lawsuit. Small businesses in particular are susceptible to being dealt a heavy hand when facing a lawsuit because they may not bring in the revenue necessary to hire really good legal help. Having insurance takes some of that burden off of you.
When going to court, there is always the risk that your business will end up losing and having to pay a settlement. Again, paying a settlement of any size can place an extreme hardship on your company. This is why it is best to simply pay whatever your rate would be on errors and omissions insurance in Michigan. With this kind of policy in place, you know exactly what you are paying month-to-month instead of having to potentially pay some unknown amount in the future. All businesses need to be insured, so talk with an agent in order to make sure you have all the coverages you need. With peace of mind, you will be able to operate your business effectively.
Business insurance is absolutely critical to have, but if you’ve been looking for a commercial insurance quote, you might have noticed that there are a lot of options out there. Here’s an outline of many of the most important types of commercial insurance coverage.
First of all, general business insurance protects things such as your company assets. This includes commercial property coverage and insurance to protect against disasters like fire or business interruption. Other forms of business insurance include crime and fidelity, which protects against things like theft, as well as business auto to keep your company’s vehicles safe.
Liability insurance is another important form of insurance to have. Any business is vulnerable to a lawsuit, whether it’s justified or not. General liability insurance protects against things such as bodily injury or property damage on your premises, while directors and officers coverage helps to protect corporate leaders. Cyber liability is a necessity in today’s world, where data breaches are common. Finally, umbrella liability can help fill in any coverage gaps related to lawsuits.
Other important forms of insurance include surety bonds, which are designed to ensure that a party will follow through with a contract, as well as worker’s compensation, which helps to keep employees safe in case of a workplace accident. There are many different types of coverage for businesses out there, which you should keep in mind as you seek a good commercial insurance quote.
If you are a business owner, you are forced to make difficult decisions every day on behalf of your company. One of the most important decisions you have to make is in regard to the insurance coverage that you will purchase for your business. Although you can save some money in the short term by skimping on your insurance coverage, in the long term it is worth it to make sure that all of your risks are adequately covered. Here is what could happen if you do not get a commercial liability insurance quote that includes appropriate coverage for your risks:
Damage to Property
If you do not have adequate commercial liability insurance coverage for your property, you could be stuck with a very large bill if there is some type of disaster or break-in on your company premises. Depending on the amount of damage, you might not be able to recover from the financial repercussions of not having adequate insurance coverage.
No matter what line of work you are in, you should always have adequate directors and officers insurance to protect you in case a customer or vendor files a claim against you. Without proper coverage, you could be faced with enormous legal costs that your company simply cannot support.
If you want to make sure that you are sufficiently prepared for the unexpected, call an insurance agent and get a commercial liability insurance quote right away.