Commercial insurance helps businesses overcome losses in case of accidents, work injuries, and other work-related incidents. If you plan to start a business in Chester, NJ, or already have one, getting business insurance is an excellent step to protecting your revenue and peace of mind in case an unfortunate incident happens in your business. These four FAQS answer the common concerns about commercial insurance.
What Is Commercial Insurance?
Commercial insurance is a type of insurance that protects businesses rather than individuals. It offers financial protection against common risks like lawsuits, theft, property damages, and employee/customer injuries.
What Are The Different Types Of Commercial Insurance?
Commercial insurance comes in many types, making it possible for all businesses to choose the most suitable for their needs. Here are the most common types of commercial insurance:
- General liability insurance
- Commercial auto insurance
- Commercial umbrella insurance
- Builders risk insurance
- Workers compensation insurance
- Liquor liability insurance
- Cyber liability insurance
Is Commercial Insurance Mandatory In Chester, NJ?
New Jersey requires all businesses to have workers’ compensation insurance policies. Also, all business-owned vehicles should have commercial auto insurance. For many businesses in the state, you will be required to have general liability insurance, especially if the company is large, to cover any liabilities arising from lawsuits and other incidents.
How Do I Acquire Commercial Insurance?
The first step in getting commercial insurance is to find a reliable insurance agent. The agent should analyze the needs of your business and its size and then take you through the available types of insurance options for your business. You may not acquire all types of commercial insurance coverage, but you can choose the most applicable based on your needs.
Contact The Insurance Outfit
There are many types of commercial insurance, and you may need one or a few based on the size of your business. Our team at The Insurance Outfit is committed to helping you acquire the right commercial insurance for your business. Contact us today for more information about our services.