NJ Commercial Insurance | Types of Insurance Coverage Needed For Businesses

NJ commercial insurance requires different types of coverage to ensure success and to cover your assets. Types of business insurance coverage include Workers Comp, Employer Practices Liability Insurance (EPLI), General Liability, Business Automobile, and Commercial Umbrella. Of course, different sized organizations need different sized policies and coverage. Choosing the right insurance policies for your business should be a number one priority!

Understanding What Your Business Needs Is Essential

It is helpful for NJ business owners to understand the different types of commercial coverage needed. Below is a basic rundown of the different policies that may be needed for your business.

• Workers Compensation Insurance covers an employee when he/she is injured on the job. This policy also protects an employer from being sued by the injured employee. Even companies with low risk of injury are required to hold NJ workers comp insurance. And there is a reason for that, even low-risk positions could result in unexpected injury, so it is best
• Employer Practices Liability Insurance (EPLI) is coverage for the employer. There is a lot of risks involved with employing people and EPLI keeps a business covered. Of course, understanding policies and procedures as well as having excellent record keeping can help lower costs for EPLI.
• General Liability Insurance covers a business for the unexpected, whether its a slip and fall on the premises or property damage incurred. Liability insurance protects not only assets, but also the company itself from potential lawsuits or even having to pay out damages.
• Business Automobile Insurance covers your vehicles and your employees driving the vehicles. This is essential coverage for any business that owns vehicles of any type. Traditional vehicle insurance does not typically cover vehicles used in a business setting or manner. So, it is important to make sure your vehicle is covered for commercial use!
• Commercial Umbrella policies cover additional liabilities resulting from lawsuits or other damage. This is an extra layer of insurance designed to protect a company’s assets in the event of an unexpected situation that regular insurance may not cover. Commercial umbrella insurance is a great way to avoid the stress of wondering if your regular business insurance is enough coverage.

Because each business is different, commercial insurance policies are not one size fits all. In addition to the commercial insurance policies listed above, there are other policies you may desire, such as cyber insurance.  The size of your company, the type of business you are running, as well as your property and equipment owned all contribute to the type of business insurance you need. Your Lyndhurst NJ insurance agent at Bogle Agency Insurance will be extremely helpful in ensuring that your company’s insurance needs are met and your assets are covered

Learn more about NJ commercial insurance policies

Contact Bogle Agency Insurance today to learn more about business insurance in New Jersey. We welcome the opportunity to provide you with information on how to best protect your business and your assets. Let our knowledge and experience serve as your guide to NJ commercial insurance.