Business Owners Policy New Jersey (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Business Owners Policy New Jersey
Business Owners Policy New Jersey. As many as half of all businesses are involved in a lawsuit within any particular year, according to the U.S. Small Business Administration. At some future point, even the smallest business is subject to being called into court to answer to a charge of negligence or liability. Carrying business insurance such as a business owners insurance policy New Jersey or BOP policy is important to continuing the growth and success of your business uninterrupted in the event of a claim, catastrophe, or peril.
Vandalism, theft, and fire are all known perils that can close your business down permanently. Many business owners find that their businesses simply cannot recover after a devastating loss. A business owner's policy protects your business from the risks faced in a perilous situation. This policy provides both liability insurance and property insurance in one custom-tailored package based on your business' needs. If you own a small or mid-sized business, this policy is right for you.
A business owners policy New Jersey protects your company from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Avoiding Myths When Purchasing A BOP Policy For Your Business
If you've been teetering on the fence and unsure if a NJ BOP policy is right for you, then dispelling some of the myths surrounding these policies is a good move. Let's look at some common misnomers about business owners insurance policy New Jersey policies.
Myth: BOP policies are for big businesses; my business is too small for a BOP policy.
This is an absolutely untrue statement. This type of policy is actually not an option for big businesses; it's tailor made for small and mid-sized businesses.
Myth: General liability covers property loss and business interruption costs.
This is also untrue. General liability insurance will not protect your business from either of these inherent risks. General liability insurance is only for acts that occur due to your actions or that occur on the premises of your business.
Myth: An umbrella policy is sufficient for covering business equipment losses.
Again, untrue. This type of policy covers personal liability, not business liability. It does sometimes extend to cover business equipment under a specific set of circumstances, but the coverage is limited.
Myth: Your business is safe since it is an incorporated business with just one location or operating from the owner's home.
Although the incorporation of your business does make it its own entity legally, any attorney worth his salt can easily finagle his way around the corporate "veil" to find a business owner personally responsible. With a business owners insurance policy New Jersey policy, the liability portion of the policy protects your personal interests.
Myth: You're safe because you're incorporated, only have one location, or are home-based.
While incorporating will make your business a separate legal entity, any knowledgeable lawyer can find a way to remove that corporate protection and make you personally responsible, putting both your business and personal assets at risk. Incorporating offers zero protection against “tort” wrongs, which are judgments related to negligence, malpractice, car accidents and even slips and falls on your property. Luckily, the liability portion of a business owners insurance policy New Jersey protects you against these risks.
Moreover, if you work from your home and rely on a conventional homeowner's policy to guard against business liability, you may find yourself sorely discouraged when your policy specifically rules out business operation in its terms. A better practice is to buy a separate policy so that your insurer understands that business and home are separated, and liability in one doesn't translate to liability in another.
Myth: Your work is conducted at your client's location, so a BOP policy is useless.
A BOP policy is essential if you are conducting business on site. Electricians, caterers, and others who work in people's homes put themselves out there as far as liability goes, and an accident at a client's home or damage to a client's property can leave you holding the bag without an effective BOP policy in place.
Myth: A BOP policy is not essential because the client doesn't require it.
A BOP policy isn't really about protecting the client. At its core, it protects your business. Even if the clients has no opinion about your insurance coverage, protecting yourself from litigation, claims, and loss means having the right coverage in place at all times. Moreover, buying a BOP policy for a short time and then dropping coverage can make your policy cost more in the long run.
Myth: Your contract with your client protects you from liability.
Think again. While having a strong contract in place is always a good idea, the truth is that lawyers can always find an angle to sue, despite the contract's language. Even if the claim has no merit, the cost of defending yourself in court can be astronomical and leave a dent in your business' financial health.
Myth: BOP policies are too expensive for my business.
The opposite is true. business owners insurance policy New Jersey policies are affordable, and the risk they mitigate is priceless. Most people spend just a few hundred dollars per year for a basic BOP policy. This is a small price to pay for peace of mind in knowing that your business is protected. An independent agent can compare rates with multiple insurers to help you find the right coverage for your budget.
The Cost of Business Owners Policy
The type of business you own, the number of people who work for you, and your sales into how much you pay for bar insurance. The location of your business, your claims history, and other important factors also play a part. Work with your licensed commercial agent to find a mix of quotes from insurance companies. This can make it easy to get the right policy for your specific needs.
Request a free Business Owners Policy New Jersey quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood village, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other NJ cities. Also see Business Owners Policy New York, Business Owners Policy Pennsylvania, Business Owners Policy Delaware, Business Owners Policy Kentucky, Business Owners Policy California, Business Owners Policy Texas, Business Owners Policy Illinois
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, Markel, Nationwide, Penn America, Philadelphia, Progressive, Scottsdale, The Hartford, Travelers, USLI, Western World, Zurich & others.