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.
Day Care Insurance New Jersey
Day Care Insurance New Jersey. The U.S. Census Bureau conducted a survey in 2011 that found that around 6 out of 10 children age 5 and under required child care, with around 6.7 million children attending some sort of day care program.
If you own one of the thousands child care businesses operating in NJ, your business model is not complete until you find a suitable day care insurance New Jersey policy to protect you from liability if you ever face a lawsuit or claim. Daycare providers face many legal liabilites in the operation of their facilities.
Daycare insurance New Jersey protects your child care business (in-home or commercial) from lawsuits with rates as low as $37/mo. Get a fast quote and your NJY proof of insurance (certificate) now.
Like any other business, a NJ day care owner faces risks and perils that endanger the business; day care insurance New Jersey puts a buffer between your business and the potential harm that can result if you or one of your employees find yourselves facing a liability case.
Operators of NJ day care centers and in-home child care providers should have special business insurance that meets the unique requirements of their businesses. Day care insurance New Jersey provides day care owners with liability and business property insurance coverage to protect them from unforeseen events. Child care policies are available in customizable coverage options that allow the owner of the day care to choose a policy that is centered on their individual requirements.
Why Day Care Insurance Is Important
Whether you are a child care operator in your own home or own a center, you should consider day care insurance New Jersey. New Jersey requires that the center or child care provider maintain this type of coverage. The Department of Health and Human Services, or DHHS, in NJ require liability coverage for day care centers and in-home care providers prior to being licensed to care for children. The Department may have strict regulations with which the business must comply, and some insurance companies may have even stricter guidelines that affect the costs of buying day care insurance New Jersey. The aim of these requirements is to limit day care operators and providers from exposure to liability claims.
In-Home child care based day cares should not simply expect that any liability claims arising from their child care activities are covered by their homeowner's policies; this is often not the case. In fact, some insurers may even refuse the homeowner a renewal policy if they unearth the fact that the homeowner is running a business from home without purchasing a separate policy to cover any liability arising from the operation of the business.
Do You Need This Type of Insurance?
Because of the litigious nature of the modern world, day care businesses in NJ are at risk of being sued by parents for accidents, injuries, or allegations of abuse or neglect. Even if legal action is fruitless and the suing party ends up not being awarded any monetary damages in court, the fallout still costs the business in terms of legal fees to defend itself from the claim. Liability insurance for day care operators provided coverage for legal costs and any sort of fees associated with defense. Some terms you may see when discussing day care insurance coverage include:
- General liability coverage. This type of coverage is an essential for any day care business including in-home child care that allows members of the public access to its premises and is required in New Jersey to get your license. This coverage takes care of costs from injuries that third parties sustain on the premises, and it is a vital part of being insured as a day care provider. Even the smallest injuries, falls, or accidents can leave an uninsured provider digging in her own pocket to cover medical expenses.
- Premises liability coverage.Parking lots and play areas are notorious for accidents, and premises liability covers any such accidents for the day care provider, paying medical costs and related claims that occur outside the actual facility, whether it's a broken arm from a fall from a swing or some other accident or injury.
- Commercial vehicle insurance coverage. For day care businesses that use company vehicles to transport children, commercial vehicle insurance is essential. This insurance pays costs associated with property damage and injuries when day care employees are involved in accidents.
- Corporal punishment liability. Your day care business can be held liable if a worker strikes a child or administers corporal punishment. This type of coverage protects your business in the event of such a claim.
- Molestation and abuse liability. No day care provider wants to think that an employee is capable of such acts, but it does happen, and it leaves day care owners open to abuse if they do not have liability coverage.
- Umbrella coverage. For claims and awards that exceed the amount of coverage on a standard policy, an umbrella policy picks up and pays for additional awards beyond the scope of the policy, protecting the owners' assets from attachment if a large award is granted in a claim.
Day Care Property Coverage
As a day care owner, you likely have a large amount of money invested in your property, included equipment and facilities. For this reason, having coverage on the building that houses your day care and the contents of the building is crucial including in-home child care. Building coverage provides protection from damages to the building you use for your center, whether that damage arises from severe weather, property crimes, or even falling objects. Flood and earthquake protection may also be necessary, depending on the area where you live.
When selecting coverage be sure to include protection for the contents of the day care center. This might be furniture, electronics, toys, and cribs, among other items. If the property suffers a loss due to fire, theft, vandalism, and so forth, this coverage ensures you can replace what's lost and stay operational.
Protection is also necessary for the outdoor equipment that you have invested in for your business. Swing sets, play walls, and other items can become damaged or stolen, so maintaining insurance for these items is also important.
Other Coverage Considerations
Beyond the basics - it is important to think of other things that you need day care insurance New Jersey for, so the business is covered from all potential perils. For example, you might need:
- Field trip coverage. This type of protection provides both property and liability coverage for providing child care to children away from your usual location.
- Special events coverage. For fundraisers, pageants, and other similar events hosted at your facility, insurance that covers any accident claims arising from the event can ensure that your business isn't out of pocket for liabilities or claims.
- Lost income insurance. Should your child care business need to close because of a covered peril, lost income insurance helps you pay salaries and expenses until it is operational again.
- Worker's compensation. If you have employees, worker's comp is likely required for your business and covers employees' accidents, illnesses, injuries, or deaths due to job-related service.
Work with a commercial insurance specialist to find out what types of coverage are essential for your business be it a commercial center or in-home child care - prior to opening your facility. If you are already operating, have the agent review your needs and risk tolerance to determine if additional day care insurance New Jersey is needed. Home daycare insurance nj, daycare insurance requirements, 3 types of home daycare insurance, child care business insurance cost, in home daycare insurance, dci daycare insurance, state farm daycare insurance.
New Jersey Economic Data & Business Insurance Requirements
If you are considering opening a business in NJ, it is important to be aware of the economic status of that location. It is also important that you are aware of the regulations related to the commercial insurance that you are required to carry.
If you are thinking about starting a business in the State of New Jersey, keep on reading to find out some key information about the economic status of the state, as well as the rules for commercial insurance. With this information, you will be able to put your best foot forward so that you can make the best choices in the Garden State.
Economic Trends In New Jersey
Currently, New Jersey is ranked 46th in the country in terms of its economic position as compared to other state. While the economic growth may be slower in this state than in other locations, this is largely due to the high taxes. Nevertheless, there are still opportunities for entrepreneurs.
There are several industries that are expected to see growth in NJ in the 2018 calendar year. Some of these industries include:
- Information Technology
- Service Industries
New Jersey Commercial Insurance Requirements
The New Jersey Department of Banking and Insurance regulates the insurance industry In NJ. Just like most states in the country, New Jersey business owners are legally required to carry workers comp insurance. If you employ any type of staff, whether it's full-time or part-time, or hourly or salaries, you must carry this type of coverage. You must also provide your employees with disability coverage in the event that they are injured or become ill on the job. Additionally, New Jersey business owners are legally required to carry commercial auto insurance if they use a vehicle to conduct any type of business.
Commercial liability insurance and commercial property insurance are not required in this state; however, it is still a wise idea for business owners to invest in these types of policies. They can offset the costs that are associated with property loss or with any lawsuits that may arise as a result of doing business.
Additional Resources For Children & Pet / Dog Care Insurance
Discover what small business commercial insurance policies cover for children and pet related businesses.
Whenever children are involved, an extra level of care needs to be taken when selecting an business insurance policy.
Younger children require more supervision than older children. Each state establishes minimum standards and ratios for children-to-adults based on the children's ages.
Day care facilities must comply with these minimum standards and some exceed them by having additional staff to provide more personal attention and activities.
Pet related businesses have a large liability risk when working with multiple dogs. If one of the dogs bites someone, they can do a of of damage and claims are often in the thousands. Certain breeds of dogs can do major damage if they bite.
Another consideration in the pets themselves - what if they are injured while being groomed or walked? What if one dog attacks another while you are walking them?
If you do not have the right coverage you could have to pay a claim and expensive legal fees out-of-pocket.
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