Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
New Jersey Event Planning Insurance
New Jersey Event Planning Insurance. Event, party or wedding planners work with customers to plan and implement special events, including conventions, exhibits, fundraisers, parties, or weddings. The planner works with the customer, determines the time, place, and budget for the event, and negotiates and coordinates vendor services for such items as mailings, catering, musicians or other entertainers, photography, props, scenery, flowers, audiovisual equipment, and security.
While many event planners handle one-time events such as weddings, others work year-round with businesses conducting trade shows, exhibitions, and conventions.
If you are planning an event, whether it's a conference, wedding, party, consumer show or a corporate dinner, making sure you have appropriate insurance in place can help protect your event from those unforeseen circumstances that could leave your reputation tarnished and your business out of pocket.
With risks such as an injured guest, a closed venue or damaged property, New Jersey event planning insurance will protect you against the unexpected.
New Jersey event planning insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why You Need Event Planning Insurance
Below is a list of the most common reasons to purchase New Jersey event planning insurance:
- Many clients and NJ venues will ask to see details of your insurance policy as part of their standard vendor checks. Your insurance cover certificate will enhance your reputation and show that you are dedicated to your profession.
- As a professional party planner or event organizer, you also need peace of mind that should the unexpected happen you are secure and protected with a New Jersey event planning insurance policy. Even the best-planned events are at the mercy of the unexpected. If accidents that cause injury or property damage occur during your event, you could be held financially responsible. Your policy can help you take some of the anxiety out of event planning.
- Some policies even offer event cancellation coverage that can minimize your financial loss if your event can't go on due to interruptions like bad weather.
Types Of Event Planning Insurance
Flowing are some of the most important types of New Jersey event planning insurance:
Commercial General Liability: This will pay for legal defense costs (e.g. lawyer fees, court costs, etc.) and this is very important to note as many lawsuits alleging responsibility for bodily injury, property damage or personal injury are frivolous in nature. When applying for this coverage, you need to provide details about the NJ event, its date, location, and the number of people expected. If liquor is going to be served, you will pay an additional premium to get liquor liability.
Professional Liability Insurance: Also know as errors and omissions insurance (E&O). If you are a full-time or part-time professional in the events, planning & organization space, expectations can be very high and attention to detail is critical. Professional liability covers yourself and your employees from actual or alleged negligence, failure to perform, inaccuracy, bad advice and other common risks faced by planning, events and organization professionals.
Business Property Insurance: This will cover you financially if your office and/or its contents were destroyed or damaged by a fire, theft or vandalism. When you purchase your policy, you have the option of insuring your property either at the replacement value or the current cash value.
Business Owner's Policies: Business owners policies (BOPs) offer your event planning business comprehensive coverage at an affordable rate by bundling commercial general liability, business property and business income coverages together together.
NJ Commercial Auto Insurance: If you use a car, truck or van in your event planning business, then NJ commercial vehicle insurance provides you with monetary protection in case of an accident. It not only can cover physical property damage to the vehicles involved in an accident, but it pays medical expenses for physical injuries sustained in the accident.
Equipment Insurance: This will provide peace of mind by covering your own event-related equipment; from chairs, to microphones, to lighting. This product covers your equipment in transit, during use and when in storage.
Business Income and Extra Expenses Insurance: If your NJ business buildings or contents are damaged severely in a catastrophe, you may lose income while waiting for repairs. This insurance can provide that lost income and cover extra expenses that may arise.
Valuable Papers Insurance: In the event customer information such as payment receipts and contracts are stolen or damaged, this insurance coverage will provide the necessary means to replace or reimburse you for the cost of damage.
New Jersey Event Planner's Risks & Exposures
Premises liability exposure is generally low as visitors to the event planner's premises are few. While the facility owner would be primarily responsible for any injuries to guests on the rented facility premises, the event planner could incur liability for recommending the facility to the customer.
The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Workers compensation exposure can be very high if employees set up, build, or transport stage settings, equipment, lighting, and scenery. These activities can result in back injury, hernia, slips and falls, strains, and sprains. Stage and lighting setup may involve above-ground exposures that need additional protection and precautions.
Adequate security and training must be provided if employees handle money at events due to the possibility of holdups. Security personnel may suffer injury not only from theft but also from unruly patrons. The event planner should require additional insured status and certificates of insurance from all vendors. Contracts must be clear as to all responsibilities.
Property exposures are limited on premises to that of an office containing telecommunication equipment, computers, and printers. Ignition sources include electrical equipment, heating, and air conditioning. Electrical wiring must be up to code and be adequate for the occupancy. Off-premises property exposures are higher but are from property of others which should be covered on an inland marine bailees form.
Crime exposure is from both employee dishonesty and money and securities. Background checks should be conducted on all employees handling money. The event planner consolidates vendors' bills and sends one bill to the customer. Employees who are in charge of ordering must not be the same ones who handle disbursements, deposits, and billings.
Frequent inventories and audits must be conducted. If tickets are sold at events, a significant amount of cash may accumulate. There must be adequate security from guards, plus regular deposits.
Inland marine exposures include accounts receivable if the planner offers credit, bailees' customers for property of others at event sites, computers, and valuable papers and records for clients' and vendors' information.
The bailees' exposure can be very high because of the wide variety of equipment that must be rented to provide sound and lighting at events, plus any rented furnishings or display scenery.
Business auto exposure is generally limited to hired nonownership for employees running errands. If company vehicles are supplied for use, all drivers must have a valid driver's license and acceptable MVR. There should be written procedures regarding personal use by employees and their family members. Vehicles must be regularly maintained with documentation kept in a central location.
NJ Event Planning Insurance
There are countless details to manage when you stage a trade show, convention, concert, party or gala event - and many risks to manage. To complicate matters, most venues impose insurance requirements on event organizers. Having New Jersey event planning insurance will help you to meet those requirements, while minimizing various losses.
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 2019 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 Advertising, Marketing & Media Insurance
Learn about small business media liability insurance - a specialized form of professional liability insurance that provides protection for legal claims brought by third parties.
- Advertising Agency
- Call Center
- Graphic Designers
- Market Research Firm
- Marketing Consultant
- Public Relations
- Search Engine Services SEO
- Social Media Consultant
Media operations are fast-paced businesses with unique property and liability insurance exposures. They depend more and more on computer systems and up-to-date software programs. These businesses usually have extensive contracts with both freelance individuals and corporations.
In addition, personal injury liability and confidentiality issues must be addressed. Insurance coverage for these concerns must be as comprehensive, flexible and responsive as the organization seeking it.
Advertising and Media Liability Insurance provisions are not standardized, so it is critical to carefully review a particular form's basic features and available coverage options. While some carriers offer coverage on an open perils basis, most will provide coverage only on a named perils basis.
The named perils generally include coverage against allegations involving defamation, disparagement of an individual's reputation, product disparagement, invasion or infringement of the right of privacy, infliction of emotional distress, plagiarism, piracy, infringement of copyright, trademark, or other intellectual property, newsgathering torts such as trespass and assault, unfair competition with respect to other covered communication perils, and errors and omissions.
Coverage can be written on a claims-made basis or on occurrence-based forms. The occurrence basis affords additional protection to the insured as coverage is provided for a claim or event occurring during the policy period, even if the coverage expires or is cancelled or nonrenewed.
Most media liability policies provide a Limit of Liability per event, plus an Aggregate Limit of Liability for all events covered during the policy term. Some carriers now offer coverage without requiring an Aggregate Limit of Liability. Such a policy is an advantage to the insured as this eliminates the fear that the policy limits will run out before the policy expires.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.