Many people are not aware of the diverse and numerous types of insurance their businesses may need. In New Jersey, Blue Lion Insurance Advisors, LLC is well-prepared to guide you through the process of insuring your business, whether it is a small shop or a corporation, a retailer or service provider, a professional office or a franchise operation.
Whether you are contemplating starting a new business or already have an established one, it is essential to have Business Insurance to protect your assets, your reputation, and your livelihood. Contact us for a free consultation and we will see to it that you choose the policies that will provide you with the best coverage for your company at the lowest cost.
As our name indicates, we are not an insurance company, but rather insurance advisors. Because we have no allegiance to a particular insurance company, we are entirely focused on meeting your unique Business Insurance needs.
Aspects of Your Business that Determine the Types of Insurance You May Need
The specifics of your business, such as what you do and where you do it, shape your insurance needs. For starters, consider the following:
- The nature of your business (construction company? law practice? nursery school?)
- The size of your company — how many employees, stores, or offices you have
- How long you have been in business
- Your location(s) and related circumstances
- Whether your employees travel for business purposes
- Whether you frequently use subcontractors
- How much money your business generates
When thinking about the above, you will also want to evaluate your firm’s location in terms of weather, environmental changes, criminal activity in the area (e.g. theft or vandalism) and dangers inherent in your business itself (e.g. construction accidents, assembly line mishaps, surgical mistakes). Contact us for a free consultation to discuss your options with one of our knowledgeable insurance advisors.
Does New Jersey require that I purchase general liability insurance for my business?
In New Jersey, it is mandatory for your business to have commercial liability insurance. Such insurance pays for property damage and personal injuries involving customers, visitors and sub-contractors.
Work-related injuries or illnesses of your employees, however, will be covered by workers’ compensation. You should be aware that you must pay into workers’ comp in New Jersey whether you are a sole proprietor, a partnership, an LLC or a corporation, even if you have just one employee. This is actually beneficial because it means that your business will not have to bear the burden of exorbitant medical bills and lost income if anyone on your staff is hurt or becomes ill for job-related reasons.
What General Liability Covers:
Regardless of the fact that not every state requires it, every business needs general liability insurance to cover:
- Premises liability
- Property damage
- Reputational damage
- Advertising errors
- Damages to property you rent
- Claims that your business violated copyrights or patents
The damages awarded for a single severe slip and fall injury could bankrupt your small business. No matter how rare such incidents are, and no matter how carefully you oversee your premises and your staff, it is always wise to be proactive about averting such a financial catastrophe.
What other types of insurance might I need?
In deciding what other kinds of insurance your business should have, the earlier questions about your business come into play, particularly when the specific risks involve matters that general liability insurance doesn’t cover, such as:
- Vehicular damage to company cars or employee vehicles use during work
- Professional negligence, misconduct or malpractice
- Punitive damages awarded for egregious conduct by you or your staff
- Cyber attacks that may steal or destroy data or documents
- Flood or fire damage
- Intellectual property lawsuits
- Business continuation (after a disaster)
What is Employment Practices Liability Insurance (EPLI) and why do I need it?
If you haven’t noticed, our society is extremely litigious. In the #MeToo era, sexual harassment and abuse have become an integral part of discrimination and mistreatment claims. These days, no matter how small your company or how much you trust your employees, it is necessary to have an EPLI policy.
This policy will be invaluable if you are sued for discrimination based on a protected category, such as sex, race, sexual orientation, gender identity, age, or disability. In recent years, lawsuits for wrongful termination, harassment, wrongful discipline, failure to promote, improper working conditions, unfair evaluation, and other employment issues have become common. Our strong insurance advisors will make certain that your business is fortified against such accusations.
Contact Our Experienced Insurance Advisors Today
At Blue Lion Insurance Advisors, LLC, we know that no one is expecting to have to use insurance. If you knew going in which pitfall might derail your business, you could purchase only the Business Insurance that would be useful. As it is, life is unpredictable, which is why you need our risk management specialists to help make your business Blue Lion Strong™.