Business insurance agent sitting with client

At Blue Lion Insurance Advisors, LLC, our New Jersey clients have many questions when they consult with us. Fortunately, we have the comprehensive knowledge of Business Insurance policies to be able to answer them accurately. 

More than that, we have the extensive experience and well-developed skill set to assist them in deciding which types of insurance will best suit their company’s needs and be most cost-effective. Because we are advisors rather than agents representing a particular Commercial Insurance provider, our loyalty is always to our clients. Our goal is to get you the best coverage at the best price. Contact us today at (732) 649-1600 or online to discuss your options.

Question #1: Why Do Business Insurance Costs Differ from One Company to Another?

Your business’s insurance costs differ from those of other companies because, since no two businesses are identical, each one has different insurance needs, and each company’s risk assessment by the provider will vary depending on:

  • Location (e.g. wildfire or flood zone, high-crime area, distance from emergency services)
  • Size — number of structures, number of employees
  • Type of construction (e.g. wood, stone, brick, metal)
  • Number and type of exits (e.g. stairs, elevators)
  • Presence of hazardous substances (e.g. toxic chemicals)
  • Dangerous railings, balconies, large ceiling fixtures
  • Potentially dangerous equipment and vehicles (e.g. forklifts, cranes)
  • Nature of tasks performed and level of risk at work sites 
  • Preventative measures taken (e.g. indoor sprinklers, CO detectors)
  • Number of previous claims
  • Number of visitors to the premises

Question #2: What Types of Business Insurance Does My Company Need?

Simply stated, there are many types of business insurance, and each have many features and options available to them. For this reason, most business owners are happy to have our expertise available when choosing policies to protect their business. Our insurance advisors will be able to apprise you of such matters. Below are some of the prominent types of Business Insurance:

  • General Liability Insurance covers your business for personal injuries to customers, clients, vendors, and other visitors on your property, property damage due to your products, services, and operations, damage you or your employees cause to your rental property, and damage your company causes through copyright infringement, advertising injury or reputational harm.
  • Errors and Omissions (E&O) Insurance, also known as Professional Liability Insurance, protects your company from professional negligence or malpractice claims.
  • Workers’ Compensation Insurance

Workers’ Compensation Insurance offers benefits to any employee injured on the job or becomes ill due to a work-related condition. Workers’ Comp also protects business owners from liability since, in most cases, employees who receive benefits give up their right to sue their employers.

As noted, there are a great many other types of Business Insurance; the following list is by no means all-inclusive:

  • Business Auto to cover business-owned vehicles
  • Business Continuation to cover expenses after a natural disaster
  • Cyber Security to cover data breaches, computer attacks, and cyber extortion
  • Employment Practices Liability (EPLI) to cover you for employee lawsuits claiming wage and hour violations, wrongful termination, or discrimination
  • Equipment Breakdown
  • Flood to cover water, mold, and bacteria damage

Question #3: What Limits Are Put on My Coverage by Insurance Providers?

Our well-informed insurance advisors will explain how various policies cap their benefits and put their deductibles in place. The insurer may set limits based on the size of your business, the risk of your industry, and the history of your claims, such as:

  • The aggregate limit – the maximum amount the policy will pay in a single year for all of your claims combined
  • Per-occurrence limit – the maximum you will be able to receive for a single claim
  • Flat deductible – a specified dollar amount that applies to each loss
  • Percentage deductible – a percentage of the limit or the value of the damaged property
  • The waiting period – the period of time that must elapse before coverage begins
  • How can I save money on insurance?

You can save money on small business insurance by:

  • Bundling policies
  • Reducing risk factors, i.e., making your work environment safer
  • Comparing policies from different providers

Our experienced insurance advisors will help you find the most effective, reasonably priced insurance and present options from several providers. 

Contact Our Experienced Insurance Advisors Now

Well-chosen Business Insurance policies will protect your business from external and internal dangers, but only if you take prompt action. Contact Blue Lion Insurance Advisors, LLC today to ensure your insurance program is Blue Lion Strong™.