Business Liability Insurance NJ
Business liability insurance in NJ (or Commercial General Liability) could have coverage for your premises, professional services, products/completed operations, directors/officers’ coverage and error/omissions needs.
Choosing the right coverage for your business can be difficult. Working with Blue Lion Insurance Advisors, LLC will give you the peace of mind knowing you’re getting the best business liability insurance, at the right with superior service.
We will work with you every step of the way!
Protect Your Business and Your Assets
As a business owner, you’re responsible for providing quality products and services. Therefore, you’re accountable to your customers, clients, vendors, subcontractors and other non-employees.
A healthy business is an important part of any community but unfortunate circumstances occur without warning. Without the right commercial general liability insurance, you could find yourself dealing with:
- Claims that your business damaged someone’s property or caused bodily harm
- Lawsuits or claims that your business or employees damaged the reputation of your competition, customers etc.
- Claims that your business violated copyrights in advertisements or put up misleading ads
- Medical expenses payable in case someone was injured at your business
- Claims arising from damage to property that you rent
Consequently, paying for these expenses might involve selling your personal and business assets. So, if you want to avoid this situation, consider getting Commercial General Liability Insurance.
What does Business Liability Insurance Cover?
Commercial General Liability (or Business Liability) Insurance could provide coverage for lawsuits related to bodily injuries and property damage. Similarly, your small business liability insurance policy could also cover:
- Immediate medical expenses
- The cost of hiring a lawyer
- Court expenses. This includes witness fees, evidence expenses etc.
- Cost to settle a claim
- The final amount of damages you have to pay out. That is to say, if the case goes to trial and you’re found guilty of something
- Lawsuits arising from advertising injuries, reputational harm etc.
- Lawsuits arising from product liability
What is the Likelihood that Someone Could Sue Your Business?
It would be nice to think you would never get sued. Unfortunately, that is not a reality. In an increasingly litigious society, lawsuits are part of the business world. Therefore, no business can do without Commercial General Liability Insurance today.
A Small Business Administration study indicated that:
- Lawsuits against small businesses result in financial loss and substantial emotional hardships as well
- The legal costs for litigation ranged from $3,000 to $150,000
- The payment of damages nearly put several small business owners out of business
- It took business owners a long time to rebuild their business and recoup their losses
A general liability insurance policy can act as a safety net when things go wrong. For instance, if you don’t have deep pockets. So look ahead and get General Business Liability Insurance. Because you, your business, and your reputation demand it.
The Cost and Benefits of Commercial General Liability Insurance
Contrary to business owners think, general liability business insurance for small businesses, is affordable. Especially if you operate a low-risk business. For instance, construction companies might pay higher premiums as opposed to accounting firms.
The cost of this insurance usually depends on factors such as:
- The risk levels of your business
- Your location
- The number of employees you have
Above all, having business liability insurance shows your willingness to assume responsibility for accidents occurring on your property. It indicates that you intend to be in business for a long time.
In some cases, clients might want you to obtain this insurance before you can work with them. As a result, having the right General Liability Insurance, with the right coverage, gives you piece of mind your businesses are protected.
Do You Need Commercial General Liability Insurance?
However, you should purchase commercial general liability insurance if you (or your employees):
- Represent your client’s business
- Meet your clients face-to-face
- Work on (or with) property or equipment you don’t own
- Use third-party locations for various business activities
- Need company liability insurance to sign commercial leases and client contracts
New Jersey has a thriving economy. Don’t wait, get a Business Liability Insurance quote for your small business today!
Get Affordable Business Liability Insurance in NJ!
Call us today at (732) 649-1600 to learn how our business insurance advisors could get you the best Business Liability Insurance coverage, at the right price, with superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.