Every business comes with its own unique risks and exposures. Fortunately, Business Insurance in Sussex County New Jersey is designed to address these issues and the right insurer can provide you with coverage for every conceivable risk you might face. If you own your own business you should discuss your specific business risks, along with the types of policies available with a qualified insurance agent or broker.
General Liability insurance (GL)
Business owners purchase general liability insurance to cover legal issues involving incidents where an accident, injuries, or claims of negligence occur. These policies provide payments as the result of bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or any judgments required during an appeal procedure.
Product Liability insurance
Product liability insurance protects against a financial loss as a result of a defective product that causes injury or bodily harm. Companies that manufacture, wholesale, distribute, and retail products may be liable for its safety and the safety of consumers. The amount of insurance that should be purchased depends on the products sold or manufactured.
Professional Liability insurance
Useful to business professionals like doctors, lawyers, architects and others, professional liability coverage protects your business against malpractice, errors, and negligence in providing services to your customers.
For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states. Depending on your profession, you may also be required by your state to carry this policy. Commonly referred to as Errors and Omissions insurance.
Commercial Property insurance
Property insurance covers everything related to the loss and damage of company property due to fire, wind, civil disobedience, vandalism, and other covered events. The definition of property can be broad, and generally includes loss of income, business interruption, and damage to buildings, computers, company papers and lost or stolen cash.
There are other policies to consider, commercial auto for one if required in order to properly protect your business and your personal assets. Depending on the sort of work you’re engaged in, you can be advised on the exact types of Business Insurance in Sussex County New Jersey you should consider purchasing.