If you’re in the market for PA business insurance, you are probably already aware of the seemingly endless number of insurance companies out there trying to offer you coverage for one thing or another. Some agents insist on a one-size-fits-all approach to insuring your company, without bothering to fully understanding what it is that you do or need. Just as your business is unique and personalized to meet the needs of your clients, your insurance requirements should also be approached from an individual and customizable approach. Partnering with the right insurance company teams you up with experts whose goal it is to protect you, your employees, and your assets.
Many Pennsylvania business owners think primarily of workers compensation coverage when thinking about PA business insurance, but there are many additional insurance and risk management services available that your current insurer may not have even thought to discuss with you. These services can include business succession planning, excess liability, and claims and loss control. Combined with a solid mix of property, liability, claims, and automobile insurance, your business can be prepared to withstand any legal or financial setbacks that may occur in the future. Knowing you are prepared and have a responsive insurance company in your corner can lead to greater peace of mind, allowing you to focus more on your company, your clients, and your future.
You may own a large corporation or a small local restaurant. No matter what type of business you are in charge of, business insurance in NJ is absolutely necessary to protect yourself and your employees from general risks. However, since not every business is run out of an office, you can customize your policy to include what you need most. The three main components business owners choose to include in their overarching policy include commercial property insurance, general liability insurance, and workers compensation insurance.
The commercial property insurance included in your policy will protect the location your business uses to operate on from damages like fire, wind, theft, and vandalism. On top of that, executives wishing to purchase business insurance in NJ that are located in a high risk flood zone can opt to enhance their policy with additional coverage.
If your company ever finds itself in the middle of a lawsuit, general liability insurance will be able to protect your business from the high costs of legal fees, to the losses your company may see from being exposed in a legal battle.
Another issue many business owners run into is having workers get injured in the workplace. The medical and compensation pay owners are required to hand over to their employees can get expensive quickly. With workers compensation insurance, having an employee in need of financial assistance won’t harm your business. By purchasing a basic business owners policy, your business will be able to weather any hardships that may ensue.
Many people dream of operating their own small business, but there are a lot of challenges that go along with this responsibility. Purchasing business insurance is a great way to protect your livelihood against the myriad threats that can damage your investment as well as your reputation. If you are looking for business insurance in NJ, there are a few features you should definitely include in your policy.
General Liability Insurance
Liability insurance will protect your business against any number of potential lawsuits. As our world grows more and more litigious, this is becoming an ever more crucial aspect of business insurance in NJ. Among other things, general liability insurance will cover bodily injury, property damage, false advertising, and personal injury such as slang or libel.
Commercial Auto Insurance
Just as it is important to have your own car insured, you definitely want to make sure you have coverage for all of your business’s vehicles. The vans and trucks that keep your business moving are a huge investment, and you want to make sure that they are protected in the event of an accident.
Purchasing good worker’s compensation insurance shows your employees that you care about them and appreciate the work they do for you. Don’t leave the people who work for you out in the cold if they get hurt. A worker’s compensation policy will make up for lost wages and help with medical bills if one of your employees becomes injured and cannot return to work for an extended period of time.
If there were to be a windstorm tomorrow and you were unable to open your business for several days, what would you do? What if your business were to completely burn down, would your flow of income be completely cut off? If you have business interruption insurance, then some of the burden would instantly be removed from your shoulders. Without interruption insurance, you may have to shut your business down forever. A business interruption policy helps you out while you’re reopening your business and makes it possible for you to conduct your business out of another location.
Part of the Policy
Business interruption insurance is part of your property insurance policy, so make sure that you don’t already have a business interruption policy before you try to get one. Interruption insurance can help you replace lost income and pay for mortgage/taxes/advertising. One extra item you can add to your interruption policy is business income for dependent property, which provides earnings insurance in the event that your suppliers were ever unable to serve your business or your customers were ever unable to secure your services or products. There’s also a utility interruption enhancement that’s useful for an interruption of gas, water or electricity.
You’ll want to make sure that the separate parts of your business interruption insurance overlap in order to make sure that you are fully protected from all matter of unfortunate events that could negatively impact the flow of your business and your income.
There’s no telling when disaster will strike so the best thing that any business owner can do is to prepare. If earthquakes are a concern in your area, make sure that your buildings conform to the latest earthquake safety codes. If hurricanes or other severe weather is likely to threaten, make sure there are ways of securing windows, doors, and other vulnerable points. No matter what kind of disaster you might need to prepare for, make sure you have all the necessary NJ Business Insurance coverage.
Hope for the Best, Prepare for the Worst
No one likes to imagine the impact a natural disaster might have but in order to adequately prepare you’ll need to think carefully about what might happen. One of the best sources of information regarding disaster preparedness is your preferred insurance agency. They can tell you about what kind of severe weather is likely to impact your local area and what can be done to lessen that impact. They might recommend expanding your existing NJ Business Insurance policy to include additional forms of coverage such as:
- Business interruption
- Equipment breakdown
- Data compromise and identity recovery
- Business property
- Loss of income
Working with Your Insurance Agent
These and other lines of coverage are going to help you recover from the effects of severe weather or other natural disaster. You can rely on your NJ Business Insurance company to provide you with help any time you need it. By asking a few key questions, you can work with your insurance agent to create a policy that’s perfect for you.
The short answer here is, yes! The Board of Directors for a non-profit is responsible for making many decisions on policy, operations, finances, and more. Most board members are not experts in every field, so having an insurance policy against mistakes that are made without ill intent is just smart business.
What is Directors & Officers Insurance?
D & O Insurance is a policy that is actually owned by the Non-profit, meaning that the organization will actually pay the premiums and have certain members that are covered. This is usually members of the Board of Directors, and may also include other key members, such as an Executive Director.
Typically, the policy protects against breach of duties, wrongful acts, or poor decisions. Many policies require that whoever is covered must be acting in good faith. Check with your PA business insurance professional for a complete understanding of coverage. Here are a few examples of scenarios that most D & O policies would cover:
- Mismanagement of funds and assets
- Failure to provide services or fulfill contract responsibilities
- Human Resource issues like wrongful termination or harassment
An Interesting Characteristic of D & O Insurance
Most insurance, like auto and home insurance policies, will cover you as long as you have coverage on the day of an incident. With most D & O insurance policies, coverage may not necessarily be necessary on the date an incident occurs. As long as you have coverage on the date a lawsuit is filed, the organization would be covered. For example, if your non-profit buys a D & O insurance policy today, and next month a harassment suit is filed for an event that occurred last year, the organization would be covered because it has insurance the date the law suit is filed. This can work against you a bit if you pay for D & O insurance for five years straight and then cancel it one year because the premiums are too high. If a suit is then filed when you don’t have insurance, even if for an event that occurred when you did have insurance, you could be exposed. Situations like this make a qualified PA business insurance agent an enormous asset to non-profits.