Start Your Business Right

Becoming a contractor can be a profitable decision. Payscale.com’s statistics denote a general contractor makes an average of $29.76, which is equivalent to $61,900 per year. While developing a marketing plan is vital in the initial stages, getting contractor’s insurance from E.S.T.I.R. Inc. should be on the top of the list of tasks to complete. We serve Newark, NJ and the surrounding area. 

1. Determine Your Target Audience

Depending on what service you’re offering, your target audience may vary. You should craft most of your marketing efforts to focus on your target audience. 

2. Develop a Marketing Plan

Think carefully about the different ways you want to market your services such as on social media, Craig’s List and even in the business’ of people you know. You may even want to hire a marketing expert or a writer to enhance your marketing efforts. 

3. Licensure

If you’re not currently licensed for what you do, you should check into the state laws to determine if you must have certain licensure to practice. Keep in mind, obtaining the licensure, even if it’s not required, can help you draw in customers. People will feel more confident in your skills if you’ve obtained professional licensure. 

4. Further Your Skills

You may want to take classes to improve your skills or enhance the skill set you have. That way, you’re able to perform the job more satisfactory or offer other services to make you more versatile. 

5. Get Insurance

It doesn’t matter how good you are, accidents happen, and you don’t want to lose your business over a mishap. Always have insurance to protect in the event something goes unexpectedly. 

To get a quote for contractor insurance, contact E.S.T.I.R. Inc. at 609-688-1800 today. We serve Newark, NJ and the surrounding area.  

How Can Your Company Benefit from Business Interruption Coverage?

Business interruption insurance can protect your business from financial ruin in the event of an unexpected disaster. If your business has to shut down due to extensive damage to your building or products, business interruption coverage provides the financial means to sustain your enterprise until you get back on your feet.

Judging from recent events, disasters can strike at any time. Smart business owners will secure their future by obtaining the right insurance coverage for their needs. At E.S.T.I.R. Inc. we can help you obtain a business interruption policy geared to your individual situation. Here are some of the ways business interruption coverage can benefit your Newark, NJ firm.

Replaces Lost Revenue

Extensive damage to your business property or goods could cause your business to close temporarily until repairs can be made. A shut down will result in loss of business income. In the meantime, your company has to continue paying its bills. It may even incur other expenses due to the disruption of business. If a disaster destroys your workplace and you need to vacate the premises temporarily until repairs are made, your business interruption policy will cover lost revenue until you get back on your feet

Business Expenses

Business interruption coverage will also pay for fixed business expenses such as your rent and utilities during your shutdown so you don’t have to pay these expenses out of pocket. Depending on your business interruption policy, you can also get reimbursement for:

  • Rental of a new temporary location
  • Cost of moving to and operating from a new location
  • Employee wages

Any time you shut down a business you run the risk of losing customers to competitors. With business interruption coverage from E.S.T.I.R. Inc. Newark, NJ, you benefit from financial resources to secure your business until you can get back on your feet.

I Purchased an Older Car. Is Liability Insurance Enough?

Is Liability Insurance Enough for my Older Car?

Think of liability insurance as the minimum coverage available that can protect you, the owner of the vehicle, against lawsuits. This basic policy will likely protect you from having to pay out-of-pocket to repair the automobile or property damaged during an accident of which you were at fault. Keep in mind; it does not pay for repairs to your own vehicle or property.

Liability insurance is only available if you own your vehicle outright. For some people in Newark, NJ, the cost of collision or comprehensive policies is simply not in the monthly budget. Luckily, the agents at E.S.T.I.R. Inc. understand how to get you the best coverage you can afford. 

Components of Liability Insurance

1. Third party insurance is the component that covers the owner of the vehicle against lawsuits.

2. Personal injury protection covers you up to $250,000 towards medical expenses. You can choose to add essential services to the policy which would cover things like nursing assistance while recovering.

3. Loss of income coverage can be added to provide coverage for up to 60 percent of your income during physician verified recovery time. 

4. Death benefit coverage of up to $10,000 in the unfortunate incidence that the accident caused a death. Funeral expenses of up to $2,000 can be added to the policy. 

How is Collision Insurance Different?

Collision insurance goes beyond liability in that it covers repairs to your vehicle or replacement of your vehicle if it is totaled in an accident.

What About Comprehensive Insurance?

Not all accidents involve driving. Comprehensive will cover damage such as a tree falling on the vehicle or hail damage. It also covers theft or vandalism. 

Proof of insurance is required to drive legally in Newark, NJ. Contact us online at E.S.T.I.R. Inc. or by phone at (973) 481-5300 if you have questions about which insurance is right for you.

 

Four mistakes that could unnecessarily raise your car insurance premiums

You need to put money toward car insurance, but there is a lot of variation in how much you can spend on a policy depending on factors like coverage options and discounts. Unfortunately, a lot of motorists don’t put enough time and thought into their insurance and end up overspending.

The following are four mistakes that could unnecessarily raise your car insurance premiums:

Buying only the minimum coverage required by law

The minimum coverage required by law is typically only going to cover damage your vehicle causes other vehicles or property in an accident. It’s not going to cover damage to your own vehicle.

If your car is worth a significant amount of money, it’s a good idea to get collision coverage.

Neglecting to look into discounts you’re eligible for

There are various discounts out there for those who have taken driver safety courses or are students with good grades, for example.

Making payments monthly rather than bi-annually

Most car insurance providers are going to give you the option of either paying for a policy upfront that will last for six months or paying month by month. There is typically a discount that goes along with paying upfront. This means that, if you can afford to, you should pay upfront to save money over the long term.

Insisting on a very low deductible

A lot of motorists don’t like the idea of a higher deductible because it means that they’re going to have to shell out more cash in the event of an accident. However, lower deductibles typically mean higher premiums and could cost more in the long run.

If you want to learn more about saving money on car insurance in Newark, NJ, get in touch with E.S.T.I.R. Inc.

5 Reasons Every Small Business Needs Commercial Insurance

It’s an exciting time to open a business in Newark, NJ! To help new small businesses, E.S.T.I.R. Inc. has put together this helpful list of everything you need to know about commercial insurance.

Legally Required Insurance

In New Jersey, most employers are required to have some type of workers’ compensation coverage or be qualified for self-insurance. Most small businesses in the state purchase a commercial policy that at least covers the legal compensation requirements. However, a commercial policy that offers coverage that goes beyond the legal requirements can be hugely beneficial.

Property Damage

A commercial insurance policy can cover the cost of repair or replacement to your property should it become damaged by yourself or an employee.

Bodily Injury

If a customer or visitor is injured while on your property, this type of insurance could cover that person’s medical expenses. This coverage can extend to injuries causes by yourself or an employee at another person’s work place or home if you were there for business reasons.

Personal Injury

Commercial insurance could cover the costs of non-physical damages, such as those that infringe on a person’s rights, reputation, or that result from some form of perceived discrimination.

Legal Costs

Should you need to defend yourself and your business in court, a commercial insurance policy could cover the cost of your legal defense and judgments. This includes legitimate suits as well as lawsuits deemed to be “frivolous”.

There are many other situations where commercial insurance can be the perfect safety net for a small business owner. Call E.S.T.I.R. Inc. today to discover more options you have to protect the future of your business!

Who decides how much my damages are worth?

If you have a homeowners insurance policy with E.S.T.I.R. Inc. in Newark, NJ, you probably know your policy limits.  But you probably don’t know how damages are assessed, and what you will need to have to recover your damages in case of loss. The State of New Jersey Department of Banking & Insurance recommends you understand how insurance works before choosing your limits and comparing policies.

If you do not have enough insurance, you may not be able to cover your losses in case of an event, such as fire or theft. You may assume that your possessions have a certain value, when in fact the value has gone down over time because of depreciation. Depreciation can be caused by wear and tear, or it may happen because something like a television or computer loses value as newer versions replace it.

Replacement Cost vs. Actual Cash Value

You will be able to choose a policy which allows you to replace your valuables, or one which compensates you for their actual cash value. 

The Replacement Cost does not mean the cost for finding the exact same item, but it allows you to replace the loss with something like it and of the same quality, minus the cost of depreciation. If you opt for a policy which gives you Actual Cash Value, you will be able to get the amount needed to repair or replace your property minus depreciation.

Even if you have think you have obtained the right amount of coverage to cover any losses you could incur on your home, it is important to make sure that your policy reflects what you need. Call E.S.T.I.R. Inc. in Newark, NJ to discuss your policy or see if you would like to add more coverage.

Does Your Contractor have Proper Insurance?

The first step toward remodeling your Newark, NJ home is finding an experienced contractor to handle your project. Working with a good contractor will ensure your project is done right. If you can get a referral for a contractor from people you trust, all the better, as they can verify the contractor’s qualifications and experience firsthand.  

In addition to good qualifications, your contractor should be licensed and insured for his profession. What kind of insurance should a contractor have? A good contractor will carry both liability and worker’s comp coverage. Before starting a remodeling project, talk to your E.S.T.I.R. Inc. agent to see how your project will affect your own home insurance coverage.   

Liability

Contractor’s liability coverage has a dual purpose: to protect you against property damage and accidental injuries your contractor may cause while on the job. If your contractor or any of his team accidentally damage a major appliance, for example, while remodeling your kitchen, his insurance will cover the cost of replacement or repairs. If accidental injuries occur to others due to worker negligence, your contractor’s liability insurance will cover medical costs.

Worker’s Comp

Contractors who have employees helping on remodeling projects should have worker’s comp. Worker’s comp insurance pays for medical expenses and lost wages of workers who are injured on the job. If a contractor doesn’t have worker’s comp, you could be held liable for injuries your contractor’s employees sustain while working on your property.

Before hiring a contractor, make sure he is properly insured so you are not held responsible for either injuries or damages that may occur during a remodeling project. If your contractor plans to use subcontractors, they, too, should carry up to date insurance coverage.

For more information on how contractor’s insurance protects your interests, contact one of our agents at E.S.T.I.R. Inc. in Newark, NJ.

3 Reasons to Get a Home Insurance Rider

A standard home insurance policy will provide you with basic coverage to protect your Newark, NJ home and personal effects within certain limits. This policy, however, may be insufficient to cover the cost of repairing or replacing high-end personal effects in the event of damage or loss. This is where an insurance rider or endorsement comes into play.

A rider provides you with extra coverage to protect valuable belongings against such perils as fire, water damage, vandalism and theft. Here are a few reasons why you may want to consider adding a rider to your E.S.T.I.R. Inc. insurance policy.

Costly Investments

If you’ve invested in costly goods such as pricey electronics, fine art or antiques, a rider will protect your interests if these items suffer damage or loss due to a natural disaster. Without adequate protection, your investments could be rendered useless if a fire or storm were to unexpectedly ravage your property. A rider will also cover the cost of replacing these goods if your home is targeted by burglars.    

Family Heirlooms

Rider insurance will cover costly repairs of family heirlooms if they suffer damage from accidents, fire or storm, enabling you to continue the tradition of passing heirlooms to the next generation when the time comes.

Expensive Gifts

In like manner, a rider can protect costly gifts you receive from family or friends over the years. Posh jewelry, designer clothing or a pricey stereo system could be difficult to replace if they are damaged or stolen. If you’ve received gifts that are valued higher than the limits of your current insurance coverage, it’s to your advantage to protect them with a home insurance rider.

For more information on how rider insurance can protect your personal belongings, contact us at E.S.T.I.R. Inc. in Newark, NJ.

 

Should you have commercial insurance at the start of a new business?

The question of whether to invest in commercial insurance with E.S.T.I.R. Inc. right at the start of founding your Newark, NJ business depends on a number of factors. Ultimately it comes down to risk.

This is to say that not all businesses will require insurance right at the start. A startup in your garage will grow over time, and it may require a policy before you knwo it, but it probably does not when you are just working on a laptop on your own.

On the other hand, just about any service industry will require commercial insurance right up front. If you’re running a restaurant, a retail store, anything with a physical location where customers or clients will be visiting you, you’re at least going to need commercial general liability alongside some other coverage policies depending on the nature of your business.

Your business might not involve any direct contact with customers at all, but it may be necessary to seek a policy through E.S.T.I.R. Inc. simply because of the scale of the business. If this isn’t a simple startup, but rather, a team of investors entrusting you to, for instance, flip real estate or found a media company, then you need to consider how you’re going to protect your investors’ from damages and liability, and commercial insurance can help in this regard.

Starting a new business in Newark, NJ comes with a number of challenges, and one of them is assessing risk. If you’re not sure what your risks are, speak with other professionals in your field, and always err on the side of caution.

Top Reasons to Have Toy Insurance

Your “toys” are the vehicles you use to relax, have fun, and spend time with friends and family outdoors. These are the things that make a Newark, NJ vacation worth it: motorcycles, snowmobiles, golf cards, travel trailers, ATVs, boats, jet skis, and more.

When you use these vehicles, you don’t want to have to worry about what would happen if an unexpected accident occurred and your vehicle was wrecked, totaled, damaged, or stolen. You don’t want to have to worry about expenses you might have to pay for liability either. And in this case, that means that you need to have a great toy insurance plan for these vehicles. Specifically, here’s why this is important:

• Fire Protection

Fires, where vehicles are stored, are more likely than you might assume. Toy coverage can take care of this for you.

• Collision Protection

Accidents happen, and if you experience a collision or total your vehicle, you want to know that your insurance will be there.

• Theft Protection

This insurance can also protect you in the event that your vehicle is stolen or broken into. Keep in mind that it likely will not protect any valuables that are stolen, however.

• Liability Protection

Finally, if anyone or anything is hurt or damaged on or around your vehicle, your toy insurance will protect you from liability claims and can help you when you’re liable for medical bills and other damages.

Call E.S.T.I.R. Inc. Today to Learn About Your Toy Insurance Options

If you’re a Newark, NJ resident who is interested in learning more about liability insurance, contact E.S.T.I.R. Inc. We are proud to serve your area, and one of our knowledgeable representatives would be glad to speak with you and your family about your toy insurance options. Give us a call or visit our nearest location at your earliest convenience.