The Bloomfield, NJ area can be a great place to start a small business. For those that are skilled in a trade or construction, going into business for yourself here and becoming a contractor could be a great option. If you are going to become a contractor here, it is important that you get a full contractor insurance policy. There are several reasons why you may need to have this insurance.
Provides Necessary Liability Protection
One of the main reasons that a contractor is going to need to have insurance is that it can provide them with necessary liability insurance. A contractor will always have some liability risk when working any job. This can include accidentally causing damage to a job site or making a mistake that leads to bodily injury. When you have a contractor insurance policy, you are going to have the coverage you need to protect against this risk.
Needed to Comply with Lender Requirements
When you are a new contractor that is trying to get a business off the ground, taking out a business loan can be a great option. These loans can provide you with some working capital while also helping you to pay for the tools and equipment you need to run your business. If you have taken out a loan, you will likely need to have a contractor insurance policy to meet your lender’s requirements
When you are shopping for insurance in the Bloomfield, NJ area, you should reach out to the team at E.S.T.I.R. Inc. The insurance professionals at E.S.T.I.R. Inc. can help you to get into a policy that offers the right coverage for your small business. They understand the needs and risks that contractors have and can build a policy that mitigates these as well as possible.
Running a business is quite expensive. Therefore, the last thing you want to do as a business owner is add on expensive commercial insurance. However, business insurance is not just a luxury – it is a necessity that protects the business itself, its owner, and employees. If you are still thinking of skipping it and operating your business without it, E.S.T.I.R. Inc. serving Bloomfield, NJ has prepared the list of risks you may face if you choose not to buy commercial insurance:
- Failing to protect your employees. Having workers’ compensation is important not only because it is required by the government, but also because it protects employees. It takes care of employees if an accident happens by preventing them to work and makes sure that you, as an employer, can afford their medical bills.
- Property loss. By deciding to not carry commercial insurance, you should understand that risk losing your commercial property. Without insurance, you can lose all your assets due to natural disasters, folding, free, theft, and others.
- Interruptions. There is no businessman owner who wants his business to be closed. However, it is not always possible to avoid. Those business owners who have commercial insurance, are financially protected. However, without commercial insurance, you have a risk of facing high out-of-pocket costs that can become a serious financial burden.
Commercial insurance is a necessity for any type of business today because it offers protection against a variety of losses. If you start your business in Bloomfield, NJ and you want to make sure that your company, yourself, and your employees are protected, contact E.S.T.I.R. Inc. to talk to one of our experienced agents and find out what options are available.