Choosing the Type of Business Interruption Insurance That Is Best for You

Business interruption insurance replaces the revenue you lose when you are forced to temporarily stop your operations due to a covered event, such as a fire or storm. At E.S.T.I.R. Inc., serving Bloomfield, NJ, you can get business interruption insurance as part of your business owner’s policy or as a separate policy written for a specific set of perils.

What’s Covered by Business Interruption Insurance?

Business interruption insurance covers losses caused by specific events listed in the policy. Your business interruption insurance may cover:

  • The revenue your business would have taken in if you didn’t have to close
  • Mortgage payments
  • Utility payments
  • Payroll costs
  • Loan payments
  • Relocation costs, if you have to move to a new location
  • Training costs, if you lose employees while you are recovering from the event and you have to train new staff

Business interruption insurance does not cover the cost of repairing damage from the event. These are covered in your casualty insurance. (You will need separate coverage for flooding.) It won’t cover utilities because they are usually cut off when your business is closed. And it doesn’t cover income you don’t include in your financial statements.

Who Needs Business Interruption Insurance?

E.S.T.I.R. Inc., serving Princeton, Newark, Bloomfield, NJ, and all the communities in between, has a simple answer to this question: Everyone!

Generally, if you have fewer than 100 employees or revenues under $5 million per year, you can get the business interruption coverage you need in your business owner’s policy. Ask your agent at E.S.T.I.R. Inc. to be sure. You probably need a separate business interruption policy if you have a medium-sized or large business.

E.S.T.I.R. Inc., serving Bloomfield, NJ, can provide the insurance your business needs at a reasonable cost. Call us at (973) 481-5300 for more information and a quote.

Why Contractors Insurance is Vital for Your New Jersey Business

All contractors in the state of New Jersey are required to carry contractor insurance. It’s an important requirement that protects you, your business, and your clients in an emergency or accident. While it can be a confusing process to get the right coverage, it’s essential that you do so to protect yourself, your employees, and your customers. Let’s inspect why contractors’ insurance in Bloomfield, NJ is vital to your business and is more than just a legal requirement. 

Why Does a Contractor Need Insurance? 

Contractors insurance helps protect you from legal action taken against you because of mistakes or accidents on the job site. This type of liability insurance covers medical expenses, property damage caused by employees, and other costs that may arise from an incident on the job site. It also covers potential legal fees associated with such incidents. This protection can help mitigate any financial losses that may result from such events. E.S.T.I.R. Inc. can help you sort through the policies and plans to find the best one for you and your business. 

What Type of Coverage Do I Need? 

The coverage you need depends on several factors, such as what type of work you do and who your customers are. Most contractors need general liability and workers’ compensation insurance if they have employees. Depending on the job and specific risks, additional types of coverage may be necessary.

For example, equipment coverage may be necessary if you use large machinery or other special tools. It’s also important to consider product and completed operations coverage, which covers damage caused by the work you have completed. 

If you’re looking for reliable contractor insurance in Bloomfield, NJ, that fits your needs and budget, contact E.S.T.I.R. Inc. today to see how we can help safeguard your business.