When starting a new business in Bloomfield, NJ, entrepreneurs face numerous tasks, including determining the types of commercial insurance to purchase for their enterprise. Many different lines of commercial insurance can protect your enterprise, but the sheer number of policies can confuse many first-time buyers. The agents at E.S.T.I.R. Inc. can help guide you through the most appropriate commercial lines for your industry.
Essential Commercial Coverage
When determining what types of commercial lines to buy, you should consider several factors. These include your business type, location, assets, and number of employees. Some counties or municipalities require you to have certain protections in place, so check local requirements. Your business type will also determine if you need protection beyond the essentials.
The three essential types of commercial insurance are:
- General liability – protecting you from claims of bodily injury or property damage caused by operations
- Professional liability – covering claims of negligence or errors when offering advice
- Workers’ compensation – providing medical benefits to employees injured on the job
Additional Lines to Consider
Daily operations often prompt business owners to consider additional coverage. Remember that you can always add protection when your operations expand. Other commonly purchased commercial lines include:
- Commercial property – covering physical damage to buildings and equipment
- Commercial auto – for accidents involving business vehicles
- Business interruption – covering loss of income
- Cyber insurance – for financial losses from data breaches or cyberattacks
- Umbrella insurance – providing excess liability
You can bundle several lines of commercial insurance in a business owner’s policy (BOP) that provides a premium discount.
Find the commercial insurance lines that are appropriate for your company by contacting the professionals at E.S.T.I.R. Inc., serving Bloomfield, NJ. Call our office to get started on your coverage.
