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!