Do you own a small business in the Bloomfield, NJ area? If so, you’d do well to get set up with general liability commercial insurance. Read on to learn what general liability coverage means in this state and contact E.S.T.I.R. Inc. with any additional questions.
General Liability Definition
This is the most basic type of commercial insurance. Also known as Comprehensive Commercial Liability, it covers bodily injury claims, as well as claims about other physical injuries and property damage. This includes expenses related to defending or settling claims, regardless of whether or not they’re fraudulent ones. You must remember that such policies exclude professional liability claims that are against your business.
Customize Your Policy
After you have your basic liability insurance policy set up for your business, make sure to look into coverage that will insure against risks that are relevant to your type of business. If you get a property package added on, this can cover theft and damage to your business property, such as computers and hardware.
Requirements for General Liability in NJ
General Liability coverage is required in New Jersey for the majority of business owners. This is in place to protect business owners from having to pay a large amount of out-of-pocket expenses for direct or indirect damages to another party. The insurance will help you pay for damages that have been caused by the actions of your employees or business itself. This includes the personal injuries of your visitors, sub-contractors, and customers. It also will cover damages to an individual’s property, whether it’s on your business property or damaged by a company vehicle or the work activities of an employee or sub-contractor.
If you’d like to learn more about general liability insurance and the options you have, contact E.S.T.I.R. Inc. of the greater Bloomfield, NJ today. You won’t regret reaching out for assistance with your general liability matters.
If you live in the Bloomfield, NJ area, owning a car is normally a very good idea as it will make it much more convenient for you to get to and from work, school, and any other daily chores that you have. Before you go out and buy your next car, you should also carefully consider your auto insurance needs. There are several reasons why someone in this area will need to have auto insurance coverage.
One important reason why people in Bloomfield need to have insurance is that it is mandatory under state law. New Jersey drivers need to meet the minimum level of liability insurance whenever they are driving on a public roadway. This will ensure that they are able to pay for damages if they are at fault in a driving accident.
While you are only required by law to carry liability insurance, if you take out a loan to buy your car you are also going to need collision and comprehensive insurance. Since the lender will be taking the car as collateral, they will want you to be fully covered by these policies. This will ensure you receive coverage for virtually any type of situation that could cause a loss.
There is a clear benefit to having auto insurance in place at all times if you are in the Bloomfield, NJ area. When you are looking for your next auto insurance policy, you should call the team at E.S.T.I.R. Inc. When you reach out to these professionals, you can get a lot of great information and advice that will help you get into a great policy. E.S.T.I.R. Inc. can answer any questions you have about any type of coverage that could be included in your policy.
Like many Bloomfield, NJ homeowners, you may have a shed, detached garage, or outbuilding on your property. Any freestanding structure should be protected with a homeowner’s insurance policy in the event of an incident that causes damage or loss, but the policy you currently have on your home may or may not automatically cover them all. Because coverage amounts and exclusions from that coverage may differ, be sure to discuss any freestanding structures when you review your E.S.T.I.R. Inc. Homeowners policy.
Garages, Sheds, and Other Outbuildings and Structures
The most common detached structures found on a typical residential property are garages, sheds, decks, and fencing. While most of these structures are typically covered under the average homeowner’s insurance policy, it is important to check for any limitations of coverage, because not all policies include the same coverage.
Stored Personal Items
Do you know if the personal items you store in your detached structures are covered by your homeowner’s insurance policy? While typical items stored in outbuildings are usually covered, you should review your coverage with your insurance agent, because there may be limitations. For example, there may be a reimbursement limitation in your policy for certain items such as sporting equipment, machinery, marine equipment, or other high-value belongings. You may need to obtain separate coverage for those items, add a rider to your policy, or increase your personal property coverage limits.
Is It Time to Review Your Homeowners Insurance Policy?
Have you built or installed a new deck or shed? If you aren’t sure if your homeowner’s policy covers your freestanding structures and stored personal belongings, it’s time to have your policy reviewed to ensure you have protection for all your property. For answers to all your Bloomfield NJ homeowners insurance questions, give us a call today. Getting the right amount of protection for your home and property is easy with E.S.T.I.R. Inc.
Whether you are an established business in the Bloomfield, NJ area or looking to start up soon, choosing commercial insurance can boost your reputation and give you positive word-of-mouth marketing from one customer to the next. At E.S.T.I.R. Inc. we want you to gain the benefits of a reputation boost with commercial insurance.
Have the funds to make it right.
No matter what business you are in, accidents happen where the customer is negatively impacted and compensation is required. Having commercial insurance that covers liability and other types of protections based upon the services you provide. Customers who receive advice through your business may end up being negatively impacted, leaving your business at fault. With the right coverage, you can have the funds to make it right and protect your reputation either verbally or across social media.
Secure your contract project and employees.
If you are a contractor who visits the private homes of your customers for your work, then it is critical to have insurance for any damages that could happen while you are working. When you come prepared and covered to work sites, your customers will refer your business and make a note of your responsibility on social media.
Give your employees more than the minimum coverage.
While New Jersey requires your business to carry Worker’s Compensation coverage, take your coverage to the next level and offer full coverage to protect them in the event of danger or missed pay periods due to tragedies beyond their control. A business who protects its employees will have minimal retention, loyal employees, and a growing reputation among their clientele.
In the Bloomfield, NJ area?
If you are in need of commercial insurance or shopping around for a new policy, contact the agents at E.S.T.I.R. Inc. for more information.
Here are some tips for new and established contractors in New Jersey that can be used to make sure their insurance coverage is adequate. Work with your insurance agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the nearby communities to get your questions answered.
A contractor in New Jersey needs to have workers’ compensation insurance to cover on-the-job injuries or accidents. General liability insurance is also necessary to provide the basic minimum coverage for business operations.
Commercial vehicle insurance is required for any vehicles used in the business, even if they are only used occasionally for business purposes. For example, if the owner drives his or her vehicle to the job site that is usually considered commercial use of the vehicle. This means it is better to have commercial auto insurance for that vehicle than to rely only on personal auto insurance.
A contractor may need to carry professional liability insurance depending on what kind of construction that they do. Examples, where professional liability insurance is usually required or preferred, include working on hospitals, banks, and some government contract jobs.
Some projects require bonding, which is a type of insurance that guarantees the construction will be completed.
It is an excellent strategy to carry umbrella insurance. Umbrella insurance extends the policy limits of underlying insurance policies so that it can be accessed to cover a claim that exceeds those lower limits. It also may provide coverage for other things that are not covered in other policies.
Also, consider having business interruption insurance that will help pay the bills if the business is interrupted by circumstances that are beyond the owner’s control and key person life insurance on the owner to protect his or her family.
Having adequate insurance coverage for your contracting business is like using quality tools and materials to do a good job. Contact your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ to get a commercial insurance review and a quote for contractor’s insurance.
If you are planning to buy a second home in New Jersey, work with your agent at E.S.T.I.R. Inc. serving Bloomfield, NJ and the surrounding communities. Make sure you get adequate insurance coverage. Your agent will conduct an insurance review of your existing home insurance policy and then make a professional recommendation about how to insure the second home.
There may be an option to use the same insurance company, which you already have, to extend the coverage to the second home or you may want to consider getting a new policy. Your agent will explain the details.
Things to Consider About Insuring a Second Home
A second home has different insurance needs than your primary residence.
Here is a list of important questions to consider and discuss with your agent:
- Will the home be vacant part of the time?
- Will you rent the home out to others?
- Should you get replacement cost coverage?
- Do you need extra coverage for personal property?
- What is the risk of damage by water from flooding or storm surge?
Leaving the Home Vacant
A vacant home is more attractive to burglars who can break in when nobody is there. Security systems can be installed to help mitigate this risk. This may help with insurance coverage.
Renting the Home
Renting the home to others can provide income to help offset expenses. This is a commercial enterprise. You will want to have commercial insurance to cover the paying guests and the use of the home as a rental property.
Replacement Cost Coverage
Replacement cost coverage is very helpful because if the home is damaged, repairs can be made that will bring the home back to a similar condition before it was damaged.
Be sure there is adequate coverage for any valuable contents of the home as well.
Home insurance does not usually cover flooding, so be sure to talk about adding flood insurance.
Ask your agent about any other concerns that you have about insuring a second home. To get an insurance review and a quote, call us to speak with your agent at E.S.T.I.R. Inc. in Bloomfield, NJ.
In Bloomfield, NJ basic auto insurance mandated by state law is $5,000 for each accident and personal injury protection of $15,000 for each person. You are not required to have anything else by the state. If you have a loan or a lease on your vehicle, you will likely have to carry additional insurance to protect the lender or lessors investment. E.S.T.I.R. Inc. can help you to understand if additional coverage is something you need to consider.
If you are young, single, a renter and own nothing, basic insurance is fine. However, if you have moved beyond that and have assets that have some value, adding additional liability insurance is worth considering. If you are sued, in this day and age, it could go way beyond the very minimal amount of a basic policy. You work too hard to accumulate what wealth you have to place it at risk.
Collision coverage protects your vehicle in the event you are in an accident where you are deemed at fault or are the victim of a hit and run. If you crash into your garage or a pole, you are the only driver involved. If your vehicle is old and has little value or if you would be able to pay for the repairs that might be required then collision insurance is probably not necessary. If however, you can not afford to be without your vehicle and you don’t have the ready cash to replace or repair it, collision is an affordable option.
Your vehicle can be stolen or damaged by hail, wind or vandalism. If this happens and you don’t carry comprehensive coverage you will need to repair or replace your vehicle yourself.
If you live in or near Bloomfield, NJ, E.S.T.I.R. Inc. is there to help you to decide what the best coverage options are for you. Stop by the office or give us a call for a no-obligation quote.
Contractors should carry contractors insurance. It helps to cover many different problems that may arise in their line of work, including workplace injuries, accidentally causing structural damage and can help to protect against certain types of lawsuits. If you are preparing to hire a contractor, you should always ask a contractor if they carry contractors insurance. At E.S.T.I.R. Inc. serving Bloomfield, NJ, we want to make everyone aware of the importance of this. Here is what you need to know about contractors insurance.
Why Is It Important to Work With a Contractor Who Carries Contractors Insurance?
Contractors insurance helps to cover against many of the unexpected issues that can arise in the construction industry. For example, if a contractor falls off of your roof while they are working, contractors insurance helps to cover their medical expenses and lost wages. Without this insurance, they may come after you or your homeowner’s insurance policy to recover money. Contractors insurance also covers construction accidents or errors. For example, if a contractor accidentally knocks down the wrong wall, their insurance will pay to rebuild the wall, so you don’t have to pay for it out of your pocket.
How Can You Verify If a Contractor Has Contractors Insurance?
When you are looking to work with a contractor, simply ask them if they have contractors insurance and if you can see the valid insurance policy or card. If desired, you can call their insurance company and verify that their policy is valid. You can also write in a contract that the contractor must carry a valid contractors insurance policy the entire time they are working on your property.
It is extremely important that homeowners and business owners only work with contractors that carry contractors insurance. If you are a contractor who does not have contractors insurance, it could cost you work. If you need to purchase contractors insurance, E.S.T.I.R. Inc. serving Bloomfield, NJ can help you. Call us today to learn more.
If you run a business in Bloomfield, NJ, you probably want to know if you’re getting (or already have) the best type of insurance policy for you. We’ll take you through a business owners policy (BOP) as this is one of the more common types of insurance. Its popularity does not necessarily make it the right option for you, but it may give you some indication as to what other owners are seeking out. E.S.T.I.R. Inc. is here to help you get the answers.
What Is a BOP?
A BOP essentially gives business owners a solid protection plan in a single package. Instead of having to worry about choosing individual liability limits or deciding on different riders, an owner can just buy an all-in-one policy. You get major property and liability protection, so you can repair your building if it’s damaged or settle lawsuits (either in court or out) as they arise.
Are All BOPs the Same?
While many small- and medium-sized business owners may have some version of a BOP, this does not mean that they’re all the same. Most BOPs include business interruption insurance or a coverage option that provides income if you have to close your business for a covered reason. Others offer all-risk coverage, or essentially coverage against every event unless it’s been specifically excluded on the policy. You never want to assume that policy covers anything — even if it seems as though it should a standard clause for all policies.
When you want to learn more about commercial insurance of any kind, E.S.T.I.R. Inc. can help you fill in the gaps. We help the entrepreneurs in Bloomfield, NJ protect everything they’ve built, so they can keep their dream alive no matter what happens.
Do you live in Bloomfield, NJ? Don’t put off getting home insurance on your family’s home, call us at E.S.T.I.R. Inc. for a specific quote on your house. If you have any questions about home insurance in your area read on to see if we address them here.
Home Insurance in New Jersey Frequently Asked Questions
- Can I get an individualized insurance policy written for my home due to my unique situation? Yes, you can get an individualized policy written that fits your own needs depending on your situation. Ask our agent for more details after explaining your situation.
- Is homeowner’s insurance a legal requirement in the state of New Jersey? No, it is not a legal requirement in NJ. However, many mortgage companies do require you to keep a homeowners’ insurance policy to protect their asset while you pay it off. Even if you do not have a mortgage on your home it is a good idea to protect your own asset yourself. Homeowner’s insurance can protect you from things you have not even considered when it comes to homeownership.
- Can I bundle my home insurance with other policies I have? It is often possible to bundle your home and auto insurance together. Each situation is unique and different options may save you money. Bundling is just one way we can simplify your life with quality insurance.
E.S.T.I.R. Inc. can fulfill your home insurance needs in and around Bloomfield, NJ. If you have any other questions, call us today. If you are ready for insurance quotes for your home, car, life, or business, contact us, and we will be happy to provide them for you.