Commercial Insurance

What Extra Commercial Insurance Should You Get?

Posted on by AgentInsure

General liability insurance will cover many things in Chester, NJ for a business, including damage to property and bodily injury claims. However, there are plenty of things not covered and extra coverage you should have, depending on your needs. An agent at The Insurance Outfit can help determine which of these policies is useful for your business.

If you have employees, whether they do physical labor or not, workers’ compensation will provide protection for those injured on the job.

Professional liability insurance will protect those who have service-based businesses, like lawyers, accountants or consultants. This protects the business from any damages that occur when there is a failure to properly render these services.

Property insurance will cover the business, equipment, inventory, and furniture in the event of a fire or storm. This is good whether a business owns or leases their space. However, it won’t cover floods or earthquakes.

Directors and Officers Insurance will protect the directors and officers of the company against actions that affect the profitability of a company. If a director or officer is named in a lawsuit due to their actions on the job, this insurance will help cover the costs and any damages that may result.

For businesses that store any sensitive information or information the public shouldn’t know, a data breach policy will provide protection against those losses.

Commercial auto insurance will protect company vehicles that either carry employees, products, or equipment.

Product liability insurance will help protect businesses that sell products to the general market. If the business is in a lawsuit due to damages caused by products, this insurance will help protect them.

Home-based businesses will need to add additional coverage since their home insurance coverage doesn’t provide adequate protection like commercial insurance does.

Contact The Insurance Outfit serving Chester, NJ to get a quote on commercial insurance.

 

 

Chester, NJ Means Commercial Insurance Options

Posted on by AgentInsure

Businesses looking for commercial insurance in Chester, NJ want options, and they can find those options in several different ways. One of the ways is to contact a lot of different companies to get quotes and information. While that works, it is not necessarily the most beneficial or the best use of their time. Instead, it is generally better to reach out to The Insurance Outfit and get multiple quotes on commercial insurance in one place. All insurance plans are not created equal, and knowledgeable agents are needed to provide a business owner with the best fit for their company.

When it comes to getting commercial insurance, businesses should consider not just the policy limits but also what is covered. A company that has a large manufacturing plant will have very different insurance needs from a two-person company that operates from a small office and works mostly through computers. While they are both businesses in need of the protection that commercial insurance can offer, they do not have the same types of insurance needs in that their protection levels and types are going to be very different. By working with an established and trusted company, businesses can get the insurance they really need so they have enough coverage but nothing unnecessary.

Fortunately, The Insurance Outfit understands the value of knowledgeable agents and the right level of commercial insurance coverage for its Chester, NJ customers. By reaching out to them for an insurance quote, businesses can get information from several insurers all in one place. Then they can work with the agent to pick the one that is going to be the best for their particular type of business. That can give them peace of mind, and help ensure that they will be protected when and if they need to use that coverage.

Does Commercial Insurance Cover Weather-Related Damage

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At the Insurance Outfit, we see many of our Chester, NJ clients suffering from serious weather-related damage. Covering this type of damage requires an insurance policy that takes into account this type of damage. It also requires understanding what problems will be covered by your insurance.

Ways Weather Can Impact Your Business

There are many different ways a business can be impacted by weather conditions. For example, electrical storms and snow could knock out power and make it impossible to operate your business. However, it could also damage your buildings and make it necessary to shut down. In this way, you could lose business capabilities for an extended period. Thankfully, insurance will cover many of these problems to minimize your losses.

Business Disruption Insurance Is Crucial

General commercial insurance may not cover these problems if you don’t include business disruption coverage. This type of insurance coverage is designed to help cover losses when weather or damages impact the operation of your business. It will help get your business back in working shape and minimize personal and businesses losses in an effective manner. As weather-related damage is considered an act of God, specific coverage like this is needed for your business.

Important Considerations

When purchasing this type of insurance, it is important to choose a type that covers all possible damage. For example, it should cover emergency repairs to your building, equipment breakdown, food spoilage, loss of power, tree damage, loss of water, wind damage, snow damage, and winter storm damage. These types of weather damage are hard to predict and must be covered as much as possible.

So if you are a Chester, NJ business owner who needs this type of coverage, please don’t hesitate to contact us at the Insurance Outfit. We can help you sort through the confusion of commercial insurance and protect your business from damage.

5 Common Risks that Threaten Small Businesses

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As an entrepreneur, you’re bound to face risks when starting a new business. The success of your business could depend on how you identify and manage these risks to give your company room to grow.  Here are five common risks many entrepreneurs face at the onset of their small business.

Property Damage

Business property is a vital asset that needs to be well protected by your insurance policy. By assessing the value of your property, you can determine the amount of coverage you’ll need to cover damages in the event of a claim. Insufficient coverage can result in financial setback for your fledgling business.     

Liability Loss

As an entrepreneur, you have to be prepared for any eventuality. This includes being liable for damages or injuries to customers from accidents that occur on your property or use of your products. Commercial liability coverage can protect you against these liability losses so you don’t have to pay out of pocket.

Business Interruption

If an accident or disaster causes damage to your business property, you may be forced to stop production or move to a temporary spot while building repairs are made. Having business interruption insurance to compensate for loss of income and operating costs during your recovery period can save your business from financial ruin. 

Injuries to Employees

Without workers comp insurance, a workplace accident can have drastic consequences on a small business, as business owners would be liable to pay for medical expenses and/or a disability settlement out of pocket. By promoting a safe work environment and managing exposures, entrepreneurs can keep worker’s comp premiums at reasonable costs, enabling their business to benefit from this coverage.

Key Personnel Losses

As a small business, you may suffer financial loss due to losing key personnel essential to the running of your company. Key person coverage can offer you financial stability in the interim period of finding new personnel to sustain your business.  

Learn more about comprehensive commercial insurance and how it can benefit your business by contacting us at The Insurance Outfit. 

When You Need Disability and Long Term Care Insurance

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Nearly 20% of the population is disabled in the United States. It’s reasonable to assume that none of these people thought they would be unable to work because of a disability, but it happened. The unexpected happened and it changed their lives forever. Fortunately, while you are still able-bodied, you can take measures to protect your family’s future from disability and the rising costs of long term care using insurance in Chester, NJ. 

When to Purchase Disability and Long Term Care Insurance
Insurance products are always based on calculated risks. The best time to purchase insurance is when you don’t have many risks, such as health risk, work-related risks, etc. Ultimately, you should purchase disability and long term care insurance as soon as possible, earlier would have been better. 

Purchasing these types of insurances when you are younger means you pay less for each policy because you are considered less of a risk to the insurance company. For instance, an individual who purchases their long term care and disability at 20 will likely pay less than someone who purchases their policies at the age of 40. Why? Individuals who are 40-years old face more risks. They are more likely to file a claim than an individual who is 20-years-old.

Where to Purchase Disability and Long Term Care Insurance
Like other types of insurance, our insurance companies have a plethora of options available so that you can get the disability and long term care insurance that is right for you. By speaking with one of our licensed insurance agents today, you can make an informed decision about what type of insurance and what amount of insurance is right for your family in Chester, NJ.

3 Ways Your Commercial Auto Insurance Supports Your Business Strategy

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The Willowwood Arboretum in Chester, NJ is a great place for children to learn and explore outside. The Late Fall/Winter Photo Contest hosted by The Willowwood Arboretum is a great event that highlights the natural beauty in Chester. Whether you are taking your family or you are a business owner in search of your next photographer for your website, you will find the experience is one of a kind. 

Great photographers and delightful fauna are not all Chester, NJ, 07930 has to offer. Businesses that are interested in strengthening their competitive position can do so by purchasing their commercial insurance with our insurance agency. The following are three ways business insurance strengthens your competitive position.

We Offer the Best Value
As your local insurance provider, we pride ourselves on being a part of the local community while still managing to offer the best rates for business insurance. Whether your business needs auto, life, general liability, or umbrella insurance, we have an insurance product that will meet your needs. It only takes one phone call to get an insurance quote from our professional staff, to change the way you look at insurance. With great rates, your business does not have to worry about spending extra money to cover the costs of insurance, which makes our agency a great business partner.

Coverage When You Need It Most
Employee accidents make businesses vulnerable. The potential for getting sued makes many business owners reconsider why they went into business in the first place. Getting sued can be expensive, depending on the circumstances of the wreck. Fortunately, by partnering with our insurance agency, your business has the coverage it needs, when it needs it. So, instead of paying the costs of the medical bills and the legal fees on your own, call us to find out how our policies can share the cost with you.

We Keep Your Business Compliant
There are many reasons businesses should have insurance, but mostly it is to keep your business compliant. State regulations require a business to have certain insurance protections in place so that the business will have the coverage it needs in the event of an accident. We provide you with that insurance so that your business is not in violation of any laws, allowing you to remain open for business. 

As your strategic partner, our insurance agency provides you with the coverage you need to take your business to the next level. Give us a call to get quotes, so that we can help you determine what coverage is right for you.

Make Sure Your Chester, NJ Business Isn’t Zapped by Inadequate Coverage

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Chester, NJ is a remarkable place to live and to do business. It’s nostalgic shops and country atmosphere brings people from throughout the region to walk its old fashioned brick sidewalks. Antiques abound, as do crafts and art. Here you’ll find homemade candies and specialty boutiques with something for everyone. Ongoing events keep Chester vibrant, but yet it is a place where time seems to slow down.

Behind the preserved historic business facades along Main Street, however, could be a very modern problem. Many businesses are not adequately protected for damage that may occur to their business related electronics.

Electronics and computers are playing a critical role in business today, even small ones. Businesses invest in security systems, computers, servers, and cash registers. Electronics are involved in cash transactions and in online transactions. They are used to communicate with customers and manage payroll. Data and software also play significant roles, tracking inventory, keeping customer records, and maintaining business financial reports.

The reality is this reliance on electronics makes them much more valuable to a business than their mere replacement cost. With that thought in mind, some may not be properly protected with their business insurance.

If you do business in the 07930 zip code, we can help. As an independent insurance agency, we can review your coverage. If you wish, we can search multiple companies to compare coverage and rates. There’s no obligation.

We also offer comparative rates for auto and homeowners insurance online at our website. This is a good way to compare what we can do for you. If you would like to know more, contact us. We may be able to save you money while improving your peace of mind. We can help resolve a modern problem for businesses in a very traditional business district.

What are the exclusions on commercial insurance policy in Chester, New Jersey?

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When you buy a commercial insurance policy in New Jersey, you may discover that certain concerns are not addressed in the plan. Exclusions are often added to a policy to avoid any risks that the insurance provider feels are not necessary or that are simply an addition to the basic plan that you have purchased. You should always review a policy for exclusions before you determine that the plan is appropriate for your needs.

Property Exclusions

If you have a policy that protects the property of the company, then it is possible that you may have exclusions that prevent coverage in certain situations. Exclusions may include earthquake damage, flood damage or similar disasters that are not commonly covered unless you buy additional protection.

In the case of property, you can expect the exclusions to be clearly stated and easy to identify. Usually, a policy will explain the excluded situations because the exclusions are usually fewer than the situations that are covered.

Liability Exclusions

When it is related to liability, there may be situations that are excluded from the policy. For example, a policy may exclude certain types of accidents or may exclude any injuries that result from an individual’s behavior. When an individual is purposely behaving in a risky manner, a slip and fall accident or similar situation may not be covered. There may be additional exclusions that apply based on the situation and the reason for the claim.

There are a variety of situations that are not covered by your commercial insurance policy. You should always take the time to identify those situations so that you can feel confident that your plan is appropriate. To learn more about exclusions on business insurance, contact us to talk to an agent.