Starting a small business in Medford, NJ comes with the same risks and challenges as starting a large company. The only difference is the volume of those challenges and risks. Buying insurance to protect your business and your employees is the first step towards productivity and profitability.
However, you need to know which policies are essential for your business and which ones are not. If you’re not sure, Rock Insurance Agency Inc. can help you select and walk you through the process of buying commercial insurance. Here are a few essential policies to consider:
Professional liability insurance
Whether you’re selling a commodity or offering services to your clients, you need to have professional liability insurance. Also known as errors and omissions insurance, this coverage protects you from being sued for damage or harm that results from failure or mistakes.
Whether you own or lease your business premises, you need to have a form of insurance that protects your walls in case of fire or disaster. This coverage also covers your business property, including the goods stored in the building, furniture, equipment, signage, and everything else. Note that floods and other mass destruction like earthquakes are not covered.
General liability insurance
Every business in Medford, NJ, needs general liability insurance, whether running a small-home-based business or just starting a small shop with no employees. The coverage pays for defense fees if you’re sued and damage caused to other people’s property. It also covers your employees and products if they have been found to cause bodily harm to other people.
Every business needs insurance, no matter how small it is. If you are unsure which commercial insurance policies to buy, our experts at Rock Insurance Agency Inc. can help you select coverages based on your industry and type of business. Book your appointment with us today.