What Insurance Does My Business Need?

Business Attorneys in New Jersey That Help Companies Thrive

Disastrous events can happen at any time that may affect a business, including injuries, fires, accidents, lawsuits and acts of negligence. However, these events can become significantly less disastrous when owners have the correct business insurance coverage. Different types of insurance can protect your business from a variety of situations that may threaten your profits and the stability of your enterprise. If you own or plan to start a business, you should find out more about what types of insurance may benefit your company by talking to a business lawyer who has your company’s needs in mind.

What Types of Business Insurance Must a Company Have in New Jersey?

Before discussing the optional types of insurance available to a business, owners should know about the insurance they must possess by law:

  • Workers Compensation Insurance – In most states, including New Jersey, companies that have employees must have workers compensation insurance. Workers comp provides benefits to employees injured on the job and, in most cases, can prevent injured workers from suing their employers for their workplace injuries. This is available through commercial carriers, a state program or on a self-insured basis.
  • Unemployment Tax Insurance – This type of insurance sets aside compensation for former employees eligible for unemployment benefits, and it is available through the Internal Revenue Service (IRS) once you register your business.
  • Disability Insurance – This insurance is mandatory in New Jersey and in a few other states. You can learn more about disability insurance by visiting a government website for small businesses or by speaking with an experienced business lawyer in New Jersey.

What Types of Business Insurance Can Help Protect My Company?

Depending on the size of your business and the services or products it offers, some or all of the following types of insurance may benefit your company but are not mandatory:

  • General Liability Insurance – This insurance provides protection and damages if you, your employees or products cause injury or property damage to an outside party.
  • Commercial Property Insurance – Property insurance protects against damage to your retail or business space from events such as severe weather, fire and vandalism.
  • Professional Liability Insurance – This policy safeguards against negligence, errors and malpractice committed by you or your employees. This is very important for service industry businesses or those who deal directly with customers on a regular basis.
  • Product Liability Insurance – On the other hand, if your company regularly creates products, this type of insurance may prove useful. Product liability insurance protects against lawsuits and other types of financial losses that result from product liability claims by customers.

Many other types of insurance are available to your business. Fully research your options, talk to a business lawyer to find out which insurance policy is best to keep your business afloat if something were to happen.

Avoid Unnecessary Risks – Call a Monmouth County Business Lawyer

At Garland & Mason, L.L.C., we understand that business is all about risk. However, we also understand that a lack of familiarity with the laws that affect businesses can expose a company to additional risks, which may threaten your livelihood. Our attorneys want to make sure business owners have the knowledge they need to succeed without getting tangled in tax issues, insurance disputes, employment lawsuits and other obstacles. We have provided many successful companies with legal advice and litigation services, and our lawyers who handle business matters can assist you, too. Call our New Jersey office today to schedule a free initial consultation and to learn what we can do to help you succeed.

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