Three Types of Insurance Small Business Owners Need

As a small business owner, you are likely very concerned about your company’s stability and profitability. To ensure nothing gets in the way of your goals, it’s essential that you obtain three primary types of NJ business insurance.

 

  1. Property Coverage

 

What would you do if a fire destroyed your workplace, the tools you use, or the materials you need to manufacture your products? Property coverage is a form of NJ business insurance that protects the tangible investments you have made in your business. Depending on your policy, this type of insurance will typically cover your products, equipment, and the location you run your business out of.

 

  1. Liability Coverage

 

Even if your business is still in its beginning stages, you may still run into a situation that threatens your operations and finances. Depending on your situation, there are three main types of liability coverage your business may need. These include general liability, product liability, and professional liability coverage.

 

  1. Coverage for Employees

 

There are two main types of coverage you may need to acquire that relate to the employees you hire. These include employment practices liability coverage and workers’ compensation coverage. While each has a specific purpose, both ensure that no harm comes to your business due to the actions of your employees.

 

Remember, there are many different types of business insurance. Due to this, you may want to speak with an insurance provider who can help you understand all of your options.

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