Your Guide to Englewood, NJ Business Insurance

More than 4,300 businesses can be found in the city of Englewood, NJ. Companies operating in the retail trade and the professional, scientific, and technical services industries are most abundant here, but businesses of all types have the potential to thrive. If you own a business in this city, you will want to be sure to have a comprehensive business insurance plan. A local independent insurance agent can help you identify the specific risks your company faces and can recommend the right business insurance products to cover against them. Contact an insurance agent near you to start comparing customized commercial insurance quotes.

Liability Insurance for Small Businesses in Englewood

Business liability insurance is designed to absorb expenses like court costs, legal defense fees, and damages if your company is sued for a covered event. All business insurance policies include commercial general liability insurance (CGL). CGL includes premises liability insurance, which provides coverage if an accident on your business property causes third-party injuries, illnesses, or damage; and product liability insurance, which provides coverage if a defective product your company produces, sells, or promotes causes third-party injuries, illnesses, or damage.

Many companies have liability exposures that go beyond what CGL insurance can cover. Your local insurance agent can help you identify your business’ other liability risks and can recommend the right insurance products to cover against them. Examples of some of the many commercial liability insurance policies you can choose from include:

Employment practices liability insurance (EPLI): Covers your business if a current or former employee sues for illegal business practices such as discrimination, harassment, or wrongful termination.
Liquor liability insurance: Covers businesses that sell, serve, or otherwise furnish alcoholic beverages if they are sued after an intoxicated patron causes injury or property damage to others.
Pollution liability insurance: Covers clean-up costs and damages if an accident causes toxic substances used by your company to pollute the land, water, or air.
Professional liability insurance: covers individuals in professional positions if errors in judgment or other professional mistakes cause third-party damages. This type of insurance covers professionals from doctors to wedding planners.

Talk to your local insurance agent to learn more about these and other liability products that may be right for your Englewood business.

Cybercrime Insurance for Englewood Small Businesses

Cyber liability insurance is another commercial liability product, and it is one that all Englewood business owners who use computers should be aware of. It was created to cover companies against the rapidly increasing threat of cybercrime.

Number of identity theft complaints in New Jersey per year: 7,144
Ranked 19th highest for identity theft complaints in the US
Only 22% of businesses have a cyber/data breach response plan

All businesses that electronically manage, track, or store their customers’ personal and financial data are at risk. If hackers find a way to access this information, they can use it to commit identity theft and fraud. Your company would then be liable for the resultant damages, which can be very costly. Cyber liability insurance can help by absorbing these costs. Be sure to ask your independent insurance agent for more information about how cyber liability insurance can protect your Englewood business. Your agent can help you review quotes for this very important coverage.

Property Insurance for Small Businesses in Englewood, NJ

All business insurance policies also include commercial property insurance. This is designed to cover loss or damage to your company’s assets, including merchandise and inventory, tools and machinery, and office furniture and décor. Your insurance agent can help you be sure that your coverage limits are high enough to enable to you rebuild, repair, or replace lost or damaged items following a damaging event. Your agent can also determine whether specialized policies like inland marine insurance or boiler & machinery insurance are necessary in order for all of business property to be fully covered.

Business Interruption Insurance for Englewood Businesses

Damage to your business-owned property isn’t your only risk during a catastrophic event. You may also face a forced business closure that lasts for weeks—or even months—while repairs are made. Without a stream of revenue during these times, many small businesses could find themselves defaulting on loans and facing bankruptcy.

Number of federally declared disasters in NJ since 1953: 50
Most common reasons for declared disasters: Severe Storms and Hurricanes

Business interruption insurance is designed to provide a continuation of income during the times that your company is forced to temporarily close down because of damage caused by a covered event. This insurance enables your company to continue to pay expenses, like loan payments and salaries, until you can once again resume your normal business operations. Businesses in Englewood are most likely to experience a long-term closure because of damage caused by an accidental fire, a severe storm, or a hurricane.

When Hurricane Sandy struck, Englewood business owners experienced a great deal of property damage due to toppled trees, damaged roofs, and flooding. It is important to note that while hurricane damage is covered by business insurance, flood damage is not. Your insurance agent can help you get a supplementary flood insurance policy and can advise you about your coverage if a flood forces your business to temporarily close.

Workers' Compensation Insurance for Englewood Businesses

Workers’ compensation insurance is designed to cover your employees’ medical treatment, lost wages, and other associated expenses if they are hurt or become ill in the course of doing their jobs. It can also pay out death benefits to family members in the unfortunate event that a workplace injury proves fatal.

In New Jersey, all employers who are not covered by federal programs are required to have workers’ compensation coverage or be approved for self-insurance. The cost for this coverage is based on how likely your workers are to suffer a serious injury based on the types of jobs they do. Construction workers cost more to cover than office workers. Your independent insurance agent can help you obtain an appropriate policy through a commercial provider.

Employee Benefits for Small Businesses in Englewood

Health insurance may be costly, but providing it to your employees can have money-saving benefits for your company. Studies by human resource managers have shown that workers who have healthcare coverage tend to take fewer sick days. Other studies have demonstrated that offering an attractive benefits package helps companies recruit and retain ideal employees.

Amount spent on healthcare coverage by NJ businesses: $2,239,166
Ranked 44th highest medical insurance costs in the US
Average annual cost of health care in NJ: $6,283/person or $17,396/family

If you are considering including health and life insurance in your employee benefits package, you will find that there are many different policy types and coverage options available for you to choose from. You may, therefore, be glad to have the guidance of an experienced insurance professional as you make your selection.

Why Work with an Independent Insurance Agent?

There is no such thing as a one-size-fits-all business insurance plan. Insurance companies offer a wide variety of products and policy options that enable business owners to fully customize their company’s commercial insurance portfolio. Independent insurance agents can help you choose the best coverage to meet your company’s specific needs. Because they do not work for a particular insurance company, these agents are free to shop around for appropriate business insurance policies at the most competitive prices.

Contact an independent insurance agent with an office in or near Englewood to get started.

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