Managing risk is an important part of managing your business. Risks can be accepted as they are, avoided by changing the business model, reduced to an acceptable level, or transferred by choosing business insurance in New Jersey as a risk management strategy.
Understanding Common Types of Business Insurance
Consider whether these types of business insurance in New Jersey can transfer risk away from your company:
- General Liability. Protect your company from damages caused by employees or products.
- Property. Cover loss due to issues such as fire or theft whether owning or renting.
- Vehicle. Consider covering company-owned vehicles or privately owned vehicles used for business purposes.
- Errors and Omissions. Regardless of your level of expertise, mistakes can be made, and E&O insurance can minimize your liability.
- Product Liability. Even when products are safe, lawsuits for damages due to product issues can still occur.
- Business Interruption. How much might your business lose if it cannot operate for a time due to a natural disaster or civil unrest?
- Data breach. If employee or customer data is stored electronically or on paper, it can be stolen.
You know your business best. Determine which coverage options are helpful now and in the future.
While some business risks can be avoided, many cannot. Using business insurance in New Jersey strategically can be an important part of your overall risk management strategy.