NJ Business Insurance Protects Your Interests
It only takes one minor disaster to ruin a lot of hard work performed by a lot of dedicated individuals. Meanwhile, a company faced with a major disaster may be forced to close its doors permanently. There are many types of NJ business insurance designed to provide coverage for a slew of risks and exposures. Business property insurance helps to protect companies from everything from a minor event to a serious financial loss when damages do occur.
Consider the fact that a fire could destroy the building housing your company and the all the contents inside, or a burst water pipe could damage documents, drawings or other valuable papers. And this is just the tip of the iceberg. When setting up a company you need to make sure that the business is properly insured. Here are a few tips for getting the proper coverage for commercial property insurance.
Make sure to properly inventory all assets
Consider everything used to run and operate your company, such as computers, fax machines, printers, and other electronics like kitchen appliances, and even the furniture. There may also be storage facilities that house equipment not currently being used. Remember that any physical item used to conduct business can likely be insured. You need to research different insurance agencies in order to help determine just what can and cannot be insured.
Many types of coverage may be required
There are various options when it comes to purchasing commercial property insurance, all of which your insurance agent can help to provide you with the knowledge of what your actual current needs might be. For example, in instances where a piece of business equipment breaks, just as in cases of a theft, there is coverage available for both scenarios.
You’ll also need to determine whether its better to purchase ACV (Actual Cash Value) versus replacement cost. ACV will repay the actual cost of any depreciated assets that were stolen or damaged, Some companies offer replacement cost as this will provide the funds necessary to buy similar assets at current market prices. ACV usually comes with cheaper premiums.
There are many steps you can take that have the potential of lowering business insurance premiums, like installing alarms, fire extinguishers, fire and smoke detectors, etc. This can help in reducing the cost of nj business insurance coverage. Ask an agent about any available discounts. Some insurance companies will provide discounts to business owners purchasing both personal and business insurance from them.