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Starting a business is not as easy as setting up a booth on the street and selling your wares to random strangers. You will need to spend a significant amount of time planning every aspect of your business: where to set up your office, how many employees to have, what products or services to offer, how much will be the budget, and many other considerations. In an article for Entrepreneur, Jeffrey Steinberger explained the importance of having business insurance in NJ:

Insurance your Business Needs

Running any business comes with risks. So it’s important that you protect both your business and your personal assets. That protection, however, comes in many different forms, which can be confusing for any business owner. For instance, the form of doing business you choose, such as a corporation, partnership or sole proprietorship, can affect your protection and liability.

Of course, one very important tool for protecting your business is insurance. With insurance, comes a plethora of issues to consider: what type you need, the appropriate amount of coverage, and the deductible and the premium. Then there’s the matter of which insurance company offers the best products for your particular business…

Getting insurance for your NJ company shouldn’t be considered as just another expense, since business insurance will actually serve as your venture’s safety net. After all, you can never know what is going to happen next; for instance, some local hoodlums might vandalize your property. Having comprehensive commercial insurance can help you pay for repairs to your insured business. Serious damage from fires, earthquakes, floods, and other natural disasters can also be covered.

By taking advantage of insurance policies, not only is your business property protected, but so are your employees. Up-and-coming enterprises are often required to secure compensation and health insurance for their workers, and for a good reason: When employees gets injured while working, they are entitled to medical benefits provided by the insurance, at no additional expense to the business. As a venture aiming for long-term success, keeping your workers financially secure should be a priority.

General liability insurance can protect your business from future lawsuits. This coverage can provide the funds needed for your legal defense or pay for the necessary judgments, making lawsuit claims less expensive for you. On the other hand, professional liability protects you from lawsuits caused by your company’s errors in your product or service.

These kinds of policies constitute the basic insurance suite that a small company needs. Having additional coverage can help, but make sure you assess the needs of your NJ business to justify spending for insurance. The important thing to consider is that having the right NJ insurance for your company will never go to waste.

(Source: The Insurance Your Business Needs, Entrepreneur)