All businesses in New Jersey must invest in worker’s comp insurance to avoid non-compliance penalties. Besides, you must invest in commercial auto insurance if you have business vehicles. While purchasing the mandatory commercial insurance policies is excellent, you will be putting your Mt. Ephraim, NJ business in jeopardy if you don’t stick your neck out to consider other business insurance policies. Marino Agency Inc. highlights four “add-ons” or “riders” to consider for your commercial insurance policy.
Umbrella Insurance
The general business liability policy is essential but can only do so much when faced with significant liability claims. Consider umbrella insurance to protect your business from substantial legal suits. This coverage takes over from where your conventional liability insurance leaves off. This way, your business assets and savings will be untouched when faced with significant liabilities.
Flood Insurance
Standard business insurance doesn’t protect your business from flood damage. In light of this, invest in flood insurance, primarily if your business is in a flood risk zone. While flood insurance doesn’t prevent floods, it ensures you don’t start from scratch when catastrophes strike.
Cyber liability insurance
Most businesses infusing technology in their operations have exposed them to cyber-attacks. While you can take several measures to cyber-proof your business, invest in cyber liability insurance to cover costs following a cyber attack.
Commercial property insurance
This coverage covers loss or damage to your assets caused by perils like fire, theft, vandalism, etc. This insurance compensates you for the loss, lessening your financial burden after a catastrophe.
Learn more about commercial insurance
Want to know the correct type of commercial insurance suitable for your business? If you are in Mt. Ephraim, NJ, please contact Marino Agency Inc. We will help you understand commercial insurance to make an informed decision when protecting your business.
