When is commercial insurance required?

If you are an owner or manager of a business in the Mt. Ephraim, NJ area you already know that there are a lot of risks that come with along with entrepreneurship. When you are trying to own or manage a business, one great way that you can mitigate some of these risks is by having commercial insurance. Not only is it helpful and beneficial, but it can also be required in some situations. 

Take Out a Loan

One situation in which you may need to have commercial insurance is if you take out a loan for your businesses. Most organizations and businesses today would benefit greatly by taking out a loan or other financial instrument. If you do take out a loan, your lender will undoubtedly require that you get appropriate insurance for your business. This is a necessity for a loan as the lender knows that this will protect your company during an unexpected situation. 

Hire Employees

You will also need to get commercial insurance if you choose to hire a staff. In the state of New Jersey, those that have employees are required to have workers compensation coverage at all times. This type of insurance coverage will provide insurance for the employee in the event they are injured while on the job and are not able to work. Not having the right coverage could be a major violation of state law. 

When you are looking to strengthen your Mt. Ephraim, NJ area business, you should reach out to the Marino Agency Inc. When you speak with the professionals at the Marino Agency Inc. you can learn far more about what your commercial insurance options are. They will then help you to pick the coverage and policy that is right for your company to ensure your business is properly protected.