Posted by : Dan Levenson Tuesday, July 15, 2014
After months or even years of hard work, you have now reached stability in your business. Your checklist for success has already been mostly filled, and now it's time to move on to a very important step: business insurance. Not wanting to see the fruit of your effort go to waste, business insurance is highly recommended even for small businesses.
Some states in the U.S. require businesses to have insurance. Failure to do so might get you penalized. In New Jersey, employers are required to have workers' compensation coverage. If proven, this act of negligence is considered as a fourth degree crime. Penalties range from up to $5,000 for the first ten days with further additional for succeeding days you fail to adhere to the policy.
Aside from employees' welfare, business insurance also protects immediate properties from risks, and potential liability claims and lawsuits. Being prone to thunderstorms and tornadoes, enterprises in New Jersey are highly encouraged to insure their property assets to avoid disruptions in operations or shutdown. Also, at times when a business might encounter accidents or product and/or services complaints, insurance will handle representation and settlements to contain the situation.
Obtaining business insurance might be an issue with small business because it doesn't come free. Luckily, there are a lot of insurance companies making themselves available to small businesses by offering excellent service at a very affordable price.