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.
