Any business owner should be aware of the benefits of New Jersey commercial insurance. Business or commercial insurance at its most basic provides financial compensation for damage to or loss of your business dwelling and contents in the event of any disaster listed on your policy. There are various additional types of business insurance available that may also be of benefit.
Business income insurance is also referred to as business interruption insurance and it’s designed to financially cover your business should you need to close for any period of time after something like fire or storm. Business income insurance includes support for lost income (based on previous financial records), and also general operating expenses that continue when your business is closed. This might include utilities like electricity, and previously purchased advertising.
When deciding how much business income insurance you would like to purchase, bear in mind the minimum would be at least enough to cover 3 or 4 days for basic repairs. Any major damage may of course entail a period of closure much longer, so you will need to also consider this when deciding on the duration of cover.
The nature of your business may also impact on the recommended amount of coverage. If you are an office for instance, it’s likely you could operate to some degree from a different location in the event of closure, and as such you may not need as much coverage as a restaurant or retail outlet.
Always speak to your insurance agent for business insurance advice specific to your own circumstances.