Commercial Insurance 101 for Small Businesses

Entrepreneurs help drive the economy in New Jersey, so we at O’Donnell Agency LLC are proud to offer you a quick primer on the benefits of commercial insurance for your new business.

What Does Commercial Insurance Do For You?

Your commercial or business insurance policy will be made up of a selection of coverage that goes beyond what a typical person needs for their personal?property and dwelling policies. For just a small sample: Professional liability coverage handles damage caused by your business due to an error, workers’ compensation coverage helps cover issues like?employee injuries on the job, and business income coverage provides relief during?temporary shutdowns. The full list of options will vary between providers.

Working from Home Considerations

More jobs and businesses are moving to remote work for reasons like the reduction in transportation and office costs at no loss when you can just as easily make a call from New Jersey to New York from your living room. While running a business out of your home, commercial coverage related to your storefront could be covered by your homeowners’ insurance policy. Whether or not it will be covered depends on the type of business you’re running, since adding heavy equipment, changing the general use of your home, or other major alterations will factor into the risk assessment.

For a service that you operate over the phone or Internet without changing the use of your home, your homeowners’ or renters’ insurance policies should help with anything that’s a covered peril in the policy. What it might not cover are other potential risks of doing business. That’s where the versatility of insurance policy coverage becomes convenient, even if it makes the process more complicated. Since you’ll be purchasing less coverage, your insurance bill should see a decrease.

To find out the options available for your new small business, O’Donnell Agency LLC can tailor your answer for New Jersey residents.