Newark Business Liability Insurance

Newark business liability insurance will protect your company from third-party claims. However, there are a number of exclusions from your New Jersey business liability insurance policy decided, in part, by the state of New Jersey. A number of occurrences, such as injury to a worker, are not covered by your Newark business liability insurance.

Due to the various exclusions, you may need to add certain endorsements to your Newark business liability insurance policy. For example, if your Newark, NJ company may pollute the environment, you may want an environmental liability policy. If your company involves driving for any reason, you may need a commercial auto policy. Supplemental coverage for specific risks can be purchased as endorsements for your Newark business liability insurance.

Business Liability Exclusions

Newark business liability insurance will not cover claims related to product you're producing or selling. So, if someone sues you with a claim regarding your product, your liability policy probably won't cover you. Unless, of course, there's a products-completed operations clause in the policy.

Also, Newark business liability insurance won't cover any loss or damage if you have to remove or recall a product. You may need something called withdrawal coverage, if you need insurance to cover recalled products. You may also need to consider purchasing product liability insurance separately if it's not included in your plan.

Business liability insurance doesn't include injuries to workers either. Workers are covered by workers compensation. Also, workers are considered third party, so if you want to protect yourself from potential lawsuits brought about by employees, you need a separate policy for that as well.

Will your Newark business liability insurance does cover claims related to property damage, it doesn't cover property damage for your business. Damage to your property is considered the first party damage, and you need a property policy as well. Almost all Newark businesses need a policy to protect property and other assets if applicable.

You may want to consider a policy related to pollution, if your Newark, NJ company may harm the environment. Most liability policies don't offer any protection for pollution claims. If your Newark, New Jersey company is intentionally harming the environment, you won't be able to get a policy to protect you. However, you can get a policy for accidental spills, and other unintended consequences of your work.

Business Insurance Endorsements

You may want to add a specific endorsements to your Newark business liability insurance, depending on the activity of your business. for example, if your Newark business is selling our surfing alcohol, you may need to consider liquor policy. Businesses that serve, produce distribute facilitate the delivery of alcohol, should consider this policy.

You may be held liable for serving a minor or an over-intoxicated person. You should look in to current New Jersey dram shop laws to consider whether or not you need this policy. Ask an insurance agent who is experienced with businesses that deal with alcohol.

Another common endorsement is for employee benefits. If you have employee benefits, including health insurance, 401(k)'s, or pensions, then this endorsement will protect you against faulty claims. It will also protect you against the negligence, or problems with managing those employee benefits.

EPLI is also a common endorsement. More employees are making claims regarding discrimination, and more lawsuits are being brought against employers. Wrongful termination, harassment, and other claims are more common than you might expect. To protect your company from these kinds of claims, you need to have EPLI for your Newark, NJ company.

Other endorsements include auto policies, and, as mentioned above, environmental policies. You might also consider purchasing an umbrella policy, if your limits aren't high enough. You most likely have a single occurrence and an aggregate limit on your policy. Your single occurrence limit is the amount your insurer is willing to pay for one claim, whereas your aggregate limit is the total amount your insurer is willing to pay (usually double the single occurrence limit).

If your limits aren't sufficient given your industry or company risk, an umbrella policy may be an affordable way to up your coverage. An umbrella policy picks up anything "extra" when a claim exceeds your limits. An umbrella policy can cover a few million dollars, and it's an affordable way to get extra protection.

Also, you may need to consider malpractice or errors and omissions if you're offering advice, solutions, or any other activity in which your professional capability may come into question. Even if you never make mistakes, you need to remember that there's potential for someone to bring a meritless claim against you. To make sure all of your risks are covered, it's a good idea to consult with a Newark business liability insurance agent. He or she can help you assess your risks, and anticipate potential holes in your coverage.

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