Contractors Insurance New Jersey
If you’re doing business in the Garden State, you’ll want to look into New Jersey contractors insurance in order to shield your business from financial disaster and attain that all-important peace of mind. With the proper New Jersey contractors insurance, you can be sure that your company will continue to operate and generate much deserved revenue without the strain of an unexpected lawsuit or financial burden.
If you’re like most entrepreneurs, your business is your pride and joy – and your bread and butter. Your business is not only your major source of financial security for you and your dependents, but it is also your greatest asset.
Despite being your greatest asset, your business is also your greatest liability. Not one business is guaranteed to be free from potential disasters that may include accidents, vandalism, problems with subcontractors, shoddy or poor workmanship, unreasonable deadlines, and much more. It is unfortunate, but there are plenty of horror stories to be experienced when it comes to business liabilities.
Preparing Your Business for a Possible Disaster
No one knows when disaster will strike, which is why it’s important to be prepared for the possibility of a disaster. In fact, there are a number of things that are recommended to prepare your business for a potential mishap, besides purchasing New Jersey contractors’ insurance.
First on the list is to design a disaster recovery plan for your company. Know that New Jersey contractors insurance and other types of insurance simply cannot cover every possible scenario. It is a fact that New Jersey contractors insurance has limitations. Therefore, it is essential to have a plan that allows you to get the business back up and running as quickly as possible in the event that disaster strikes. If you do not currently possess the expertise to put together a comprehensive disaster recovery plan, know that there are a number of professionals who can help you in this area.
In order to design a comprehensive disaster recovery plan, the following points are recommended to get you off to a great start.
First, make duplicate records of all computerized and written documents. Second, identify the important business activities and resources that are needed to support these documents. Lastly, compile lists of important phone numbers, snail mail addresses, and email addresses. Include local and state emergency management agencies, plus your major clients, suppliers, your bank, your New Jersey contractors insurance agent, and the claim representative for your insurance companies. Be sure to keep phone numbers and addresses for each of your staff members. Keep these lists off-premises, such as in a safety deposit box or in a safe at your home.
The second major recommendation is to use an independent New Jersey contractor’s insurance agent. As a business owner, you will surely want to seek out as many options as possible for your insurance program. Instead of sorting through scores of phone numbers and confusing quotes, you can partner with an independent New Jersey contractors insurance agent who will work for you, without ties to any specific insurance company. This independent insurance agent may have access to a variety of insurance companies, a wide array of programs, and will be ready to provide to you the most competitive rates available.
The third recommendation is to have a New Jersey contractors’ insurance specialist perform a risk analysis of your company and its associated operations. This is essential because no two companies are the same – even two companies in the same field. If you are a contractor that builds unique structures, it is normal to assume that such construction entails unique risks. All businesses need a New Jersey contractor’s insurance expert to properly assess the company as well as each specific risk it faces.
Most people pay little or no attention to how their family’s lifestyle could be impacted if their income suddenly ceased. Putting New Jersey contractors’ insurance in place means you won’t have to be caught off-guard if an unexpected illness, injury, or accident occurs.
According to the Insurance Information Institute, men or women between the ages of 40 and 65 are at greater risk of missing at least three months of work due to an accident or illness, than of suffering an untimely death. The average recovery period for most accidents or illnesses run for approximately two to two and a half years. Nearly 12 percent of the U.S. adult population is currently suffering from long-term disability.
These statistics may come as some surprise to you, but fortunately, disability insurance is designed to protect your future earnings. Disability insurance is a particular kind of New Jersey contractors’ insurance that will replace your income in the event that you become physically unable to work. This particular type of insurance seems to receive less attention than life insurance, but experts steadfastly agree that disability coverage is at least as important as life insurance.
Most people do their best to prepare for the medical costs of severe injury or sickness, but without disability insurance, you cannot be prepared for the loss of wages that often accompanies such a dire situation. You wouldn’t want to find yourself in a position where you are injured or disabled, yet you need to find money to pay the mortgage, rent, food, and clothing costs.
Contact the New Jersey contractors insurance experts today. We can help you find excellent, reliable coverage for the price that you can afford. For more information, click for a free quote or call our contractors insurance specialists at 1-800-649-9094 today.