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WHY DOES MY BUSINESS NEED INSURANCE
COVERAGE?
Again, insurance is risk transference. A third party (the insurance company) guarantees payment should anything covered in your policies go wrong.
No business should be without insurance coverage. That includes mom ‘n pop or neighborhood businesses, single owner businesses that outsource projects and larger corporations.
In many cases, the law requires that you have insurance protection for your business. Otherwise, it’s in your best interest to transfer risk of loss or damage from yourself to a third party – the insurance company.
Insurance types a business should consider are:
- Loss of income insurance
- Loss of rents from tenants you may have
- Damage to your office building (if you own one)
- Damage tenants may cause to your building
- Extended loss of rents
- Clients suing you for injury, property damage
- Personal injury and advertising liability
- Contractual liability
- Accidents to staff, clients or vendors
- Computer systems or software breakdowns; losses incurred as a result
- Food contamination
- Workers Compensation
- Insurance protection for any glass walls or frontage
- Insurance protection for signage (defacing, breaking)
- Liability for leased or non-owned automobiles
Often you may need additional coverage:
- Increased limits for building codes/laws
- Sewer/drain backup
- Replacement glass
- Computer/software
- Increased limits for property off-premises
- Interior glass breakage
- Extended property damage legal liability
- Professional liability (for certain professions, such as law, accounting, medicine)
- Extended loss of rents
- Employee benefits liability
- Food contamination shutdown (cafeterias, bakers, caterers, food service)
- Condominium directors and officers liability
- Board of directors, trustees policy to protect members from personal liability should your company be sued or go bankrupt
- Intellectual property theft or misuse
Today, even houses of worship and non-profit organizations must have insurance.
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What Clients are saying ...
"I have been a policyholder with the Stine Agency for more than 15 years. Joe Stine and his staff of professionals have continued over the years to offer quality expertise and outstanding customer service. I continue to refer many friends and clients to the Stine Agency for all their insurance needs. "
W. Jeffrey Livingston, Manasquan, NJ
"I've been in business for more than 25 years, most of which I've had my own marketing company...and gone through many insurance agents.
As you know, the other day, a major hospital system in New Jersey, with which I was in the middle of negotiating a contract, demanded that I have certain insurance policies - and get them f-a-s-t!
The one person in the world I trust beyond question is my accountant, for many hears, Bob. Without hesitation, Bob referred me to you.
How right he was! You got me exactly the right insurance at the right price in no time flat.
I've dealt with a number of insurance companies in New York (where I originally had my office), as well as in New Jersey. No one has ever gotten the job done so fast and so right.
How can I ever thank you! I could easily have lost a major piece of business, had you not acted so expertly and promptly. "
Margot W. Teleki |
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