Starting a New Jersey business can be a lengthy process, particularly if you are not prepared with the paperwork involved. Employees are the most prominent players in your business, and whether you are starting a small business or a large company, you need to make sure you have workers’ compensation. The state of New Jersey also requires you to have commercial auto insurance with minimum coverages in property damage, bodily injury, and uninsured motorist. So how can your employees benefit from your commercial insurance? Creative Risk Management LLC helps you uncover a few ways your employees can benefit from your commercial insurance.

Liability coverages

Every business with employees requires some form of liability coverage. Depending on the type of business you are running or the tasks involved around your company, liability coverage can help you pay for medical bills, pay expensive lawsuits, or income to injured employees while working at your company. Liability coverage also helps protect other people who may visit the business, such as customers and other business people.

Workers compensation

This coverage provides financial support to employees who may become sick or get injured and cannot work. For instance, if an employee gets hit by a falling object at the workplace, workers’ compensation can help cover their medical costs.

Unemployment insurance

Sometimes, employees may need to stop working temporarily or permanently due to injuries they sustained at your business or an illness they acquired while working. If such people cannot work through no fault of their own, this insurance helps provide support to such employees.

There are many ways employers can benefit from your commercial insurance, including retirement accounts, health care plans, pension plans, and even profit sharing. Ensuring that your employees are well-protected is your responsibility.

For more information about commercial insurance, feel free to contact us at Creative Risk Management LLC today!