Insurance

Earlier this year New Jersey officials conducted a sting operation to catch general contractors that were operating without the necessary permits and insurance coverage. Using a vacant house, they were able to find a rather large number of contractors operating outside of the legal requirements, resulting in civil penalties. All because some companies chose to not have the required licenses and liability insurance coverage.

Regardless of the size of your business, or what your business does, you need to have the right business insurance coverage in place. Because so many small businesses rely on one person to run the whole operation, you need to also have the right coverage for the person at top, so that their family has the protection they need should something happen to the primary bread winner.

Employee theft is a large issue for small companies. Generally, the smaller the company, the less procedures they have in place to prevent and detect employee fraud, making it easier for certain employees to steal from their employer. Having a fidelity bond in place is a good way to limit a company’s loss should an employee theft take place, but it is equally as important to have the right policies and procedures in place to limit the likelihood of it occurring in the first place.

Did you know that the majority of home-based businesses either don’t have any sort of business insurance coverage, or they have insufficient coverage? Did you even know that a home-based business should carry business coverage? Yes, both of these questions are true and if you work from the home, then you need to make sure you are carrying the right type and amount of business insurance.