Three Types of Property Insurance

Is business ownership in NJ one of your goals? Those who are thinking about starting their own small business need to ensure they are covered by the proper New Jersey commercial insurance – severe weather events are not unknown in NJ. Understanding your own risk is the best way to choose a policy that is right for you.

Basic form insurance is often the least expensive type of insurance and covers some events, such as storm damage from lightning and wind, as well as damage caused by fire. However, many natural disasters and accidents are not covered in this type of policy.

Broad form insurance policies offer coverage for all the events covered in basic insurance, as well as snow or ice damage and structural damage caused by malfunctions of systems, such as plumbing or irrigation. These policies may also offer coverage for hurricane damage, depending on your regional location.

Special form insurance is usually the most expensive, but also offers the most comprehensive coverage. This insurance covers all damages to your commercial property, unless listed as an exception to your policy. Examples of common exceptions include damage caused by war and vermin.

Starting a new business may be exciting, but it is essential you take the time to obtain a sufficient New Jersey commercial insurance. We can assist you with property and liability coverage and any specialized coverage your business may need.