The first question often asked by business owners is: Do I need business insurance?

 The answer is, “yes!”

NJ business insurance is suggested to business owners in New Jersey to obtain insurance for the risks and potential risks facing their business. Often business owners hear or come up with every justification for why they believe they do not need insurance. I want to address the most common myths that direct some business owners to decide not to secure insurance.

 Myth: “Nobody will sue me. My business does not make a lot of money. My business is not collectible.”

 FALSE. Every business can be sued. Every business, once a money judgment is submitted against them, can have that judgment collected. Judgment claims on property do not “go away” and can be renewed. Wages can be embellished, equipment can be seized and sold, bank accounts and belongings can be seized to pay the judgment. Everybody is collectible at the hands of a determined attorney.

 Myth: “My business is a corporation. The company format protects me from danger, so I don’t need insurance.”

 FALSE. The corporate format does nothing but protect individual investors, owners, and officers from personal liability for the actions and unpaid sums of the corporation for corporate purposes. However, all states laws allow the “corporate veil” of protection to be removed under some circumstances.

 Myth: “If I die or become disabled, my family and my business partners are good friends and they will be able to work it out.”

 FALSE. Most small businesses do not survive the death or disability of a chief member. Most children choose not to follow parents into the family business. Most businesses do not stream in the cash necessary to pay the property of a deceased member for its interest in the business and the business may melt.

 Once you understand that these myths are simply false, you will be more secure in your decision to purchase NJ business insurance and value insurance as an investment in your business.

http://www.getbusinessinsurancequotes.com/myths.html