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Business Insurance in New Jersey
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What are the requirements for small business insurance in New Jersey?
State laws can affect which insurance policies you need for your small business. These policies are required for New Jersey businesses.
Workers' compensation insurance
New Jersey state law requires all businesses with employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.
Commercial auto insurance
All business-owned vehicles in New Jersey must be covered by commercial auto insurance. Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.
New Jersey’s commercial auto insurance requirements are:
- Property damage liability: $5,000 per accident
- Bodily injury liability: $30,000 per accident / $15,000 per person
- Uninsured motorist bodily injury: $15,000
Recommended insurance policies for small businesses in New Jersey
General liability insurance
This policy is important for all New Jersey businesses. It covers common risks, including customer property damage and injuries. Most commercial leases require this coverage.
BEST FOR
- Customer injuries at your business
- Damaged customer property
- Libel or slander lawsuits
Professional liability insurance
This policy, also called errors and omissions insurance, protects professionals whose work depends on their expertise. It covers client lawsuits over mistakes and missed deadlines.
BEST FOR
- Work mistakes and oversights
- Professional negligence lawsuits
- Late or incomplete work
Cyber liability insurance
This policy helps New Jersey businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Business owner’s policy
This policy bundles property insurance and general liability insurance in one plan. It's often the most cost-effective type of commercial insurance for a New Jersey business.
BEST FOR
- Customer injuries
- Damaged customer property
- Damaged business property
Workers’ compensation insurance
State law requires workers’ compensation insurance for all New Jersey businesses that have employees. This policy covers medical costs for work injuries and illnesses.
BEST FOR
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Commercial auto insurance
This policy is required for business-owned vehicles in New Jersey. It covers injuries and property damage in an accident, along with vehicle theft, vandalism, and weather damage.
BEST FOR
- Accidents involving business-owned vehicles
- Theft of a business-owned vehicle
- Damage to a company vehicle
Looking for different coverage? See more policies.
How much does small business insurance cost?
Commercial insurance can be affordable for a small New Jersey business. Factors that influence the cost include:
- Your industry and risk
- Coverage limits
- Location
- Number of employees
Insureon specializes in New Jersey business insurance
In New Jersey, insurance agents, agencies, and brokers are licensed by the New Jersey Department of Banking and Insurance. Insureon is licensed in New Jersey as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance and for surplus lines (license number 1281440). Verify our licensure with the National Association of Insurance Commissioners.
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