Business Insurance in New Jersey

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Get the right commercial insurance for your New Jersey business

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Learn about New Jersey's business requirements

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Which policies are recommended for New Jersey businesses?

Small businesses in New Jersey most often buy these types of insurance.

General liability insurance icon

General liability insurance

This type of business liability insurance is important for all New Jersey businesses. It covers common risks, including customer injuries. Most commercial leases require this coverage.

BEST FOR
  • Customer bodily injuries
  • Damaged customer property
  • Libel and other advertising injuries
Workers’ compensation insurance icon

Workers’ compensation insurance

State law requires workers’ comp insurance for all New Jersey businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.

BEST FOR
  • Employee medical expenses
  • Disability benefits
  • Lawsuits from employee injuries
Commercial auto insurance icon

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 vehicles
  • Theft of a commercial vehicle
  • Damage to a company vehicle
Business owner’s policy icon

Business owner’s policy

A BOP is a cost-effective way for New Jersey small business owners to purchase commercial property insurance and general liability coverage in one plan.

BEST FOR
  • Customer accidents
  • Business property damage
  • Business interruption coverage
Professional liability insurance icon

Professional liability insurance

This policy, also called errors and omissions insurance (E&O), protects New Jersey businesses that provide professional services or advice. It covers lawsuits related to work performance.

BEST FOR
  • Work mistakes and oversights
  • Professional negligence lawsuits
  • Late or incomplete work
Errors and omissions insurance icon

Errors and omissions insurance

E&O, sometimes called professional liability insurance, is common with professional services in New Jersey. It can cover the cost of lawsuits related to your work performance.

BEST FOR
  • Missed deadlines
  • Accusations of negligence
  • Errors and oversights
Cyber insurance icon

Cyber insurance

This policy covers financial losses from data breaches and cyberattacks. It's recommended for New Jersey businesses that handle credit card numbers and other sensitive data.

BEST FOR
  • Customer notification expenses
  • Fraud monitoring services
  • Data recovery costs
Umbrella / excess liability insurance icon

Commercial umbrella insurance

Umbrella insurance boosts coverage on your general liability insurance, commercial auto insurance, and employer's liability insurance when the underlying policy reaches its limit.

BEST FOR
  • Customer lawsuits
  • Auto accident lawsuits
  • Employee injury lawsuits
Commercial property insurance icon

Commercial property insurance

This policy covers the value of a business's physical structure and its contents, such as inventory, equipment, and furniture. Bundle it with general liability coverage in a BOP for savings.

BEST FOR
  • Fire
  • Theft and vandalism
  • Weather damage
Looking for different coverage? See more policies.
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Which business insurance policies are required in New Jersey?

State laws can affect which business insurance coverage you need. These policies are required everywhere in New Jersey, from Trenton to Newark.

Purple check mark

Workers' compensation insurance

The state of New Jersey requires all businesses with employees, full-time or part-time, to carry workers’ compensation insurance.

This policy covers medical costs for work-related injuries and illnesses, such as a cleaning company employee becoming sick from cleaner fumes. It also provides disability benefits for injured New Jersey workers.

Purple check mark

Commercial auto insurance

All business-owned vehicles in New Jersey must be covered by commercial auto insurance. This policy covers the cost of accidents in work vehicles.

New Jersey offers basic and standard auto insurance policies. The standard plan includes a minimum of:

  • $15,000 per person bodily injury liability
  • $30,000 per accident bodily injury liability
  • $5,000 property damage liability per accident
  • $15,000 personal injury protection (PIP)

Trucking companies may need additional coverage to comply with regulations.

Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance (HNOA), as personal auto policies usually exclude business use. It can be added to a general liability policy or a business owner's policy.

How much does small business insurance cost in NJ?

A small business owner calculating their small business insurance payments

Commercial insurance can be affordable for small businesses. Average costs for New Jersey business owners are:

General liability: $40 per month
Workers' comp: $44 per month
Professional liability/E&O: $64 per month

Factors that affect business insurance costs include:

  • Your industry and risks
  • Business operations
  • Number of employees
  • Policy limits and deductibles

How to get commercial insurance for your New Jersey business

View video transcript.

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Tell us about yourself. Questions? We've got your back. The info you share is secure. We'll double-check it and a pro with experience in your field will be in touch.

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When you are ready to get coverage for your New Jersey business, you can complete Insureon's easy online application to get quotes from top-rated insurance companies.

FAQs about New Jersey business insurance

Review answers to frequently asked questions about New Jersey insurance.

How do I get a certificate of insurance for my business?

Insureon's licensed agents can help you find policies that fulfill New Jersey's requirements and match your small business needs. Once you've purchased insurance with us, you can download a certificate of insurance by logging into your account.

Can my company be held liable for a data security breach?

Yes – that's why cyber insurance is so crucial. Hackers are three times more likely to target small businesses, as they often have fewer resources to combat a threat.

New Jersey's data breach laws require businesses to report security breaches to affected residents, and the costs can escalate quickly. Cyber liability insurance lessens the financial impact by paying for notification costs, legal fees, and fines.

Does my industry affect state insurance requirements?

Yes, your state may have special requirements for business insurance and bonds for your industry. You may also need a license depending on the work you do.

Contractors often need to carry commercial general liability insurance or surety bonds to perform certain types of work. Having the right insurance and bonds helps you comply with state licensing requirements.

Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions insurance to get licensed in their state.

State law requires that practicing physicians carry professional liability insurance coverage.

Cannabis businesses in New Jersey are not required to carry cannabis business insurance in order to operate legally. However, coverage is strongly recommended to keep your business protected.

Note that cities and counties may have their own laws, in addition to state laws.

How can I save money on New Jersey small business insurance?

As with any purchase, shopping around is one of the best ways to find affordable options. With Insureon, you can compare quotes from top-rated insurance carriers by filling out a free online application.

Other ways to save include bundling insurance products for a discount, and choosing less expensive coverage options, such as lower limits or a higher deductible. Learn more about how to find cheap business insurance.

Find policies that match New Jersey requirements
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