Find the Best Business Insurance Options in New Jersey
There are more than 908,000 small businesses registered in New Jersey. The state is an attractive location to start a business in for many reasons, including the many beaches and boardwalks, the huge tourism draw, and more. All these businesses must be protected by a business insurance policy to avoid out-of-pocket losses caused by many common disasters like fires and vandalism. Further, the 1.8 million small business employees in New Jersey need to be protected by workers' compensation insurance.
Luckily, a New Jersey independent insurance agent can help your business get set up with all the business insurance it needs. They'll make sure your company gets matched with all the necessary protection for the job. But first, here's a breakdown of New Jersey business insurance.
Best Business Insurance Companies in New Jersey
Though you can find business insurance from many carriers in New Jersey, not all coverage is created equal. Certain carriers are known for providing better quality and rates than others. So, when you're ready to get your business equipped with the best business insurance in New Jersey, start by looking into these top-rated carriers.
- Travelers: Travelers is a great place to find business insurance in New Jersey, thanks to its long history and outstanding customer service reviews. The carrier has a lot of discount options to help reduce policy costs. Also, business insurance in New Jersey includes a wide range of options like general liability, inland marine, workers' comp, and more.
- Nationwide: Nationwide also has a long history and excellent Better Business Bureau (BBB) and AM Best ratings. The insurance company also provides 24/7 claims support. Nationwide offers business insurance in New Jersey for many different niches, including farm & ranch, as well as general business insurance options like general liability, workers' comp, commercial auto, and more.
- The Hanover: The Hanover has been around since 1852 and has outstanding AM Best and BBB ratings. The carrier provides 24/7 claims reporting. The Hanover also sells many business insurance coverages in New Jersey, including cyber liability coverage, general liability, workers' comp, and more.
A New Jersey independent insurance agent can help you find all the business insurance you need from one of these top-rated carriers.
New Jersey Business Insurance Requirements
New Jersey state law requires businesses with three or more employees to carry workers' compensation insurance. Coverage can help reimburse a business for costs related to medical treatment, lost wages, and more when employees get injured or ill due to the work environment or their job duties. Also, as a result of having workers' comp, the business is exempt from lawsuits filed by affected employees or their families.
Workers' comp is the only mandatory form of business insurance in New Jersey, but some optional types of coverage to strongly consider for your business include:
- Commercial auto insurance
- Cyber liability insurance
- Commercial general liability insurance
- Commercial property insurance
A New Jersey independent insurance agent can also recommend the right types of business insurance for your company.
What Business Insurance Covers in New Jersey
Your New Jersey business insurance policy's coverage will vary depending on what you put into it. You'll need to select the coverages that are tailored to your unique business's needs. However, many New Jersey businesses choose to buy at least commercial general liability coverage, commercial auto coverage, and workers' compensation coverage if they have at least three employees. However, there may be some instances in which you're required to have other types of coverage. If you have business vehicles, you'll need to have at least the state's mandated minimum commercial auto insurance coverage for each of them. Also, if your business rents its building, you may be required by the lender to have commercial property insurance.
Liability Coverage Options for Small Businesses in New Jersey
With a commercial general liability (CGL) insurance policy, your New Jersey business can get important reimbursement for lawsuits related to third-party claims of bodily injury or personal property damage. Customers and other guests can file lawsuits against your business for many reasons, including minor injuries like slips and falls. A CGL policy can help your business avoid bankruptcy and potentially large financial losses due to unexpected lawsuits.
Property Coverage Options for Small Businesses in New Jersey
Commercial property insurance can help reimburse your business for lost or stolen inventory or equipment. It can also help pay to repair or rebuild your business's building if it gets damaged or destroyed by many threats like fires and vandalism. Without this coverage, your business would have to pay all these costs out of pocket.
Other Insurance Options for Small Business Owners in New Jersey
If your New Jersey business uses vehicles for deliveries or other company tasks, it needs commercial auto insurance. This coverage can help reimburse your business for expenses related to vehicle repairs or to replace vehicles after covered incidents like vandalism or theft. It can also help reimburse your business for legal expenses if an employee gets into an accident.
A cyber liability insurance policy can help reimburse your business for expenses related to data breaches and other cybercrimes. If your business's sensitive or private data, like employee records, got stolen, exposed, or distributed by hackers, it could face lawsuits and more. This coverage can help reimburse your business for the many potential costs associated with these cyber disasters.
Also, if your business has three or more employees, it's required to have workers' compensation insurance in New Jersey. This coverage can help reimburse your business for expenses related to employee injuries or illnesses caused by job duties or the work environment. In turn, these employees and their families aren't allowed to file lawsuits against your business for these kinds of incidents.
Average Cost of Business Insurance in New Jersey
It's difficult to offer a quote for the average cost of business insurance in New Jersey without specific details about your business. Like anywhere else, business insurance costs in New Jersey are affected by many different factors, like your business's specific operations, niche, and risks. Your business's exact location and number of employees also impact your business insurance costs. Further, the types and amounts of coverage, including your policy limits and additional coverages selected, will affect the cost of your business insurance. However, a New Jersey independent insurance agent can provide you with exact business insurance quotes in your area.
How does your city measure up to the national average?
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Bloomfield | 891 | 1.15 | 1.23 |
| Elizabeth | 2,181 | 2.84 | 5.88 |
| Englewood | 648 | 2.23 | 0.77 |
| Ewing | 882 | 2.09 | 1.27 |
| Fair Lawn | 1,020 | 0.97 | 0.51 |
| Hackensack | 2,095 | 1.21 | 0.76 |
| Hoboken | 1,368 | 1.36 | 0.58 |
How Does Your New Jersey City Measure Up?
Commercial property insurance: Your Evesham business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Evesham business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Evesham business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job site or due to work duties.
Commercial property insurance: Your Lower Township business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Lower Township business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Lower Township business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job or due to work duties.
Commercial property insurance: Your Middletown business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Middletown business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Middletown business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job or due to work duties.
Commercial property insurance: Your Parsippany-Troy Hills business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Parsippany-Troy Hills business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Parsippany-Troy Hills business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job or due to work duties.
Commercial property insurance: Your Washington Township business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Washington Township business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Washington Township business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job or due to work duties.
Commercial property insurance: Your Woodbridge business needs commercial property insurance to protect its office building or storefront, as well as its equipment and inventory, against disasters like fire damage, vandalism, theft, and more. Your New Jersey independent insurance agent can help ensure you get matched to the ideal amount of coverage for your business's property.
Commercial auto insurance: Your Woodbridge business may need commercial auto insurance if it relies on company vehicles for deliveries, etc. Coverage can help reimburse your business for expenses related to lawsuits, vehicle repairs, and more.
Workers' comp insurance: If your Woodbridge business has at least three employees, it needs to have workers' comp by state law. This coverage can help reimburse your business for costs related to lost wages, medical treatment, and more if an employee gets injured or ill on the job or due to work duties.
New Jersey Business Insurance FAQs
Business insurance premiums in New Jersey will be different for every company due to varying risk factors. Your business's specific operations and exposures, as well as the number of employees it has, all impact the cost of its business insurance. Further, the number of years your company has been in business, as well as its past claims history, affect the cost of business insurance as well.
Workers' compensation is required by New Jersey state law if your business has at least three employees. Other forms of business insurance are typically optional, though strongly recommended. Your business may also need to have commercial property insurance if it rents its building, and commercial auto insurance is required if you have company vehicles.
Your New Jersey business insurance will cover whatever you put into your policy. You'll likely at least want to consider building a policy that includes commercial general liability coverage, commercial property coverage, cyber liability coverage, and workers' comp.
Commercial general liability insurance in New Jersey covers costs associated with lawsuits filed against your business for third-party claims of personal property damage or bodily injury. This insurance can help reimburse your business for attorney, court, and legal expenses.
Businesses in New Jersey with fewer than 50 employees are not required to offer health insurance plans. However, if you'd like to find coverage for your business's employees regardless, a New Jersey independent insurance agent can help you.
We found that Travelers, Nationwide, and The Hanover are the best business insurance companies in New Jersey. These carriers ranked highest thanks to customer reviews, AM Best ratings, BBB ratings, coverage options, discount options, rates, and more.
Yes, if an LLC in New Jersey has three or more employees, it must have workers' comp. This insurance is mandatory by state law in New Jersey.
A New Jersey independent insurance agent can help you find the best business insurance in your area quickly and easily. These agents shop and compare policies from multiple different local carriers. They'll ultimately present you with the results that provide only the best blend of coverage and cost.
Do You Know What Your Business Insurance Covers in New Jersey?
https://www.thimble.com/states/new-jersey-business-insurance
https://www.progressivecommercial.com/business-insurance/new-jersey/
https://www.thehartford.com/business-insurance/new-jersey