New Jersey Business Insurance

Why Get Business Insurance in New Jersey
Among all the states in the country, New Jersey is referred to as the most population-dense state. This information gives a very clear picture- a state made up of thousands of businesses and millions of workers. Without sufficient insurance coverage, all of these businesses are at risk of losing their assets due to a lawsuit, accident, or weather-related disaster. In fact, there have been numerous New Jersey businesses that went into bankruptcy as a result of having lawsuits filed against them and with no business liability insurance in place to cover the pay out for large settlements. These scenarios could have been avoided simply by these companies having comprehensive liability insurance coverage.

Workers Compensation in New Jersey
Unlike most states, the system of New Jersey’s worker’s compensation is technically elective. This signifies that it is not mandatory for employers to provide worker’s compensation insurance for their employees. However, in actual practice New Jersey’s system is actually compulsory. And even though it is technically elective, the New Jersey worker’s compensation act also applies to agricultural workers and again, is functionally compulsory. In addition, the worker’s compensation in New Jersey differs from other states because domestic workers are also covered by the state worker’s compensation act just like other employees.

Worker’s compensation benefits provided to employees includes:

  1. Full medical benefits without time or monetary limits
  2. Payments for disability benefits
  3. Payments for death benefits

Coverage for New Jersey Business Insurance
Business liability insurance rates normally are based on the type of business which is being insured and the number of employees. A company which is considered “high risk” by insurance underwriters can expect to pay higher premiums than one that is classified as “low risk”. For example, a business which deals with heavy equipment or hazardous chemicals will more than likely pay for liability insurance than a restaurant or small retail establishment.

The basic form of business liability insurance in New Jersey includes the following:

  1. Bodily injury
  2. Property damage
  3. Overall liability insurance

When you are looking for business insurance coverage, it’s smart to shop around and compare prices and coverage options. As a business owner, the final decision as to what type of coverage (and the resulting cost) is up to you. Your goal should be to fully protect both you and your assets in the event of a lawsuit, claim, or covered natural disaster. Don’t risk losing everything you have worked so hard to attain by being uninsured or underinsured. Protect yourself, your business, your employees, and your success by purchasing adequate business liability insurance.