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Facts about Business Insurance in New Jersey

Business insurance can cover your company against large financial losses related to such hazards as hurricanes, severe storms, blizzards, property crimes, and liability lawsuits. Although a policy is not required by law, some parts of it may be. For example, if you have at least one employee, you will be required to have workers’ compensation insurance; and if your business owns and operates vehicles, you will need to have a commercial auto insurance policy.

More New Jersey business insurance facts

NJ businesses collect an average of $5.8 billion in claims each year
In 2012, Hurricane Sandy caused $30 billion of damage to NJ businesses
In 2016, a blizzard cost NJ businesses $2.5 billion in damage and lost revenue
In 2003, a NJ resort settled a premises liability lawsuit for $25 million

What Does Your Business Insurance Policy Cover?

Because each business is different, commercial insurance providers allow you to customize your business insurance in a way that is suitable to meet your company’s specific coverage needs. An independent insurance agent can explain your many options. While there are additional types of coverage available to you, most businesses insurance plans include the following:

Property insurance: Pays to rebuild, replace, or repair business property if it is lost, damaged, or destroyed by a covered event. An accidental fire at your beach resort destroys a large portion of your building.
Liability insurance: Covers the cost of legal defense and damages if a liability lawsuit is brought against your company. Your casino is sued for negligence after a patron slips on a wet marble floor and suffers a back injury.
Business interruption insurance: Provides a continuation of income if a covered event forces a long-term closure. A hurricane damages power lines, your building, and the roads leading to it, and your store must remain closed for weeks.
Workers’ compensation insurance: Covers medical treatment, lost wages, and other expenses related to employee injuries. A worker at your Jersey Shore restaurant suffers severe burns in a kitchen mishap and must take a month off to heal.
Commercial vehicle insurance: Covers the costs associated with accidents involving company-owned vehicles. The driver of a delivery van for your floral shop loses control on icy roads and crashes into a parked car.

While hurricane damage is covered by most business insurance policies, the flood damage that often accompanies these storms is not. If your business is located in a flood zone, or is otherwise at risk for flash flooding, be sure to ask your insurance agent about supplementing your coverage with a commercial flood insurance policy through the National Flood Insurance Program (NFIP).

Top Insurance Companies That Support Independent Agents in New Jersey

There are currently 485 independent insurance agents in New Jersey who are ready to help. These agents can save you time and money by helping you find competitively priced coverage that is well-suited to meet your business’s specific coverage needs. Talk to an insurance agent near you to learn more and to start comparing customized business insurance quotes.