New Jersey Premises Liability Insurance

One of the greatest threats to businesses of any kind is a lawsuit. If a customer or guest gets injured on your property, you could easily end up getting sued for it. That’s why it’s absolutely critical to have premises liability coverage.

Fortunately a New Jersey independent insurance agent can help you find the right type of premises liability insurance to protect your business against legal trouble. But before we jump too far ahead, here’s a breakdown of this critical coverage.

What Is Premises Liability Insurance?

Premises liability insurance is included in New Jersey commercial general liability insurance, which is one aspect of business insurance. However, having a separate premises liability policy can greatly increase your coverage limits. 

Premises liability insurance protects your business against lawsuits filed against you for incidents on your business’s property. A New Jersey independent insurance agent can help you find all the coverage you need.

What Does Premises Liability Insurance Cover in New Jersey?

According to insurance expert Jeffery Green, premises liability insurance is one aspect of your commercial general liability coverage inside your New Jersey business insurance policy. Premises liability insurance is designed to cover:

• Bodily injury lawsuits: If a customer, hired maintenance worker, or other third party gets injured on your business's premises, they could sue you whether or not it’s actually your fault.
• Property damage lawsuits: If a third party suffers personal property damage on your business’s premises, they could also press charges against you, regardless of actual fault.
• Medical expenses: Medical costs relating to third-party care and treatment are often covered by your commercial general liability insurance for claims of injury caused, either on your business premises, or by your business’s operations.

Your New Jersey independent insurance agent can help you determine if your business would benefit from additional premises liability insurance.

What Isn’t Covered by Premises Liability Insurance in New Jersey?

Premises liability insurance provides a lot of important coverage for businesses in New Jersey, but just like any other policy, it also comes with its own set of exclusions. Premises liability insurance often excludes the following, according to Green:

• Intentional or malicious acts
• Pollution
• Liquor-related claims
• Damage or injuries covered by workers' compensation

A New Jersey independent insurance agent can help you address any concerns you may have about gaps in premises liability insurance.

What Are Some Common Premises Liability Claims?

Before hunting for premises liability coverage, it’s helpful to know what you’re likely to be using it for. Here are some of the most common premises liability claims in the US overall.

Leading premises liability bodily injury claims

1. Slip-and-fall injuries
2. Tripping injuries
3. Equipment-related injuries
4. Shopping cart injuries

Of course, any of these incidents can also lead to personal property damage as well. A New Jersey independent insurance agent can help you find adequate premises liability insurance to guard against these common business lawsuits and much more.

Premises Liability Insurance vs. General Liability Insurance

Premises liability insurance is just one aspect of your business insurance’s commercial general liability coverage. Premises liability refers specifically to incidents that occur on your business’s premises. 

Commercial general liability is a broader coverage category that includes lawsuits filed against your business, even for incidents that occur off-premises. A New Jersey independent insurance agent can further explain the differences in these liability coverages.

Premises Liability Insurance for Asbestos and Pollution

Many business owners are rightfully concerned about asbestos and pollution exposures to third parties on their commercial property. However, unfortunately these are two commonly excluded perils under premises liability insurance, according to Green. 

While you may be able to purchase a policy that covers these perils with a rider, you shouldn’t expect coverage to be included in a standard premises liability policy. A New Jersey independent insurance agent can help you find coverage for your business for lawsuits relating to asbestos and pollution.

How Much Does Premises Liability Insurance Cost in New Jersey?

Since premises liability coverage is part of your commercial general liability insurance (CGL), it’ll be a portion of that part of your business insurance premiums. CGL coverage can range from around $500 per year up well into the thousands annually. However, there is a handful of factors that influence this cost, like:

If your business comes with particularly risky territory, such as a construction zone, you’ll probably pay much more for coverage than a safer business setting, like a mattress store. Your New Jersey independent insurance agent can help you find quotes and exact figures for coverage in your area.

Here’s How a New Jersey Independent Insurance Agent Can Help

When it comes to protecting business owners against premises lawsuit costs and all other expensive threats, no one’s better equipped to help than an independent insurance agent. New Jersey independent insurance agents search through multiple carriers to find providers who specialize in premises liability insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.