Almost all 50 states, including New Jersey, require business owners to purchase at least some form of commercial insurance. If you establish a business in the Garden State and hire one or more employees, you’ll need to secure a worker’s compensation insurance policy. This policy covers on-the-job injuries and compensating your employee for medical bills, lost wages, and other expenses. You also need to purchase a commercial auto insurance policy that includes personal injury protection, liability coverage, and property damage coverage. This policy protects you and any employees who drive your vehicle.
Additional Commercial Insurance Requirements
State law doesn’t mandate you to buy other types of commercial insurance. However, if you took out a loan to purchase a business property or have a mortgage loan on a home that also serves as your business base, you’ll need additional coverage. Lenders typically require you to buy liability coverage and commercial property insurance. If your property is at risk of flooding, you may need to purchase commercial flood insurance. Additionally, businesses that contract with individuals or business entities may need general liability insurance.
Contact Creative Risk Management LLC for Assistance with Commercial Business Insurance
At Creative Risk Management LLC, we specialize in helping New Jersey business owners navigate through commercial insurance options to find the best policies. Our team collaborates with multiple carriers and offers both standalone policies and policy bundles, enabling you to get the best deal at the most affordable price. Contact us to learn about our insurance coverage options or get policy quotes.
