Newark, NJ Business Insurance
Find the right business insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
New Jersey is home to more than half a million small businesses, and more than 19,000 of those businesses are located in Essex County. Not all companies are as large as Newark’s own Prudential Financial or PSEG, but each one provides opportunities for income, growth, and advancement for business owners. If you own a business in the Newark area, you have likely invested a lot of your own time and money into it. You will want to protect this investment by securing your business with a comprehensive Newark, NJ business insurance policy.
New Jersey’s Top Industries for Small Businesses
- Professional, scientific and technical services: 104,600 businesses
- Real estate and rental leasing: 71,000 businesses
- Construction: 52,800 businesses
- Healthcare and social services: 47,900 businesses
- Retail trade: 45,300 businesses
- Administrative, support and waste management services: 38,700 businesses
- Transportation and warehousing: 33,800 businesses
Regardless of your industry, you want to protect your company from financial loss due to unforeseen problems by having a commercial business insurance policy in place.
Is Commercial Insurance Necessary?
Most states, including New Jersey, require businesses with employees to have insurance that covers workers compensation. If your business venture requires the use of company cars or trucks, you will need a commercial vehicle policy, and if you have taken out a large business loan, your lender may require you to carry a commercial insurance policy. The law does not require small businesses without any employees to have insurance. Those businesses make up nearly 74.5 percent of New Jersey’s small businesses. If you are the sole proprietor of a business that required you to make a large initial investment, having a commercial insurance policy is a very good idea.
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Essex County Business Industries with the Highest Average Annual Pay
- Financial services: $100,161
- Information and technology: $82,206
- Professional and business services: $80,487
If you are like many new business owners, you may believe that because your company is an LLC or a corporation, you automatically have protection against financial loss. However, these corporate business structures only protect your personal assets from liability; the business itself remains vulnerable. Only a Newark business insurance policy can fully protect your commercial endeavor from unexpected losses.
Essex County Changes in Employment During Previous Years
These are the Essex County industries with the most change in employment during previous years:
- Leisure and hospitality: Increase of 2,031 jobs
- Educational and health services: Increase of 1,013 jobs
- Trade, transportation and utilities: Decrease of 8,315 jobs
- Manufacturing: Decrease of 5,363 jobs
- Construction: Decrease of 3,309 jobs
While there were significant job losses during that five-year period, there are indications that the economy is rebounding and that many of these jobs, particularly in the fields of construction and trade, will reappear in the near future.
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What Does Business Insurance Cover?
There are several different types of industries, and businesses can vary greatly in size and potential risks. Newark business insurance policies offer many coverage options so you can customize your policy to meet your business’s unique coverage needs. A typical business insurance policy will provide the following types of coverage:
- Property insurance: This coverage can protect your business in many ways. If fire, water damage, theft or vandalism cause damage to your business location or its contents, this coverage will provide compensation for repairs or replacements. This type of coverage is particularly important if you operate a business that depends on a storefront being open for business.
- Liability coverage: This coverage protects your business from the financial costs associated with injuries sustained at your place of business, such as a customer having a slip and fall accident. This coverage also protects you if someone sues you due to a product malfunction, or for malpractice or negligence. Liability coverage typically provides compensation for court costs and legal fees associated with a covered event.
- Loss of income: This coverage provides compensation for losses that may occur if you are unable to operate your business for a period due to damage or losses caused by a covered event.
- Other coverage: There are other coverage options available for specific business needs. These include extra coverage for expensive equipment; extra liability insurance for contractors who work on other people’s property; and fidelity insurance to protect you from losses if an employee should embezzle funds or perform other illegal actions while in your employ.
How Can You Find the Best Newark Business Insurance Policy?
You must consider many variables when purchasing a business insurance policy. An independent insurance agent in our network can help you assess your needs and save you time and money by doing your comparison-shopping for you. Because they have relationships with several different insurance providers, our agents can quickly obtain a variety of Newark business insurance policies that meet your needs.
Contact an agent today to get more information and to obtain a selection of competitively priced Newark commercial insurance quotes for your business.