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What type of insurance do you need?
If you don't have adequate business insurance, you'll have to pay claims out of pocket using your business's revenue to cover the cost of property damage, workplace injuries and liability lawsuits.
40% of small businesses are likely to experience a property or general liability claim in the next 10 years.
Pay For Damage To Your Building
Pay For Damage To Your Business Property
Pay For Damage To Someone Else’s Property
Pay For Someone Else’s Medical Bills
Pay For Accidents in Company Vehicles
Pay For Employee Injuries & Compensation
New Jersey business owners don't have to purchase commercial insurance policies, but some aspects of coverage are required. For instance, if you have a company vehicle, you'll need commercial auto insurance to comply with state laws. If you hire employees, you'll need to carry workers' compensation insurance. A local independent agent can give you details on what coverages are required for your business.
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples:
New Jersey commercial insurance premiums are based on several variables, such as the risks for your business property, liability threats, and the amount of coverage you want. Costs for coverage will vary significantly from one industry to the next, so it's always wise to consult with an experienced insurance agent before selecting a policy.
Number of businesses in the US: 27,626,360
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
|City||No. businesses||Burglaries / 1,000 people||Auto thefts / 1,000 cars|