Jersey City is the headquarters of such companies as Verisk Analytics and the Lord Abbett money management firm, as well as several small privately-owned businesses established by local entrepreneurs. If you own a small business in this diverse city, you can protect your investment with a Jersey City, NJ business insurance policy.
New Jersey Small Business Industries with the Most Employees
- Healthcare and social services: 514,100 employees
- Retail trade: 444,600 employees
- Professional, scientific and technical services: 325,800 employees
- Accommodation and food services: 277,200 employees
- Administration, support and waste management: 261,800 employees
- Wholesale trade: 257,000 employees
- Manufacturing: 252,400 employees
With different types of businesses come different types of risk. Someone who owns a retail store does not have the same liability risks as someone who owns a medical facility or someone who manufactures products. Fortunately, you can tailor your business insurance to fit your company’s unique coverage needs and protect your company from unexpected expenses.
Are You Required To Carry a Jersey City Business Insurance Policy?
Certain types of business-related insurance policies are mandatory for certain types of businesses. For example, if your business has employees, the state of New Jersey will require you to carry insurance to provide workers compensation and state unemployment benefits. If your business uses company vehicles, the state will require you to have commercial vehicle insurance. And if you have taken out a business loan, your lender may require you to have comprehensive business insurance.
Whether or not you are required to have business insurance, the benefits of this policy cannot be understated. Several small businesses that have closed down or filed for bankruptcy could have avoided this hardship by simply having had a business insurance policy in place. You have likely invested a lot of time and money into your business. It is well worth the cost to insure it.
Hudson County Private-Sector Wage Facts
- In recent years, the average private-sector wage in this county was $70,184.
- Hudson County residents have the third-highest average wage in the state.
- During previous years, private-sector job wages rose 16.3%.
- Financial industry jobs pay the highest average wages in the county.
- Jobs in the construction, information, financial and professional/business sectors in Hudson County pay the highest average wages in the state.
Some business owners believe that by setting up their company as an LLC or a corporation, they are protecting the business from financial loss due to liability claims. However, these business structures only protect the business owner’s personal assets from liability. The business itself remains vulnerable. Only a business insurance policy can fully protect your Jersey City business.
Hudson County Industries with the Biggest Changes from During Previous Years
- Leisure and hospitality sector jobs increased by 18.3%.
- Financial sector jobs increased by 7.9%.
- Construction sector jobs decreased by 26%.
- Manufacturing sector decreased by 26.7%.
Many of the job losses resulted due to the recent recession. Many hope that as the economy recovers, jobs such as those in construction will return to their original employment numbers.
What Does Jersey City Business Insurance Cover?
Business insurance coverage needs can vary greatly depending on the size, industry and inherent risks associated with that industry. Business insurance policies come with many different coverage options so you can build a customized policy appropriate for your commercial venture. The basic coverage options offered by business insurance policies include the following:
- Liability coverage: If someone sues your company due to malpractice or negligence or fault product design, or sustains injuries while on your business premises, your business insurance will cover the damages as well as your court costs and legal fees.
- Property coverage: If your business should suffer property loss or damage caused by weather, fire, vandalism, theft or any other covered event, your insurance policy will provide compensation.
- Lost income coverage: If your company faces an interruption in production or sales because of a covered event, your business insurance policy will provide compensation so that the financial loss does not affect your business’s bottom line.
How Can You Find the Best Jersey City Business Insurance?
Because businesses are so varied, there is no such thing as a one-size-fits-all business insurance policy. When shopping for a policy for your business, you can benefit from the assistance of an independent agent in our network. Your local member agent can help you determine your business’s unique risks and coverage needs and can ensure that you have all the coverage you need.
Contact an insurance agent near you for a selection of competitively priced Jersey City commercial insurance quotes designed just for you.