New Jersey Liability Coverage Insurance
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Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Whether you own a home or business, liability insurance is necessary. In 2019, New Jersey had $13,470,081,000 in commercial insurance claims paid alone. If you own a company, there are many kinds of liability insurance policies you can obtain.
Fortunately, an independent insurance agent can help. They have access to several markets, giving you the best options on coverage in town. Connect with a local adviser to get custom quotes.
What Is Liability Insurance Coverage?
There are many different ways you can get liability insurance in New Jersey. The assets and exposures you are protecting will determine the kind of insurance you need. In essence, all liability policies will have the same foundational coverages.
- Liability insurance: Will pay for a lawsuit arising out of bodily injury, property damage, libel or slander. It can be obtained for business and personal use.
What Is Commercial General Liability Insurance?
When it comes to your New Jersey business insurance, commercial general liability is a primary policy. It will protect your operation from several lawsuits that could come your way. Just like liability insurance, it pays for bodily injury, property damage, libel or slander claims. Some losses where it could apply are the following.
- A customer slips and falls on the premises
- A building catches on fire
- A product is improperly installed, causing a water loss
These are just a few examples of many. The right commercial insurance is essential to avoid a significant financial setback. Consider reviewing your coverage with a licensed professional before it's too late.
What Is Professional Liability Insurance?
Professional liability insurance is typically used for white-collar professions. It will protect your business if you have services that offer advice, financial consulting, and more. When you unknowingly give inaccurate information that creates a loss for another party, you'll be liable. Some industries where professional liability applies in New Jersey are as follows.
- Accountant
- Lawyer
- Real estate agent
- Insurance agent
- Financial adviser
- Business broker
- Business consultant
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What Is Employment Practices Liability Insurance Coverage?
There are roughly 1,800,000 people employed by small businesses in New Jersey alone. If you're a business owner with staff, employment practices liability insurance is necessary. Check out what it covers.
- Employment practices liability insurance or EPLI: Pays for a lawsuit filed by a disgruntled employee due to discrimination or sexual harassment in some form.
While you may have a thriving team culture, you can never be too careful. EPLI will help your company avoid a lengthy legal battle. It will pay for court fees, settlement costs, and defense of a claim.
What Is Liability Coverage on Home Insurance?
Your New Jersey homeowners policy will include liability insurance as it's primary coverage. It helps pay for a loss that occurs on or off your property. It will protect your household members from a bodily injury, property damage, or slander lawsuit. Take a look at some instances where this coverage could apply.
- A guest or trespasser injures themselves on your property
- Your tree falls and damages your neighbor's roof
- You have a pool party, and a guest drowns
What's the Difference between Full Coverage and Liability Insurance?
Full coverage applies to your commercial or personal auto policies. As an owner of a New Jersey vehicle, you will be required to carry the minimum limits of liability to access the roadways. If you want more protection, there are coverages you can add. Take a look at the difference.
- Liability only insurance: This is just liability coverage at the amount preselected for your auto policy. It will pay for bodily injury per person, per accident, and property damage of another party.
- Full coverage insurance: This will include additional coverages that protect you on the road. Things like comprehensive, collision, towing, and more are among the optional coverages you can select.
While liability insurance is all you're required to carry by New Jersey law, you may want more. Full coverage is all-encompassing and will help not only pay for the other party but your vehicle as well. Go over your options with an expert for more details and pricing.
How a New Jersey Independent Agent Can Help
In New Jersey, your liability insurance is essential coverage. There are many ways you can obtain liability protection. If you want adequate insurance for your business, a trusted adviser is necessary.
An independent insurance agent can help by shopping with multiple carriers. They have coverage and premium options for all your insurance needs. Get connected with a local expert on TrustedChoice.com in minutes.