New Exposures and Business Liability Insurance in New Jersey

New Jersey business owners are presented with their own unique set of challenges and opportunities here in the Garden State. One thing that separates them from other states is that New Jersey is considered a “bedroom community” with many residents commuting to New York City and Philadelphia in an effort to find work.

Many small business owners flock to areas known as Urban Enterprise Zones where the sales tax is lower than any other part of the state and retailers often experience increases in traffic to their stores. However, one of the things that comes with this increased traffic is an increased risk of liability from injury claims that come from this influx of new customers, making business liability insurance in New Jersey a very necessary product to possess.

Business insurance policies that protect your company

No matter which type of business you operate, obtaining customized, New Jersey business insurance policies is a must. Whether you own a retail business catering to an affluent customer base, or you need liability coverage and workers compensation for a pharmaceutical plant, you need to partner with an insurer that can find a quote that fits your company’s exact needs.

Types of services and products to consider

  1. Business Liability insurance package policy – Often referred to as a Business Owner Policy or “BOP,” this General Liability package policy protects your company in the event a client is injured on your premises, or in the event that you or one of your employees causes an injury or property damage at a client’s location.
  2. Professional Liability Insurance (PLI) – Professional Liability or “Errors & Omissions” insurance provides coverage in the event you’re legally obligated to pay for economic damages to your client or a third party for claims of your alleged negligent or improper advice or any other errors or omissions you’re deemed responsible for. This coverage is critical for professional services companies.
  3. Workers’ Compensation insurance (WC) – Workers’ Comp insurance, a requirement in most states, provides medical and disability coverage for company employees in the event of a work-related illness or injury.
  4. Employment Practices Liability Insurance (EPLI) – EPLI insurance provides protection should one of your employees allege any number of employment practice violations. These violations include age, race or gender discrimination, wrongful termination and accusations of sexual harassment. EPLI is essential coverage in today’s litigious workplace.

These are the basic packages for business liability insurance in New Jersey that every business owner needs. Speak to a reputable agent about your current coverage needs.