General Liability Insurance in NJ
As a business owner, you’ve got a lot to think about.
If you’re aiming for sustained business success in New Jersey, general liability insurance coverage should be on your mind too.
When you’ve worked hard and invested time and money to get a project off the ground and to generate profits, the last thing you want is the future of your business to be jeopardized.
If you don’t currently have general liability insurance, or you’re thinking about changing your policy, here’s a handy guide to ensure you’re covered.
A Brief Overview
General liability insurance coverage, also known as business liability insurance and commercial liability insurance, is a form of coverage designed to reduce the risk of financial losses. By taking out a general liability insurance policy, business owners can protect themselves against a host of claims associated with accidents and injuries or damage caused by employees.
Policies vary, but typically, a general liability insurance policy will cover the following:
- Injuries and accidents: general liability insurance can protect your business if an accident occurs involving a customer or any other person (with the exception of an employee) on your business premises or at a client’s home.
- Damage to property: this insurance policy offers coverage if you or an employee damage property that belongs to somebody else, such as a customer.
- Personal injury and slander: this covers any action that has the potential to damage an individual’s personal or professional reputation, such as slander, libel or false arrest.
- Advertising injuries: general liability insurance can protect you if there are injuries associated with your advertising and marketing.
- Defense: if you need to defend yourself or seek legal counsel, you can claim this under your insurance. In most cases, the policy will not cover negligence or misconduct.
Why Your Business Needs It
Businesses in New Jersey are not legally required to have general liability insurance, but it’s wise to get coverage if you do own a company. Any businesses can be punished or penalized for incidents.
By investing in general liability insurance coverage, business owners can shield themselves from unexpected costs and protect the companies they have worked so hard to build and develop.
General liability insurance is recommended for all businesses, but company owners operating in the following sectors are particularly vulnerable to claims:
- Construction and IT contractors
- Service contractors
- Landscapers
- Real estate agents
- Marketing and advertising
- Consulting
How Much Coverage Does My Business Need?
There is no universal answer to this question, as every business is different.
A general guideline for small businesses is to obtain coverage worth $500,000-$1,000,000. You should seek expert advice that will enable you to find a policy that caters to your requirements.
General Liability insurance is not required in New Jersey, but your business could suffer without it.
If you own a business in New Jersey, and you don’t already have general liability insurance coverage, now is the time to explore your options. Think carefully about taking out a policy to protect your business and prevent unexpected losses.