New Jersey General Liability Insurance – NJ
New Jersey General liability insurance is necessary coverage to have for all businesses big or small.
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This type of insurance covers your business against different claims stemming from damage to third parties or your customers.
The fact is that all businesses face some form of risk, which is why they need general liability insurance.
This type of coverage can help protect your business against claims pertaining to malpractice or bodily harm.
General liability insurance in New Jersey is offered in several types of coverage, and the one you must have will depend on the type of business you operate.
For example, if you run a construction business, then you will require a higher level of general liability insurance coverage.
5 Key Reasons Why You Need General Liability Insurance in New Jersey
One of the several common questions business owners ask is do I really need general liability insurance? And the short answer is Yes!
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As a business founder, you should already know that operating any type of business is already risky.
General liability insurance in New Jersey not only covers your business against claims arising from injury and property damage, but also from any liabilities as a tenant if you are renting a property.
Further, it provides coverage for not only your business, but also your staff against claims stemming from injury or property damage to third parties.
Apart from being an all-important part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in New Jersey
If you are a handyperson, you already know about the cash you can miss if you fall ill.
As a handyperson, you are not protected by government workers’ compensation advantages, therefore you should have NJ handyman insurance.
Research shows that injuries to independent workers in New Jersey were on the rise by a whopping 12 percent.
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When you invest in New Jersey general liability insurance, you are protected financially for medical costs related to the injury at the job.
Depending on the general liability insurance plan you select, you may also be eligible for cash for the days you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most important reason to buy general liability insurance in New Jersey.
If your company offers services that can cause injury to others including customers, then getting general liability insurance should not be an option.
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One excellent example of this is NJ dog walker insurance, which covers your pet sitting business if the dog causes hurt to others.
Another example is when you are repairing your client’s drywall, and they trip over your tools, then you will be liable for their injury.
If you buy general liability insurance in New Jersey, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another significant reason to get general liability insurance in New Jersey is to safeguard your business from third-party property damage.
For example, you are restoring your customer’s roof, and you mistakenly spoil an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you damage, you may have to pay for these claims from your own savings, that is if you do not have a general liability insurance policy.
New Jersey General liability insurance can help shield your business against any lawsuits originating from claims that you poorly deliver services as promised.
Things such as poor workmanship can be included under a general liability insurance policy.
General liability insurance can also sometimes include professional liability insurance, so speak to your insurance agency to check if they offer this kind of insurance.
While general liability insurance covers your business against many different sorts of claims, professional liability insurance is more specific towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own company, then it is important to have general liability insurance in New Jersey, and here is why!
If a client claims bodily harm due to the use of your business’s products, then general liability insurance will shield you against these types of claims.
And if you sell your products via your website, then it is a smart idea to check out NJ eCommerce insurance to better safeguard your interests.
Take, for example, your organization is selling facial creams, and a client has an allergic reaction to your product, then general liability insurance can help cover costs if you get sued.
What is Not Covered Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are some things that may not be covered under your insurance contract.
The first thing that may not be covered is against lawsuits not related to your services. Employee accidents may also not be covered under your general liability insurance terms.
As a business, you may be hauling several expensive tools in your vehicle or even at your customer’s property.
If these things do get stolen, you will have to get specialized general liability insurance.
In the case of theft of your personal property, your auto insurance policy will not protect these things against theft.
Another area where general liability insurance may not offer compensation is if you make mistakes in your services.
When investing in general liability insurance, you should pick your coverage limit wisely. Because your general liability insurance policy will not pay costs that are over your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a widely used term for many types of insurances, most notably:
General Liability Insurance
Also dubbed as CGL commercial liability insurance or BL form of insurance covers your company against claims that cause bodily injury or property damage to others.
Adding to this, general liability insurance also covers your corporation against reputational harm or mistakes in your advertising.
A few examples of things general liability insurance will cover your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also known as errors and omissions insurance, professional liability insurance comes claims against your entity that arise from errors in the services you provide.
For example, if you are a chartered accountant that gives a client erroneous figures, and they sue you, professional liability insurance will cover the legal expenses.
If you give professional services to clients, then you should as your insurance agency about professional liability insurance.
Employer Liability Insurance
If your organization has a lot of employees, opting for employee liability insurance is a great idea.
This type of insurance protects your employees against any injury they may experience at the workplace.
Further, employer liability insurance can also cover disability benefits, missed wages, and funeral costs.
What is the Price of General Liability Insurance?
The charge for general liability insurance is different across insurance providers. It depends on a lot of different factors including the type of business you are operating.
For example, if you are running a drywall business, then the charge for your premiums will be more than other forms of businesses, hence you should have NJ roofing insurance.
But to give you an approximate idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk industries can expect to pay higher premiums such as contracting categories.
You can save money if you pay for your insurance plan in full annually.
Further, you can also save funds on your general liability insurance policy if you club all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance plan.
How to Locate General Liability Insurance Companies in New Jersey?
When looking for the best general liability insurance provider in your state, it is important to check the agency’s reputation.
You should then determine your coverage limit, where the higher the limit, the higher the price of premiums.
But it is highly important that you select the right amount of coverage.
If you are unclear about the coverage limit you need, speak to your general liability insurance company to help evaluate your business risks for the right coverage limit.
But $1 million and $2 million are the most common coverage limits of general liability insurance.