Commercial General Liability Insurance in NJ
Does your business have enough protection?
Commercial General Liability (GL) Insurance in NJ helps protect your business from claims that result from normal daily operations. This insurance is also referred to as business liability insurance or commercial liability insurance. While they have different names, they mean the same thing and offer the same coverage.
Who uses General Liability Insurance?
Anyone who owns a business in New Jersey should have a Commercial General Liability Insurance policy in NJ. Even if there is no property involved, there’s always a chance for a lawsuit and damages.
General contractors, landscaping companies, IT contractors, real estate agents, consulting firms, marketing agents and more should all carry a GL Insurance policy to protect their business from personal injury cases. One accident can result in a lawsuit that a small business may find impossible to recover from without the appropriate business liability Insurance coverage.
The most prudent action you can take as a small business owner is to assess whether you have appropriate coverage for the type of business you’re in. Your primary concern is to safeguard your livelihood.
What Does General Liability Insurance Cover?
General Liability Policies cover the following:
- Physical injury of any employee or visitor
- Property damage
- Personal and advertising injury
- Defense costs and reimbursement
Do I need more than General Liability Insurance?
If you rent or own a storefront, utilize vehicles to transport people, or provide training to others, you may need more insurance than a Commercial General Liability Insurance policy in NJ.
General Liability only pays for third-party damages. Your business itself is considered the first party, while your clients and contractors are the third party.
This coverage will protect you and your clients from damages that result from something that happened within your business.
New Jersey General Liability Requirements
Commercial General Liability Insurance is not mandatory for businesses in NJ. However, according to the New Jersey Lawsuit Reform Alliance, the state has a reputation for lawsuit abuse.
They’ve also noted that New Jersey is losing ground to other states whose business environments encourage entrepreneurship. The Monmouth University Polling Institute found that 70% of New Jersey small business owners believe the state’s liability laws make it less attractive than other states for business, and 64% say lawsuits are a problem for the business climate.
With those statistics in mind, and everything we discussed above, do you think you need Commercial General Liability Insurance in New Jersey?
