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    New Jersey General Liability Insurance

    New Jersey is the fourth-smallest state yet the eleventh most populated, with around 8.8 million residents. The state has recently received many investments, particularly from corporations relocating from New York because of the state's low tax rates, open areas, and improved transportation.

    Small businesses (SMBs) are vital to the economy of New Jersey. The state has implemented aggressive and pro-business measures that aid in the growth of SMBs to the extent that it now ranks eleventh out of fifty states in terms of the number of SMBs. That said, if you have a business in New Jersey, make sure you have general liability insurance.

    This type of business liability insurance is required for all New Jersey companies. It protects against common hazards, such as customer injuries. The majority of commercial leases mandate this coverage.

    What General Liability Insurance Covers In New Jersey

    General liability insurance provides coverage for ordinary third-party liability claims (people outside your business).

    If someone sues you for property damage, bodily injury, or advertising injury, commercial liability insurance will cover the legal fees. Your CGL policy can cover the cost of employing an attorney as well as court-ordered verdicts and settlements.

    How General Liability Insurance Protects Your Business

    General liability insurance can assist in the payment of legal fees associated with ordinary third-party claims. Here are a few common instances in which home-based businesses, contractors, and small businesses are protected by general liability insurance.

    Home BusinessContractorSmall Business
    Liability ProtectionYou may require general liability insurance to cover the cost of a courier's lawsuit if he or she falls on your icy doorstep while delivering documents.A client may request a certificate of insurance in the event that you damage their equipment.Your landlord may demand general liability insurance when you sign a commercial lease.
    Advertising Injury ProtectionYou are launching a website and want to prevent unintentional copyright infringements.You desire protection in case a project partner accuses you of libel or slander.You are launching your first advertising campaign and wish to be protected against advertising-related injury claims.

    Quick Small Businesses Statistics In New Jersey

    Here are some statistics on small businesses in New Jersey:

    • There are 908,209 small businesses in total. This represents 99.6% of the state's businesses
    • 1.8 million workers, or 49.9% of all state employees, are employed by microbusinesses
    • 18,953 small business exporters makeup 41.4% of New Jersey's $31.8 billion total exports
    • The average median salary for self-employed individuals with their own incorporated businesses is $58,000. The median income of unincorporated business owners is $33,000
    • With 291,118 employees, SMBs in the health care and social assistance industries represent 48.6% of the private workforce
    • Professional, scientific, and technical services have the largest population of small businesses in the state, with 144,041. 117,492 of these are sole proprietorships
    • The utility sector is the smallest industry in New Jersey, with only 117 SMBs
    • State law in New Jersey mandates that every New Jersey LLC appoint a New Jersey registered agent who will be accessible during normal business hours at a physical address inside the state
    • The state does not impose a franchise or privilege tax on businesses. However, if business revenue is passed through to you, it will be subject to taxation on your state tax return
    • Corporations and limited liability corporations (LLCs) must register with the New Jersey Department of Treasury and file their Articles of Organization. The filing fee for registration paperwork for businesses is $125
    • New Jersey has the highest sales tax in the tri-state area, with a ceiling of 6.625%, compared to 4% in New York and 6% in Pennsylvania
    • The state also boasts the nation's highest property tax rate, at 2.49%, followed by Illinois (2.27%) and New Hampshire (2.18%)
    • Even though New Jersey's small businesses have a hiring rate of 80%, Millennials normally do not look for employment opportunities there. Due to increased compensation and incentives, younger generations favor big corporations
    • Companies must pay the New Jersey Department of Revenue a minimum tax fee of $500
    • The Department of Treasury of New Jersey mandates all businesses to file an annual report for a fee of $50

    Check out more data from these resources:

    Frequently Asked Questions 

    Here are some commonly asked questions related to general liability insurance in New Jersey:

    How much does general liability insurance cost?

    The cost of general liability insurance is determined by several factors, including:

    • Location
    • Number of employees
    • Amount of coverage
    • Industry and risk factors

    On average, general liability insurance costs $42 per month. This is determined by the average cost of policies.

    How to get proof of general liability insurance?

    If you purchase CGL coverage, you may typically receive online proof of insurance the same day you begin a business insurance policy.

    It can take traditional insurance agents several weeks to issue new customers a certificate of general liability insurance. This might be problematic for business owners who need instant proof of insurance to complete a contract.

    What if your business needs more liability coverage?

    If your company faces significant risks or generates a substantial amount of income, you can extend your general liability insurance coverage with commercial umbrella insurance. Your umbrella insurance coverage boosts your maximum policy limit, allowing your insurer to cover more costly disputes.

    Other Insurance Types

    Several factors affect the premiums for general liability insurance in New Jersey, including the services or goods you provide, the number of staff you have, the length of time you've been operating, and your claims history. Typically, coverage is limited to a certain monetary amount for the duration of the policy.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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