New Jersey (NJ) Business Insurance

New Jersey is home to over 908,000 small businesses, making up 99.6% of businesses in the Garden State.¹ These small businesses employ 1.8 million workers, which represents nearly 50% of all New Jersey employees.² If you’re a small business owner of one of these many companies in New Jersey, The Hartford can help you understand your options for NJ business insurance. For hundreds of years, we’ve been providing business insurance to help small businesses protect themselves and keep their employees safe.

To learn more about requirements for small business insurance in New Jersey, including business liability coverage, get a quote today.

Types of Business Liability Insurance in NJ

There are many business liability insurance options available in New Jersey. Depending on your type of business, you may elect to have several types of coverage.

General Liability Insurance

General liability insurance (GLI), also known as business liability insurance or commercial general liability insurance, protects your business from claims of:

Bodily injury
Property damage, including those rented to you
Reputational harm
Advertising errors, like copyright infringement

These claims can be very costly for your New Jersey business if you don’t have the right coverage.

Commercial Auto Insurance

Commercial auto insurance helps pay the costs of an auto accident involving a company-owned car. For example, if your employee hits a pedestrian while making a delivery and causes that pedestrian bodily injury, this coverage can help pay for medical expenses. In New Jersey, this type of insurance is required for all business vehicles according to state law.

Professional Liability Insurance

Professional liability insurance protects your business from claims caused by:

Negligence
Misrepresentation
Professional services errors
Inaccurate advice
Libel or slander

A client or customer can sue your business if they think you’ve made a mistake that has caused them a financial loss. Without professional liability coverage, you’ll have to pay any legal defense costs or settlements out of pocket.

Workers’ Compensation Insurance

If an employee has a work-related injury or illness, workers’ compensation insurance can help them recover. This coverage can help pay for:

Medical treatment
Lost wages
Rehabilitation
Disability benefits

Workers’ comp also protects you as a small business owner by helping you pay for legal costs if an injured employee or their family sues your company.

Business Owner's Policy (BOP)

A Business Owner’s Policy (BOP) combines commercial property and business liability insurance into one policy. A BOP can protect your New Jersey business from fire, theft or other claims that can arise during day-to-day business operations like bodily injury or property damage.

You can also tailor your BOP to meet your business’ unique needs by adding optional coverages, like data breach insurance.

Data Breach Insurance

Data breach insurance is a type of cyber insurance that protects your business if personally identifiable information (PII) or personal health information (PHI) gets lost or stolen during a breach. It can help pay to:

Notify affected customers or clients
Hire a public relations firm
Offer credit monitoring services to help protect victims

The Hartford can also help you customize your policy with additional coverage for extra protection. To learn more, get a quote today.

New Jersey Business Insurance Requirements

Not having the right insurance can put your business at risk, especially since New Jersey state law requires certain types of coverage. For example, NJ law requires all businesses with employees to carry workers’ compensation insurance as well as commercial auto insurance if those employees drive company-owned vehicles for work.³

For more information about New Jersey business insurance requirements, visit the state’s official website.

How Much Does Business Liability Insurance in New Jersey Cost?

Our customers paid an average of $1,067 annually, or about $89 a month, for business insurance coverage in New Jersey. For workers’ compensation insurance, customers in New Jersey paid an average of $1,079 annually, or about $90 a month.⁴ Since every business is unique, small business insurance costs vary in New Jersey. Some factors an insurance company looks at when determining costs include:

Type of business
Size of payroll
Location
Policy limits
Other types of insurance purchased
Claims history

The best way to determine costs for your business is to get an insurance quote. You can also visit our “How Much Does Small Business Insurance Cost?” page for additional information.

Professions We Insure in New Jersey

The Hartford covers a wide variety of businesses in New Jersey, including:

To learn more about the industries we insure, visit our business insurance industry page.

Why Choose The Hartford?

For over 200 years, we’ve been dedicated to small business owners and protecting the companies they’ve worked so hard to build. We are proud to be widely recognized for leading with integrity, advancing sustainability and driving diversity, equity and inclusion.

Whether you have questions about insurance or need help with a claim, we’ve got your back. Get a quote today and learn how we can help protect your New Jersey business.

Last Updated: November 16, 2023

^1,2 Small Business Administration (SBA), “2020 Small Business Profile”

³ Business.NJ.Gov, “Employer Requirements”

⁴ Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.

Additional disclosures below.