CGL Insurance New Jersey CGL (commercial general liability) insurance will protect your small business from financial losses. These can range from property damage, lawsuits, advertising injury, or any other liabilities your company might have which relates to personal loss for a client or employee.
Non-professional negligent acts are covered under your CGL policy, so as a business owner you should understand what it covers, and how a CGL insurance New Jersey policy can protect your business.
CGL insurance New Jersey protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
You can be responsible for a number of occurrences during the normal course of business, which could result in varying degrees of financial loss. This is where CGL insurance New Jersey can help. From medical bills, to malpractice claims, to personal injury claims, you could be liable for these, as well as punitive and compensatory damages if you are found liable. Some potential issues might stem from:
These are a few of the many instances you can be found liable as a NJ business owner.
Basically your legal defense and coverage of damages which stem from injuries or loss, should be covered by your CGL insurance New Jersey policy. Not only will this protect you financially, but will also protect your company in the event of a lawsuit. A basic policy will cover:
1. Coverage A - Bodily Injury and Property Damage: The property damage or bodily injury which stems from non-professional negligent acts, are covered under this section of your CGL insurance New Jersey policy. Mental injuries or distress claims might also fall under this category, even when physical injuries aren't present. NJ worker's comp and employment practice liability are excluded under this clause. You can however purchase additional coverage for these protections. Pollution liability is also excluded.
Any high risk business entity should consider purchasing this limited coverage to protect themselves financially. Liquor, professional, and other liability risks might also be excluded (check with your insurer). An broker can assist you in choosing coverage options.
2. Coverage B - Personal and Advertising Injury Protection: Insured businesses are protected from personal or advertising injuries caused by their business; somethings which are covered include:
3. Coverage C - Medical Payments: Personal injuries sustained by non-employees are covered with this coverage option. If an accident occurs in the business place, your company is protected to your coverage's extent. Even in the event of settlements you are covered, so this can limit litigation and attorney fees for your business.
You are covered for all necessary medical, ambulance, or surgical/medical care necessary for the injured party. No defense or legal liability coverage is afforded under this section of the CGL insurance New Jersey policy(as is the case with coverage A and B).
CGL insurance New Jersey can be purchased on its own or with a BOP policy or CPP (commercial package policy) insurance. It is best to discuss your options with an insurance agent prior to deciding. And, in the event CGL, BOP, and CPP aren't sufficient, umbrella (excess liability) policies are also available for businesses to consider.
Depending on the line of business, risks, and other factors, you might require additional coverage:
1. Director/Officer Liability - Past, present, and future directors and officers are protected with this coverage option. Wrongful acts committed by these persons in a profit or not-for profit business are protected. Whether it is an actual or alleged error, your coverage shields your business from liability. Misstatements, omissions, errors, or breach of duty, are all covered under policy coverage.
2. Liquor Liability - Covers your business from loss or damages which are claimed in the event your patron/client is intoxicated, and either injure themselves or another person. If your company sells or furnishes liquor, this is a policy coverage option you should invest in. You can purchase as an add-on or stand alone policy, but if not added, your general liability protection won't cover these damages.
3. Pollution Liability - Industrial, agricultural, and commercial property owners, managers, or developers, are protected with this form of coverage. Gradual as well as accidental pollution claims are protected, and assets from unforeseen environmental exposure which could affect earnings, are also protected. Pollution hazards which can lead to bodily injury or harm, are also covered under this optional coverage prong, as are clean up costs.
There are additional types of insurance that may be a good fit for your business. Your agent can then help you find the right coverage to protect you against those specific risks.
If you are considering opening a business in NJ, it is important to be aware of the economic status of that location. It is also important that you are aware of the regulations related to the commercial insurance that you are required to carry.
If you are thinking about starting a business in the State of New Jersey, keep on reading to find out some key information about the economic status of the state, as well as the rules for commercial insurance. With this information, you will be able to put your best foot forward so that you can make the best choices in the Garden State.
Currently, New Jersey is ranked 46th in the country in terms of its economic position as compared to other state. While the economic growth may be slower in this state than in other locations, this is largely due to the high taxes. Nevertheless, there are still opportunities for entrepreneurs.
There are several industries that are expected to see growth in NJ in the 2019 calendar year. Some of these industries include:
The New Jersey Department of Banking and Insurance regulates the insurance industry In NJ. Just like most states in the country, New Jersey business owners are legally required to carry workers comp insurance. If you employ any type of staff, whether it's full-time or part-time, or hourly or salaries, you must carry this type of coverage. You must also provide your employees with disability coverage in the event that they are injured or become ill on the job. Additionally, New Jersey business owners are legally required to carry commercial auto insurance if they use a vehicle to conduct any type of business.
Commercial liability insurance and commercial property insurance are not required in this state; however, it is still a wise idea for business owners to invest in these types of policies. They can offset the costs that are associated with property loss or with any lawsuits that may arise as a result of doing business.
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free CGL Insurance New Jersey quote in Asbury Park, Atlantic, Bayonne, Beachwood, Bellmawr, Bergenfield, Bound Brook, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Collingswood, Dover, Dumont, East Orange, Eatontown, Edgewater, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fairview, Florham Park, Fort Lee, Franklin Lakes, Freehold, Garfield, Glassboro, Glen Rock, Gloucester, Guttenberg, Hackensack, Haddonfield, Hammonton, Harrison, Hasbrouck Heights, Hawthorne, Highland Park, Hillsdale, Hoboken, Hopatcong, Jersey, Keansburg, Kearny, Kinnelon, Lincoln Park, Linden, Lindenwold, Little Ferry, Lodi, Long Branch, Madison, Manville, Metuchen, Middlesex, Millville, Morristown, New Brunswick, New Milford, New Providence, Newark, North Arlington, North Plainfield, Oakland, Ocean, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Phillipsburg, Pine Hill, Plainfield, Pleasantville, Point Pleasant, Pompton Lakes, Princeton, Rahway, Ramsey, Red Bank, Ridgefield Park, Ridgefield, Ridgewood, Ringwood, River Edge, Roselle Park, Roselle, Rutherford, Sayreville, Secaucus, Somers Point, Somerville, South Plainfield, South River, Summit, Tenafly, Tinton Falls, Totowa, Trenton, Union, Ventnor, Vineland, Wallington, Wanaque, West New York, Westfield, Westwood, Woodbury, Woodland Park and all other cities in NJ - The Garden State.
Also learn about New Jersey small business insurance requirements for general liability, business property, commercial auto & workers compensation including NJ business insurance costs. Call us (609) 277-2744.