Contractor Insurance in New Jersey
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Why do New Jersey general contractors need insurance?
The Garden State is home to a large construction industry. The industry employs just more than 61,164 people.
Construction sites can be hazardous places to work. An incident of a minor nature can result in a huge risk for your small company regardless of whether you’re involved in commercial or residential construction projects. Contractor insurance in New Jersey safeguards your business from mishaps and delays, as well as other problems.
The term “contractor insurance” is used to describe the different types of insurance that general contractors can choose, including:
- General Liability insurance
- Business Owner’s Policy
- Workers’ Compensation insurance
Learn how BizInsure can help you find the right contractor insurance policy for your New Jersey company.
Who needs contractor insurance in New Jersey?
Contractors often buy insurance policies to safeguard their personal and business finances. The protection offered by General Liability insurance and other types of insurance can create a critical safety net for you and your business.
Some types of coverage may be required to work with certain clients (a condition that is usually included in contracts for business).
Select your profession to find out more about the options for insurance available and begin with a quote to get a customized insurance quote.
What are the most common policies of insurance for contractors in New Jersey?
New Jersey tradespeople are usually looking for different kinds of insurance for contractors. These insurance policies can help you mitigate the common risks that general contracting companies face.
General Liability insurance
Also referred to as Commercial General Liability (CGL) or “slip and fall coverage”, this insurance can protect your business against bodily injury or property damage lawsuits from outside parties.
Business Owner’s Policy
A Business Owner’s Policy (BOP) is a convenient package of insurance that protects your business against the common risks it faces every day. The BOP product includes various coverages that may suit the unique requirements of your small business. Insurance included in a BOP can vary but usually they include protection for typical small business risks such as property damage, business interruption and liability.
Workers’ Compensation insurance
Workers’ Compensation insurance protects your company and its employees. If any of your employees get injured at work or are ill, this type of insurance will cover their medical bills. It will also cover some of their lost income if they’re unable to work because of the injury, as well as rehabilitation or physical therapy to transition the employee back into the workplace. In New Jersey, Workers’ Compensation insurance is required for all businesses with one or more employees.
What does New Jersey contractors insurance cover?
Contractors’ insurance can help protect your business from different types of risk. Based on the type of coverage that you select, events like:
- Third-party injury and property damage claims (General Liability insurance for New Jersey contractors)
- Unexpected disruptions to businesses
- Equipment breakdown(Business Owner’s Policy)
- Workplace injuries and illnesses (Workers’ Compensation).
How much does contractors insurance cost in NJ?
It’s possible that you don’t know the cost of contractor insurance in New Jersey if you just started your own business.
Insurance companies take into account many factors when determining the premium for each business. The cost of your business will depend on factors such as:
- The kind of insurance you want
- The amount of money you earn from your business (annual revenue)
- How many people are covered under the policy
- Your claims history
- Your coverage amount
Save time and money with BizInsure
BizInsure can help you protect your contractor company.
You can get multiple estimates in less than 10 minutes and select the most suitable coverage for your budget and requirements. The policies will be sent to your inbox email.
Need some assistance with your project? We are always happy to assist you!
Compare multiple quotes for New Jersey general contractors today to find the most affordable coverage.
Learn more about insurance for general contractors in the states where you work.
As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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