Small business insurance in NJ – Protecting Your Business in New Jersey

Frequently Asked Questions

• Should a small business in New Jersey have insurance?

  Every company in New Jersey with one or more employees is required by the Department of Labor and Workforce Development to have workers' compensation insurance. If you don't follow the rules, you could face a $5,000 fine for every 10 days without service.

• How much liability insurance do I need in New Jersey?

  You must carry at least these limitations to comply with the Department of Motor Vehicles and lawfully drive your vehicle. As of January 1, 2023, the minimum New Jersey car insurance coverage limit is $25,000 per person for bodily injury. $50,000 per accident for physical harm.

• What precisely does insurance for small businesses cover?

  As a general guideline, you should insure against things you could not afford on your own. This policy protects against financial loss resulting from personal injury, property damage, medical expenditures, libel, slander, defending litigation, and settlement bonds or judgments.

• How much is a small business license in NJ?

  You must submit a nonrefundable application filing fee of $150.00, payable to the State of New Jersey, with this application.

• Do you need insurance to begin a small business?

  Have you ever asked yourself, "Do I need insurance for my small business?" The answer is yes. A small business insurance policy can help you secure your assets and operations. Without this coverage, small firms may be required to pay for the repair or replacement of damaged or destroyed property on their own.