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New Jersey Contractor Insurance

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From New Jersey Workers’ Compensation Insurance to General Liability, Commercial Auto Insurance More We Are Your Easy & Stress Free Construction Insurance Provider in New Jersey State!

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Business Insurance for Contractors in New Jersey

As a contractor in New Jersey, it is important to protect yourself and your business with the appropriate insurance coverage. Contractor insurance, also known as construction insurance, covers the risks that contractors face during work. From accidents on the job site to damage to property, contractor insurance can provide the necessary protection for your business.

New Jersey General Liability Insurance

This type of insurance covers claims of injury or damage that may occur on the job site. It includes protection for medical expenses, legal fees, and property damage. For example, if a client trips and falls on your job site, general liability insurance would cover their medical expenses and any legal fees resulting from a lawsuit. It also covers damage to third-party property, such as if a piece of equipment accidentally damages a neighbor’s fence.

New Jersey Workers’ Compensation Insurance

Workers’ compensation insurance covers their medical expenses and lost wages if an employee is injured. It is required by law in New Jersey for businesses with employees. This insurance protects both the employee and the business, as it covers the cost of medical treatment and lost wages for the employee and protects the business from lawsuits.

New Jersey Commercial Auto Insurance

If you or your employees use vehicles for business purposes, commercial auto insurance is necessary to cover any accidents or damages that may occur. This includes both company-owned vehicles and personal vehicles used for business purposes. Commercial auto insurance typically provides higher coverage limits and includes protection for business-related accidents and damages.

As state law requires a minimum liability limit of $15,000 per person, $30,000 per accident for physical injury, and $5,000 for property damage (i.e., 15/30/5) in all commercial auto plans. Because it pays more than a third party’s PIP coverage, this is known as residual bodily injury and property damage (RBI-PD) in New Jersey.

New Jersey Builder’s Risk Insurance

This specific insurance covers construction that is still being done. Builders’ risk insurance is a vital safeguard in New Jersey that ensures a building is protected from damage caused by lightning, explosions, fire, hail, vandalism, theft, and acts of God (major weather events, etc.)

Beyond the contractor, the builder’s risk insurance covers other parties. Everyone with a financial stake in the construction project should be covered by it. The landlord, the lender, the general contractor, the architects, and the subcontractors are included in this group.

Building expenditures are not included under the Builder’s Risk insurance, nor is property damage. Extensions to your coverage that can protect scaffolding, building forms, and the collection and disposal of debris following a loss are options.

New Jersey Inland Marine Insurance

New Jersey Inland Marine Insurance is unrelated to water in any way. This coverage applies to goods temporarily kept elsewhere or transported by land (such as rail or truck). Theft and crashes are the most common causes of inland maritime losses.

Having inland marine insurance is a requirement for New Jersey contractors. Some companies have replacement procedures in case of lost, stolen, or destroyed merchandise, although this is only sometimes the case. However, with inland marine insurance, you can be assured that your items will be safeguarded against loss or damage.

New Jersey Commercial Umbrella Insurance / COI

The possibilities for litigation settlements are virtually endless. The standard policy limit on most general liability and business auto insurance plans is $1 million. This might sound like a lot of money, but if the matter needs to go to court, the legal costs might soon go above this cap, leaving little for the settlement itself.

This insurance provides additional liability coverage above and beyond your other insurance policies. It is often used to provide additional protection for businesses with high liability risks.

It is important to note that insurance policies have different coverage limits and exclusions. It is important to carefully review the terms and conditions of any insurance policy to ensure that it meets the needs of your business. Working with a knowledgeable insurance agent can help you understand the different coverage options and select the right insurance for your business.

A commercial umbrella insurance policy will extend your coverage for a reasonably priced premium. Commercial Umbrella Insurance Policies cover general liability, commercial auto, worker’s compensation, liquor liability, and cyber liability.

New Jersey ACORD Certificates

A liability insurance certificate in New Jersey is a formal document that certifies that the company has valid liability insurance that is recognized by the law. Details on the insurance coverages and the policies issued by the insurance provider are typically included in this one-page document. This contains the insurer’s name, its limits, and broker information.

The liability insurance certificate is typically requested from tenants and government licensing bodies. When entering into contracts with other companies as evidence that should something go wrong on your part, they would be adequately paid.

Business Insurance for Contractors in New Jersey

When selecting contractor insurance, it is important to consider the specific needs of your business. Some factors to consider include the size and scope of your projects, the number of employees, and the materials and equipment used. It is also important to consider the potential risks associated with your work, such as working at heights or handling hazardous materials.

Working with a knowledgeable insurance agent can help you determine the appropriate coverage for your business. They can provide recommendations based on your specific needs and help you compare quotes from various insurance providers.

Business Insurance for Contractors in New Jersey

As a contractor in New Jersey, it is important to protect your business with the appropriate insurance coverage. The right insurance policy can provide peace of mind and financial protection in the event of an accident or claim.

At our firm, we understand contractors’ unique risks and can help you find the right insurance policy to meet your needs. Our team of knowledgeable insurance agents can provide recommendations based on the size and scope of your business and the potential risks associated with your work.

We offer a range of insurance coverage options for contractors, including general liability, workers’ compensation, commercial auto, equipment, builders risk, and professional liability insurance. We also offer business owner’s policies and umbrella insurance to provide additional protection for your business.

To get started, contact us today to schedule a consultation with one of our insurance agents. We will work with you to understand your business and recommend the right insurance coverage to meet your needs. Protect your business with the peace of mind from working with us. Contractors in New Jersey need to protect their businesses with the appropriate insurance coverage. There are various types of insurance to consider, depending on your needs, from general liability to professional liability.

At our firm, we offer a range of insurance coverage options for contractors to meet the unique needs of your business. Our team of knowledgeable insurance agents can help you determine the right coverage and guarantee peace of mind.

Your New Jersey Contractors Insurance Questions Answered

Get answers to your most common questions from Contractors Liability

For General Liability Insurance in New Jersey you need $1,000,000 per occurrence and $2,000,000 aggregate almost 100% of the time. 99% of all General Liability policies we sell in New Jersey are $1,000,000/$2,000,000.

For Commercial Auto Insurance in New Jersey you need $1,000,000 CSL meaning $1,000,000 Combined Single Limit for Bodily Injury and Property Damage to the other party combined. To protect your New Jersey vehicle you need to have Comprehensive and collision coverage. Commercial Auto Collision Insurance in New Jersey covers any collision and Comprehensive Commercial Auto Insurance covers anything but collision.

For Workers Compensation Insurance in New Jersey you need $500,000/$500,000/$500,000 in general. This covers your workers in the event of a claim where the owner is liable up to $500,000. In 99% of cases the owner is not liable and coverage for workers compensation is unlimited.

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