While no two Busineses are identical, there are some insurance coverages that are common to an insurance program for most small business in New Jersey. Some of the most common are listed here:

GENERAL ( Business) LIABILITY: This coverage provides various limits of liability (common limits are $1MM occurrence/$2MM aggregate) for the business  and its employees while acting in the scope of their authority.

Coverage includes bodily injury and property damage, personal and advertising injury, and may also include medical payments to others.         

Employment Practices Liability: This coverage form addresses losses such as : Discrimination, Harassment, Wrongful Termination and Gender Bias.

Professional Liability:  This coverage affords protection against claims for injuries arising out of the insured’s acts or omissions of a professional nature including negligent acts, error or omission, actual or alleged, which arises out of the rendering of or failure to render a service, within the scope of your business.  

Usual limits are $1MM occurrence/$2MM aggregate but other limits are available.   Professional Liability is usually on a Claims Made basis.

Workers Comp :  In New Jersey this coverage is mandatory and will address injury to employees that arises out of employment. This coverage includes payment for medical bills and lost wages.  The limits are defined by NJ Statute.

HIRED & NON-OWNED AUTO:  Liability coverage provided for suits brought against you by a third party for claims regarding autos you hire or do not own that are used in connection with your business.

PROPERTY & BUSINESS INTERRUPTION:  Provides coverage for direct physical loss or damage to your office contents. Building coverage is available if needed.  In addition, coverage for loss of Business Income arising from a covered peril at a covered premises.  Also, various coverage extensions are usually included such as: electronic data, glass, property in transit, business personal property of others, property off premises, accounts receivable, valuable papers, and extra expense.    

CRIME-EMPLOYEE DISHONESTY/THIRD PARTY THEFT BONDS: Employee Dishonesty is a first party coverage which protects employers from loss due to theft by their employees.  Third Party Theft pays for loss or damage to money and other property that is owned by the client with whom you are under written contract to perform services on the client’s premises, and which results directly from theft by an employee

Excess Liability:  High limit excess liability address catastrophe claims that exceed primary insurance scheduled in the policy.  Typically, Auto Liability &  General Liability.