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New Jersey Contractor Insurance

New Jersey is the home of 809,780 small businesses, with 73,286 being in the construction field. The real gross state product of New Jersey grew by just 1.1 percent, which is half the growth of the gross domestic product of the US in 2013. (Source: BEA). However, the unemployment rate has made great strides, since it reduced from 7.7 percent in 2013 to 6.6 percent in 2014. (Source: BLS). This should be good news for all residents of New Jersey. If you're looking for some promising news about the construction industry in particular, get to know how New Jersey contractor insurance can help your business.

Insurance As Low As
$38 A Month

New Jersey Contractors Need the Following Insurance

Coverage for Third Party (GL): Anyone visiting any of the construction sites you are working on will be protected by the general liability portion of New Jersey contractor insurance. This is important because it means if they get hurt whether they're hit by falling debris or trip over a piece of lumber their medical treatment will be paid for by your insurance policy. Additionally, if their personal property - such as their car is damaged at the site, general liability will pay for the repairs.

New Jersey Contractor insurance
New Jersey Contractor insurance quote

Tools & Equipment Coverage (BOP): If you are ever worried about the possibility of losing access to your most valuable piece of equipment, you can rest assured that New Jersey contractor insurance has a solution for you. Tools and equipment coverage is meant to pay to replace any items you use for work in the construction business, whether you rent or own them. While buying a new hammer or wrench after it's lost or stolen might sound feasible, buying a new excavator might not be, which is why you need this coverage.

Employee Coverage (WC): Whether you employ a few people or have close to 500 employees, you need workers compensation when you get New Jersey contractor insurance. This coverage exists to pay for the medical treatment of any employees who are injured in any way on the job. Whether they fall off a ladder and break a bone or lose a limb, workers compensation will pay for the hospital bill, ambulance ride, rehabilitation, and more. It will even pay employee a portion of the wages they miss out on during the recovery period when they cannot work. Additionally, workers compensation also kicks in if your injured employee brings a lawsuit against you.

Business Vehicle Insurance: If you ever have to operate your own car or a company car for work purposes, you should add business vehicle coverage to your New Jersey contractor insurance policy. This way, if you cause an accident while driving for your company, the damages will be paid for. This would not be the case with personal car insurance, which does not apply to collisions caused when you are driving for business purposes.

Bond: Adding a surety bond to your New Jersey contractor insurance makes it clear that your services in the construction field are guaranteed. The result is that your policy will pay for any fines you get if you are ever in breach of contract.

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Insurance Products

General Liability (CGL) Workers Compensation Professional Liability Business Owners Policy Commercial Auto Insurance Employment Practices Liability Directors & Officers (D&O) Excess Liability Surety Bonds

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