New Jersey Subcontractors
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New Jersey Subcontractor Insurance
In the state of New Jersey, subcontractor insurance is required in multiple forms. The state has numerous laws in place that are designed to prevent employers from circumventing wage and withholding laws by declaring employees as subcontractors or independent workers. These restrictions make it necessary for legitimate subcontracting companies to carry various types of commercial insurance coverage.
General Liability Coverage
General liability coverage is insurance needed by all New Jersey subcontractors. General liability coverage helps protect your company, clients and other people by paying for medical and repair needs when accidents arise. If a person is physically harmed in your company’s work area, liability insurance pays for the medical care they’ll need. This insurance also pays for property repairs if your subcontracting company causes them. Additionally it can pay for legal costs if you’re accused of inaccurate advertising or damaging someone’s reputation.
Tools insurance coverage is protection for subcontractors when events occur that cause them to lose expensive tools or equipment. Whether due to accidents, breakdowns or theft, tools coverage pays for the repairs and replacements of these important assets.
Business auto coverage is prudent for New Jersey subcontractors to carry, because it protects you from potential vehicle, equipment, tools and materials losses if any of those items are damaged in an auto accident. Additional coverage offers protection for your employees if they are injured in the accident, and may provide protection against non-accident events such as theft.
New Jersey Subcontractor Insurance must include workers compensation coverage if your company has employees. Workers comp is structured so that any illness or injury that is caused on the job will be taken care of. Employees will receive emergency, follow up or ongoing care. This insurance also provides for temporary or long term disability benefits as necessary.
Workers comp provides added benefits to the employer because it can reduce or limit your potential liability if the worker takes legal action against you, as their employer when the incident occurred.
When your subcontractor general liability policy is exhausted, you may be left paying the balance of any bills. Excess liability insurance can step in and pay for those overages when the need arises however, so that your company does not have to.