Get New Jersey commercial property insurance quotes, cost & coverage fast. Property insurance covers the NJ building your business owns or leases and your business personal property, including equipment, tools inventory, & furniture.
NJ Business Property Insurance
What if a fire breaks out in your storage room and burns your entire business to the ground? What if a major storm hits and your building's roof blows off, destroying all of your assets? What if someone comes along and decides to spray paint graffiti all over your storefront?
These are just some of the possibilities that could occur when you rent or own a NJ commercial property for your business. While you hope that none of these things happen, as the saying goes: hope for the best, but plan for the worst. New Jersey commercial property insurance is your best plan in the event that the worst case scenario occurs. This type of insurance coverage protects your business from major financial losses if anything bad happens.
Does My Business Need New Jersey Commercial Property Insurance?
Any business owner that has physical assets that are vital for earning revenue should have New Jersey commercial property insurance. It is extremely important because it ensures that your business will not suffer large out-of-pocket costs as a result of any damages that may occur from no fault of their own.
What Does New Jersey Commercial Property Insurance Cover?
New Jersey commercial property insurance is an insurance policy that covers the business property that you lease or own from any damage caused by most natural disasters, fire, theft or vandalism. It also covers your personal property, such as any tools, equipment, inventory, furniture and any other items that you may have within the property. Moreover, this type of insurance policy covers assets, such as accounts receivable and lost income.
There are several things that NJ commercial property insurance can cover. Some of the items that are protected under this type of policy include:
- The structure or building
- Your business inventory
- Other peoples' property
- Any furniture and other equipment within the building
- Exterior signs
Business owners can adjust their coverage so that suits their individual needs. For example, they can choose a basic policy, or they can add extra protections to ensure that almost all of the property of their business is protected.
What New Jersey Commercial Property Insurance Doesn't Cover
CNew Jersey commercial property insurance typically does not cover:
- NJ commercial vehicles.
- Property damage resulting from employee errors.
- Property that was not purchased for business use
- Personal belongings that may be used by the business.
- Amounts beyond the policy limits and property value.
- Intentionally damage caused by the business owner or employees
Types Of NJ Business Property Insurance Coverage
When it comes to New Jersey commercial property insurance, people who own a business have several options to choose from and can adjust their polices to their needs. However, there are three basic categories of coverage:
- Basic Coverage. A basic commercial insurance policy insures a business against fires, storms, smoke, explosions, and vandalism.
- Broad Coverage. This type of insurance covers everything that basic coverage does, but it also includes damage to glass, water damage, and any damage that is caused by fallen objects.
- All-risk Coverage. This covers everything that basic and broad coverage offer, and it also includes theft, as well as any other direct physical losses.
There are also specific types of New Jersey commercial property insurance coverage. Some examples include:
- Ordinance coverage. This will provide you with money for any additional costs that are associated with repairing or rebuilding your structure after it has been damaged in order to ensure that it meets building codes.
- Valuable papers. This offers limited coverage for any valuable papers that your business may record, such as receipts and other documents.
- Extra expenses. With this coverage, you will receive additional money to return your business back to the condition it was in before it was damaged.
- Personal property coverage for employees. If your employees have any personal property on the premises of your business, this coverage will provide money to replace or repair those items if they become damaged.
- Crime coverage. With this coverage, you will be protected from various types of crimes, such as robbery, forgery and theft.
How Much Does New Jersey Commercial Property Insurance Cost?
How much does New Jersey commercial property insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. The cost of commercial property insurance varies. Following are some of the main factors that go into the price of a policy:
- Construction: How the building was built and its condition. Masonry or brick buildings don't burn as fast as wooden frame.
- Occupancy: Who occupies the building influences the rates. Companies with higher fire risk (like pizza ovens, kilns etc.) can pay more.
- Risk: The insurer will determine an overall risk for the business and building before issuing a rate.
- Location: Insurers look at the location of the business. If it is located in a high-crime neighborhood, then the rates are higher.
- Protection: Things like alarms and sprinkler systems can reduce rates. Proximity to a fire station or fire hydrant also can help reduce costs.
NJ Commercial Property Insurance Quotes
Request a New Jersey Commercial Property Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.
Insurance Regulations In New Jersey
There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.
New Jersey Commercial Insurance
The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.
There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.
In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.
NJ Personal Insurance
The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry $15,000 per person and $30,000 per accident in liability coverage. In addition, there must be an additional $5000 for property damage.
As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.
Further Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Improvements & Betterments Coverage
- Landlord Insurance
- Types Of Insurance For Landlords
- Waiver Of Subrogation In Commercial Property Insurance
ISO Property Insurance Forms
You can download a copy of the ISO coverage form here: Building And Personal Property Coverage Form.
You can find more ISO Building And Personal Property insurance coverage forms here:
- Building And Personal Property Coverage Form
If you are looking for state specific Commercial Property Insurance quotes, costs and information: California Commercial Property Insurance, Colorado Commercial Property Insurance, Delaware Commercial Property Insurance, Florida Commercial Property Insurance, Illinois Commercial Property Insurance, Kentucky Commercial Property Insurance, New Jersey Commercial Property Insurance, New York Commercial Property Insurance, Oregon Commercial Property Insurance, Pennsylvania Commercial Property Insurance, Texas Commercial Property Insurance, Washington Commercial Property Insurance.