Each state has its own laws regarding which types of commercial insurance its businesses are required to have. In New Jersey, there are two types of commercial insurance that are required of many businesses. To get the commercial insurance that your business needs, give us a call now at TAS Insurance Agency in Phillipsburg, NJ.
Required Commercial Insurance: What You Need To Know
Workers’ Compensation Insurance
This is a type of insurance that pays for the medical bills and other costs associated with an employee becoming injured or sick at work. In New Jersey, it also gives injured parties disability benefits. Having this insurance is required for any New Jersey business that has any number of employees whether they are full or part-time. This coverage is important for businesses to have both because it’s required and because it offers significant protection for their businesses if an accident does happen.
Commercial Auto Insurance
If your New Jersey business owns a vehicle, that vehicle must have a commercial auto policy on it. That policy must have a number of types of coverage within it. These include having personal injury protection coverage to pay for your injuries after an accident. Two amounts are required for bodily injury liability, one for one person and one for everyone who is injured. The state also mandates that you have property damage liability. All of these amounts are small when compared with other states, and it’s often recommended that you get a higher amount of coverage than is required so that you can pay for a serious accident if one should occur.
Get Your Commercial Insurance Policies
In addition to your required insurance policies, there are likely other types of commercial coverage that would be helpful for protecting your business from lawsuits and liability. When you need coverage, contact us at TAS Insurance Agency in Phillipsburg, NJ.