7 Best Business Insurance in New Jersey for 2023

Thang Truong
Thang Truong
Updated on:

New Jersey is an excellent place to start or grow a business. Its location in the Northeast United States offers access to several lucrative consumer markets. Moreover, the state is situated near an outstanding transportation system to move goods and people. In addition, New Jersey is known for having one of the most skilled and educated workforces in the country. You will need business insurance no matter what type of business you’re bringing to the Garden State. This guide will give insight into the best places to get the insurance you need for a reasonable price.

The 7 best business insurance companies in New Jersey

  • CoverWallet: Best for comparing several quotes online
  • NEXT: Best for contractors in New Jersey
  • Progressive: Best for commercial auto and commercial truck insurance in New Jersey
  • Chubb: Best overall
  • Nationwide: Best for medium-sized businesses in New Jersey
  • Amtrust Financial: Best for nonprofit organizations in New Jersey
  • Simply Business: Best for finding low-cost coverage from top-tier carriers

CoverWallet: Best for comparing several quotes online

CoverWallet is a digital broker specializing in small businesses. They work with several leading business insurance companies. If you work with them, you will be able to get several quotes from their partner companies to compare and select the best one for your business.

The quote experience is fast and straightforward. It shouldn’t take more than 10 minutes. CoverWallet provides several insurance coverages from workers comp, commercial truck, to general liability and professional liability coverages. They also provide a wide appetites for several industries from healthcare, trucking, financial services, to manufacturing, and contracting businesses. Regardless your business’s industry and the insurance coverages you are booking for, you can count on CoverWallet.

CoverWallet is a subsidiary of Aon, one of the biggest business insurance brokerages in the world and earns a A consumer satisfaction rating on BBB.

Below is a workers comp insurance quote sample from CoverWallet for a small business in New Jersey.

NEXT: Best for contractors in New Jersey

NEXT has been in business since 2015, focusing on providing a fast and easy method of obtaining insurance. As a result, all of your New Jersey business insurance can be purchased online without the need to speak to a broker or agent. AI technology makes this possible – along with all the perks that come along with it. However, those who prefer to speak to a person can also choose to do so.

Progressive: Best for commercial auto and commercial truck insurance in New Jersey

Progressive is the biggest commercial auto insurance company by market share. They are often rated as the best commercial auto and commercial truck insurance providers. It is also a well-known insurance company often rated high for customer satisfaction.

It has been around since 1937 and typically acts as an agency that provides other business insurance products from other companies. The main exception is for commercial auto insurance. Business owners can bundle products to save money. The Progressive website has tons of information, and the provider itself has enormous brand recognition.

Chubb: Best overall

Chubb is our choice for best overall when it comes to New Jersey business insurance. It’s also the largest global property and casualty insurance company. Purchasing insurance can be done online or with the assistance of an agent. If you choose an agent, the same one can be used over time, so they better understand your business. As far as policy offerings go, Chubb offers more than 30, making them ideal for all types of companies. 

Nationwide: Best for medium-sized businesses in New Jersey

As one of the largest insurance carriers in the US, Nationwide has many options for businesses. These include retirement solutions, savings plans, baking, and asset management services. The brand also happens to be one of the most respected and features add-on coverage that ensures you get the exact insurance you need. In addition, they have a considerable number of insurance products and offer surety bonds. 

AmTrust Financial: Best for nonprofit organizations in New Jersey

AmTrust Financial works with small businesses and nonprofits in low to medium-risk industries. While that means not everyone will qualify, those that do can enjoy highly customized insurance packages that meet your exact needs. While the business insurance coverages AmTrust Financial offers small businesses are similar to other companies’, its offerings to nonprofit organizations are unique and differentiated from the others. They provide customized offerings to nonprofit organizations, from small to medium to large.

One thing that makes AmTrust unique from others on the list is that quotes aren’t available online. Instead, you will need to speak with an agent.

Simply Business: Best for finding low-cost coverage from top-tier carriers

Simply Business is a broker specializing in small business insurance. They work with many carriers with a focus to help you find low-cost coverage that your business may need. They offer almost all coverages that a small business may need such as general liability, professional liability, workers comp, commercial auto, commercial property, cyber liability, liquor liability, etc. They vet the carriers that they work with carefully to ensure that all of them have excellent financial ratings.


  • Easy to get and compare several quotes online
  • Able to get quotes from A-rated carriers which you may not be aware of
  • Knowledgeable agents that are available to help you along the process


  • Quotes online are available for general liability and professional liability only
  • Have to file a claim directly with the carriers

What insurance coverage do I need for my small business in New Jersey?

Every business is unique in terms of what insurance is needed. However, all help you avoid financial trouble if an accident occurs, or a lawsuit is filed against you. Below you can learn more about common types of New Jersey business insurance.

General liability insurance in New Jersey

General liability insurance is designed to protect from personal and advertisement liability claims and third-party property damage and bodily injury claims. Nearly every business, regardless of industry, will require this type of insurance. This is especially accurate when you do business from a specific location. You can learn more about the least expensive general liability insurance companies and the best general liability companies, as well.

Commercial property insurance in New Jersey

With commercial property insurance, you are covered if the property you rent or own experiences damage from storms, burst pipes, vandalism, explosions, or fires. The same applies to the contents of the building – they are also covered. Find out more about the best commercial property insurance options.

Business Owners Policy (BOP) insurance in New Jersey

BOP is a way to get both commercial property and general liability coverage in a single policy. It’s often more straightforward and less expensive for small businesses in New Jersey. Depending on the policy, it may also include business income interruption coverage. Find out more about the top BOP insurance providers.

Commercial auto insurance in New Jersey

Excluding commuting to and from business, if a vehicle is used for business, it is required to be covered under a commercial auto insurance policy. Take a look at some of the least expensive forms of commercial auto insurance

Workers compensation insurance in New Jersey

If you have a business that employs other individuals, it is necessary to have workers’ compensation insurance in New Jersey. This covers lost wages, medical costs, and other losses if an employee becomes ill or is injured at work. Check out some of the least expensive workers’ comp insurance options and learn about the best insurance companies with this coverage.

Errors & Omissions (E&O) insurance in New Jersey

Also known as malpractice insurance or professional liability coverage, E&O insurance offers coverage over mistakes done on the job. It also covers what you might fail to do while you are working. 

Inland marine insurance in New Jersey

Protection of your goods and property while in transit is covered through inland marine insurance option. With commercial property insurance, your property is only covered while it is at your business location. Take a look at the top marine insurance companies

Cyber liability insurance in New Jersey

The insurance that offers protection from hacking attempts and data breaches is cyber liability insurance. You can learn more about the best cyber liability insurance and the top insurance companies for data breaches.

Liquor liability insurance in New Jersey

For restaurants and other establishments that serve alcohol, you will also need New Jersey liquor liability insurance. This protects against a lawsuit if an accident is caused because someone is intoxicated. 

Take a look at the top liquor liability insurance companies

What business insurance is required in New Jersey?

In New Jersey, any business with part- or full-time employees must have workers’ compensation insurance. This is a policy that covers all injuries and illnesses related to work. In addition, it offers injured workers in New Jersey disability benefits. A standard plan includes the following at minimum:

  • $15,000 bodily injury liability per person
  • $30,000 bodily injury liability per accident
  • $5,000 per accident in property damage liability
  • $15,000 in personal injury protection (PIP)

Commercial auto insurance is required for businesses with vehicles and will cover the costs of accidents while in a work vehicle. Both standard and basic policies are available, but companies engaged in trucking may need other forms of coverage. 

How much does business insurance cost in New Jersey?

The cost of business insurance will vary based on many different factors. Some of the most common include:

  • Kind of business and common risks
  • Business location and operations
  • Types of insurance purchased
  • How many employees you have
  • Policy limits and other coverage options

On average, you can expect to pay around $500 to $5,000 a year for general liability insurance in New Jersey. If you are based around an industry with few risks, you’re going to find that insurance is less expensive than if you were a business with a large amount of risk.

Make sure you shop around with a few companies to compare several quotes before making your final decision

How to find cheap business insurance in New Jersey

When you want to save on business insurance in New Jersey, the best option is to know all your options. 

Shop around and get an idea of what possibilities are out there. You want to be sure you get quotes from several companies. It’s recommended to get at least three but acquiring more than be helpful. 

While price is essential in deciding on an appropriate policy, that’s not the only thing to consider. You should also look at the online reviews of the insurance company and consider what coverage you get for the money you will be spending. Some companies may offer inexpensive coverage but are hard to communicate with and shouldn’t be chosen.

If you have the option to bundle policies, that’s also a great idea. This often provides a discount. In many cases, you can bundle both personal and business insurance together if you use the same provider for both.

Different business insurance coverages for different business types in New Jersey

Business typeType of business insurance required
Small restaurant in HobokenGeneral liabilityLiquor liabilityFood contamination/food spoilageWorkers’ compensationCommercial auto (if deliveries are done)
Dentist’s officeProfessional liability insuranceGeneral liabilityCyber liabilityEmployment practices liability insurance
Residential construction companyInland marineGeneral liabilityCommercial propertyBuilders’ riskCyber liabilityProfessional liabilityWorkers’ compensationCommercial auto

For every business above, general liability insurance is included. This is because it helps protect you if falls, slips, or other injuries happen to clients or customers. It also protects against copyright infringement, advertising injury, and third-party property damage. 

This type of insurance provides the most coverage for what you pay for it. In addition, many clients will not work with your company if you cannot show that you have it.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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