NEXT tops our analysis of New Jersey business insurance providers because of its strong customer service and comprehensive coverage. The Hartford and Simply Business are also reliable options for small business owners across the state.
Business Insurance in New Jersey
NEXT tops our New Jersey business insurance rankings with a MoneyGeek score of 4.62 out of 5.
Find affordable coverage that protects your small business in New Jersey below.
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Updated: August 25, 2025
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Key Takeaways
Small business owners can get the best business insurance in New Jersey from NEXT, The Hartford and Simply Business.
The best business insurance in New Jersey depends on your industry risks, employee count and preferred coverage limits.
To find the best coverage, assess your risks, compare multiple quotes, research provider service quality and maximize available discounts.
Best Business Insurance Companies in New Jersey
| NEXT | 4.62 | 3 | 1 | 2 |
| The Hartford | 4.61 | 1 | 2 | 3 |
| Simply Business | 4.48 | 4 | 5 | 1 |
| Nationwide | 4.46 | 7 | 2 | 4 |
| Coverdash | 4.40 | 5 | 6 | 2 |
| biBerk | 4.38 | 8 | 2 | 5 |
| Thimble | 4.31 | 2 | 8 | 5 |
| Progressive Commercial | 4.31 | 4 | 7 | 5 |
| Hiscox | 4.27 | 6 | 4 | 6 |
| Chubb | 4.26 | 9 | 3 | 4 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best by Coverage Type
The Hartford leads New Jersey businesses with top-rated general liability coverage and business owner's policies (BOP). NEXT provides the best professional liability insurance and workers' compensation coverage in the state.
| Business Owners Policy | The Hartford | 4.69 |
| General Liability | The Hartford | 4.56 |
| Professional Liability (E&O) | NEXT | 4.70 |
| Workers Compensation | NEXT | 4.60 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Best New Jersey Small Business Insurance Reviews
Our research identified three standout business insurance providers in New Jersey that offer excellent protection for small companies. Here's what makes each insurer's comprehensive coverage unique for New Jersey businesses.
NEXT
Best Customer Experience
MoneyGeek Rating
4.6/ of 5
4.4/5Affordability
4.7/5Customer Experience
4.8/5Coverage Options
Average Monthly Cost of General Liability Insurance
$117This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$78This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
3.9/5.0Ranked #4 nationallyOur Survey: Likely to Be Recommended to Others
4.8/5.0Ranked #1 nationally
The Hartford
Best for Affordability
MoneyGeek Rating
4.6/ of 5
4.6/5Affordability
4.6/5Customer Experience
4.7/5Coverage Options
Average Monthly Cost of General Liability Insurance
$93This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$78This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Survey: Claims Process
4.5/5Our Survey: Likely to Be Recommended to Others
4.5/5
Simply Business
Best for Coverage Availability
MoneyGeek Rating
4.5/ of 5
4.4/5Affordability
4.2/5Customer Experience
4.9/5Coverage Options
Average Monthly Cost of General Liability Insurance
$108This rate is for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies.Average Monthly Cost of Workers' Comp Insurance
$80This rate is for small businesses with two employees across 79 major industries or business types and focus solely on workers' comp policies.Our Research: Policy Management
3.7/5Our Survey: Likely to Be Recommended to Others
4.2/5
Cheapest Business Insurance Companies in New Jersey
The Hartford provides the most affordable business insurance in New Jersey at $95 monthly ($1,137 annually). Thimble and Simply Business round out the top three budget-friendly options with rates of $106 and $110 per month, respectively. You can compare rates from all providers in the table below.
| The Hartford | $95 | $1,137 |
| Thimble | $106 | $1,270 |
| Simply Business | $110 | $1,320 |
| NEXT | $113 | $1,356 |
| Progressive Commercial | $113 | $1,358 |
| Coverdash | $115 | $1,374 |
| Nationwide | $115 | $1,380 |
| biBerk | $118 | $1,421 |
| Hiscox | $122 | $1,464 |
| Chubb | $133 | $1,601 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest General Liability Insurance Companies in New Jersey
New Jersey business owners can find the cheapest general liability coverage through The Hartford at $93 monthly. Simply Business offers the next lowest rate at $108 per month. Compare all provider rates in the table below.
| The Hartford | $93 | $1,115 |
| Simply Business | $108 | $1,302 |
| Nationwide | $110 | $1,321 |
| Progressive Commercial | $114 | $1,364 |
| NEXT | $117 | $1,402 |
| Coverdash | $117 | $1,406 |
| Thimble | $121 | $1,454 |
| Hiscox | $129 | $1,547 |
| biBerk | $129 | $1,548 |
| Chubb | $135 | $1,616 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on general liability policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Professional Liability Insurance Companies in New Jersey
The Hartford offers the lowest professional liability insurance (E&O) rates at $81 monthly ($968 annually). NEXT provides another affordable option for New Jersey businesses.
| The Hartford | $81 | $968 |
| NEXT | $82 | $978 |
| Thimble | $86 | $1,027 |
| Progressive Commercial | $86 | $1,030 |
| Simply Business | $86 | $1,033 |
| Hiscox | $87 | $1,045 |
| Coverdash | $88 | $1,061 |
| biBerk | $90 | $1,079 |
| Nationwide | $93 | $1,118 |
| Chubb | $100 | $1,203 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on professional liability/errors and omissions policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest Workers’ Comp Insurance Companies in New Jersey
The Hartford offers the cheapest workers' comp coverage in New Jersey at $78 monthly ($937 annually). NEXT and Thimble provide similarly competitive rates, making all three solid choices for businesses in the state.
| The Hartford | $78 | $937 |
| NEXT | $78 | $940 |
| Thimble | $79 | $952 |
| Simply Business | $80 | $961 |
| Hiscox | $81 | $968 |
| Progressive Commercial | $81 | $968 |
| Coverdash | $82 | $989 |
| biBerk | $85 | $1,015 |
| Nationwide | $92 | $1,106 |
| Chubb | $96 | $1,152 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on workers’ comp policies. Survey results reflect limited sample data and may not represent all available rates in your area.
Cheapest BOP Insurance Companies in New Jersey
The Hartford offers the cheapest BOP rates in New Jersey at $127 per month ($1,528 annually). Business owners can also find affordable BOP insurance with Thimble, Nationwide and Simply Business.
| The Hartford | $127 | $1,528 |
| Thimble | $137 | $1,647 |
| Nationwide | $165 | $1,977 |
| Simply Business | $165 | $1,984 |
| Coverdash | $170 | $2,041 |
| biBerk | $170 | $2,042 |
| Progressive Commercial | $172 | $2,069 |
| NEXT | $175 | $2,103 |
| Hiscox | $191 | $2,297 |
| Chubb | $203 | $2,433 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus solely on BOP policies. Survey results reflect limited sample data and may not represent all available rates in your area.
How Much Does Business Insurance Cost in New Jersey?
Business insurance in New Jersey costs between $83 and $168 monthly, with workers' compensation being the most affordable and business owner's policies the most expensive. Rates vary based on the coverage type your business needs.
| BOP | $168 |
| General Liability | $117 |
| Professional Liability (E&O) | $88 |
| Workers Comp | $83 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
Cost of Business Insurance by Industry and Coverage
Business insurance costs in New Jersey vary significantly by industry and coverage type. For example, speech therapists pay just $7 monthly for workers' compensation, while pressure washing businesses pay $1,560 monthly for a business owner's policy.
Data filtered by:Results filtered by:
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Coverage Type:Business Owners Policy
Select
Industry:Accountants
| Accountants | Business Owners Policy | $36 |
How Did We Determine These Rates?
These rates are for small businesses with two employees across 79 major industries or business types and focus on four coverage types: general liability, professional liability/E&O, workers' comp and business owner's policy. Survey results reflect limited sample data and may not represent all available rates in your area.
What Factors Influence My Costs?
Your New Jersey business insurance premiums might seem high, but there are specific reasons for the costs. Here are the key factors affecting your rates:
Industry Risk Level
Your business type drives your insurance costs more than any other factor. High-risk industries like construction face steeper rates because they have more workplace accidents and liability claims. A construction company might pay $250 monthly for coverage, while a consulting business could pay just $40 for similar protection levels.
Geographic Location and Weather Risks
Location affects your New Jersey business insurance costs significantly. Coastal businesses pay more due to hurricane risks, while inland locations see lower rates. According to NOAA data, New Jersey experienced 42 billion-dollar weather disasters between 1980-2024, with coastal storms and flooding causing the most damage. Insurance companies factor these risks into their pricing.
Business Size
Your employee count and revenue directly impact insurance costs. Workers' compensation rates are calculated per $100 of payroll, while general liability costs consider your annual revenue and customer traffic. A retail store with 15 employees and $1 million in revenue pays substantially more than a solo consultant working from home.
Claims History
Previous claims raise your rates for years afterward. Filing just one general liability claim can increase premiums across all your coverage types. Insurance companies reward claim-free businesses with lower rates, so maintaining strong safety practices helps control costs.
Coverage Types and Limits
Your choice of coverage types and limits shapes your premium costs. Higher coverage limits increase rates, but bundling multiple policies through a Business Owner's Policy often reduces overall costs. Carefully balance coverage needs against budget constraints.
Years in Business
New businesses pay more for coverage since insurers lack data about their risk level. After operating claim-free for several years, your rates often decrease as you build a positive track record with insurance carriers.
Professional Certifications
Safety certifications and professional licenses can lower your insurance costs, especially in higher-risk industries. Many insurers offer rate discounts for OSHA certifications and industry-specific safety training programs that reduce accident risks.
New Jersey Business Insurance Buying Guide
Running a business takes all your focus, and getting business insurance might feel like one task too many. Our simple guide breaks down everything New Jersey business owners need to know about coverage options and requirements.
What Coverage Is Required?
We've thoroughly researched New Jersey's business insurance requirements to save you time. You'll find a complete breakdown of what your New Jersey business needs in the section below.
Workers' Comp
New Jersey requires workers' compensation insurance for nearly all businesses, with very few exceptions allowed. You must carry workers' comp if you have one or more employees, including part-time, seasonal and temporary workers. New Jersey has stricter rules than most states: corporate officers and LLC members who work in the business are automatically covered and cannot opt out. Even sole proprietors in construction must carry coverage. The state also requires coverage for most independent contractors unless they meet very strict qualification tests and carry insurance policies.
Commercial Auto Insurance
Small businesses that own vehicles or require employees to drive for work need commercial auto insurance. New Jersey requires all vehicles to carry at least $15,000 per person and $30,000 per accident for body injuries, plus $5,000 for property damage. You'll also need personal injury protection coverage of at least $15,000, which covers medical expenses regardless of fault.
Unemployment Insurance
New Jersey requires unemployment insurance for businesses that pay wages of $1,000 or more in any quarter or employ one or more workers for 20 weeks during a calendar year. You must register with the New Jersey Department of Labor and Workforce Development and pay quarterly contributions. The state has one of the lower wage thresholds in the country for triggering coverage requirements.
Temporary Disability Insurance
New Jersey requires temporary disability insurance through payroll deductions from employees. This coverage provides partial wage replacement for workers who can't work due to non-work-related injuries, illnesses or pregnancy. Employers must participate in the state program or provide equivalent private coverage that meets or exceeds state benefits.
Contractor Bonds and Insurance
If you hold a contractor license in New Jersey, you'll need to carry liability insurance and may need to post a surety bond depending on your work type. Home improvement contractors must carry at least $500,000 in liability coverage and register with the state. This protects customers if you don't complete work as promised or follow licensing rules.
What Coverage Do We Recommend?
New Jersey keeps business insurance requirements minimal, which means you must choose coverage carefully. Here's our expert analysis of the protection each New Jersey industry needs:
Manufacturing | General liability, product liability, workers' compensation, commercial property, business interruption, pharmaceutical manufacturing coverage, hurricane protection, environmental liability, cyber liability | New Jersey manufacturers in pharmaceuticals, chemicals, and food processing face FDA regulatory violations, hurricane damage, and environmental contamination liability. High property values and population density create elevated liability limits and environmental cleanup costs. |
Trucking | Commercial auto, cargo coverage, general liability, workers' compensation, hurricane coverage, port operations coverage, high-density traffic coverage, hazmat transportation, cyber liability | New Jersey trucking companies face high accident rates in dense traffic, hurricane delays, and port operation risks. Proximity to major ports creates specialized cargo handling liability, while high population density increases collision risks and liability exposure. |
Retail | General liability, commercial property, business interruption, hurricane coverage, cyber liability, commercial crime, high-value liability coverage, nor'easter protection, employment practices liability | New Jersey retailers face hurricane business interruptions, high crime rates, and elevated liability from affluent customer base. Proximity to NYC and Philadelphia creates competitive pressures while requiring elevated coverage limits due to high property values. |
Restaurant | General liability, product liability, commercial property, equipment breakdown, business interruption, hurricane coverage, high-liability dining coverage, liquor liability, workers' compensation | New Jersey restaurants face hurricane closures, nor'easter damage, and elevated liability from affluent dining clientele. Coastal establishments require specialized hurricane coverage, while urban locations need elevated crime and liability protection. |
Pharmacy | Professional liability, general liability, product liability, cyber liability, commercial property, business interruption, controlled substance coverage, hurricane preparedness, high-crime area protection | New Jersey pharmacies face prescription errors, controlled substance theft, and hurricane power outages affecting medication storage. High crime rates increase robbery risks, while proximity to major cities creates elevated cyber attack targeting. |
How to Get the Best Cheap Business Insurance in New Jersey
Getting the right business insurance in New Jersey can strain your budget and time. Here's how to secure reliable coverage while keeping costs manageable for your company:
- 1
Assess Your Actual Risks First
Review your business operations to identify real risks specific to New Jersey regulations. A retail store in Newark needs different coverage than a consulting firm in Princeton. Focus on coverage that protects against likely scenarios rather than every possible risk.
- 2
Get Quotes from Multiple Insurers
Contact at least three insurance providers licensed for quotes. Insurance companies evaluate risk differently, leading to significant price variations. Local agents often understand New Jersey business requirements better than national call centers.
- 3
Choose Providers Based on Service Quality
Check insurer ratings and reviews from other New Jersey businesses. A contractor needs an insurer with 24/7 claims service, while a tech startup might prioritize cyber liability expertise. Look for providers with strong financial stability ratings.
- 4
Maximize Available Discounts
Combine general liability with property insurance for a business owner's policy discount. Many New Jersey insurers offer reduced rates for safety certifications and clean claims history. Ask about industry-specific package deals.
- 5
Review Coverage Annually
Schedule yearly coverage reviews as your business evolves. A small shop that expands to multiple locations needs different coverage than when it started. Regular reviews ensure you maintain appropriate coverage without overpaying.
New Jersey Business Insurance: Bottom Line
Based on our analysis, NEXT, The Hartford and Simply Business are New Jersey's best business insurance providers. However, what's ideal for you depends on your business risks and employee needs. Research each company's service quality, maximize discounts and select coverage that fits your budget.
Small Business Insurance in New Jersey: FAQ
Small business owners in New Jersey often face complex questions about insurance coverage for their companies. Our research team provides expert answers to common questions below.
What business insurance is required by law in New Jersey?
New Jersey requires workers' compensation for businesses with employees and commercial auto insurance ($15,000/$30,000/$5,000 limits) for business vehicles. General liability isn't mandatory but is often required by landlords.
How much does business insurance cost in New Jersey?
Depending on coverage, business insurance costs range from $83 to $168 monthly. Workers' comp is the cheapest at $83, while BOPs cost $168. Actual costs depend on your industry, business size and claims history.
Which company has the cheapest business insurance in New Jersey?
The Hartford offers the lowest rates at $95 monthly in New Jersey, with Thimble ($106) and Simply Business ($110) close behind. Compare multiple quotes since rates vary by business-specific factors.
What business insurance do I need for my small business in New Jersey?
Start with general liability to protect against customer injuries and property damage. Include workers' compensation for employees and commercial auto for company vehicles. Retail stores need property coverage, while contractors require builders' risk and equipment protection.
What is the best business insurance company in New Jersey?
NEXT leads business insurance providers in New Jersey with a MoneyGeek score of 4.62/5.0. The Hartford and Simply Business are also excellent choices. Compare multiple providers to secure coverage that matches your business requirements.
Do small businesses in New Jersey need workers' compensation insurance?
Yes. New Jersey law requires businesses with employees to carry workers' compensation insurance. Those that don't provide this coverage face fines and legal penalties.
What factors affect business insurance costs in New Jersey?
Your industry significantly impacts insurance costs. Construction businesses pay higher premiums than retail stores. Coastal locations in New Jersey face steeper rates due to hurricane risks. Employee count affects workers' compensation costs, while claim history and safety training influence rates.
How do I get cheap business insurance in New Jersey?
Compare quotes from multiple insurers like NEXT and The Hartford, which offer competitive rates in New Jersey. Bundle policies and implement safety programs to secure additional discounts.
What's the difference between general liability and errors and omissions (professional liability) insurance in New Jersey?
General liability insurance protects against physical incidents like customer injuries or property damage. Professional liability (E&O) covers service-related mistakes, including missed deadlines or incorrect professional advice.
Can I get business insurance quotes online in New Jersey?
Yes, leading insurance providers offer online quotes in New Jersey. Keep your business information handy for accurate quotes. Complex businesses may need agent assistance for specialized coverage options.
How We Scored the Best Business Insurance Companies in New Jersey
Small business owners in New Jersey need reliable coverage that protects their operations without breaking their budgets. We designed our methodology to help New Jersey entrepreneurs navigate challenges like hurricane risks and the state's workers' compensation requirements.
We studied thousands of quotes from 79 industries across four coverage types for a two-employee firm with $300,000 annual revenue and $150,000 payroll. All policies included $1 million per occurrence and $2 million total per year, with BOPs adding $5,000 business property coverage.
- Affordability (50% of score): We compare rates across carriers using consistent business profiles and coverage levels to identify insurers offering the best value for New Jersey businesses.
- Customer experience (30% of score): Our analysis examines claims handling, online tools and local agent availability to assess service quality.
- Coverage options (15% of score): We evaluate policy customization options and industry-specific endorsements available to New Jersey businesses.
- Financial strength (5% of score): We review AM Best ratings and other financial metrics to ensure carriers can pay claims long-term.
This approach helps New Jersey small business owners compare insurers on what matters most: affordable premiums, reliable service, adequate coverage and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- NEXT. "NEXT Empowers Agents with Enhanced Products, Cutting-Edge Digital Tools, Opening New Revenue Opportunities and Sparking Momentum in Small Business Insurance." Accessed July 25, 2025.
- Simply Business. "Simply Business Offers Insurance to Third-Party Sellers Through Amazon Insurance Accelerator." Accessed July 25, 2025.
- The Hartford. "Customer Claims Ratings and Reviews." Accessed July 25, 2025.
- Trustpilot. "NEXT." Accessed July 25, 2025.
- Trustpilot. "Simply Business US." Accessed July 25, 2025.
- Trustpilot. "The Hartford." Accessed July 25, 2025.