Insurance for Artisan Contractors in New Jersey: What you need to know
The law applies to all artisan contractors, including those who are self-employed. If you are an artisan contractor in New Jersey, it is important to be aware of these new requirements.
What types of insurance do artisan contractors need in New Jersey?
In addition to the standard liability insurance and workers’ compensation insurance, there are two other types of insurance that artisan contractors should consider when operating in New Jersey.
The first is Professional Liability Insurance. This provides coverage for any professional negligence on the part of the artisan contractor, such as failure to properly complete a task, or providing defective services or materials.
The second is Commercial Property Insurance. This provides coverage for any type of business assets a contractor may own, such as tools and equipment. This type of insurance is particularly important if the contractor owns his or her own shop or office.
For more information on the insurance requirements in New Jersey, artisan contractors should consult with a qualified insurance agent or broker. It is important to make sure that all the insurance requirements have been met before beginning work in the state.
How much insurance do artisan contractors need in New Jersey?
The amount of insurance artisan contractors need in New Jersey will depend on the nature of the project, and the size and scope of their business. Typically, the minimum level of insurance for artisan contractors operating in New Jersey is $1,000,000 for both of liability and workers’ compinsurance ($500,000 for each coverage).
However, if the contractor will be performing more specialized or hazardous work, such as asbestos abatement or excavation, there may be additional insurance requirements for that type of work.
In addition, contractors will need to consider the kind of assets they own and the types of jobs they are performing in order to determine the amount of property insurance they need. Depending on the nature of their work, they may need to purchase additional professional liability coverage.
How to get insurance for your artisan contracting business in New Jersey
When looking for insurance for your artisan contracting business in New Jersey, it is important to first discuss your options with a qualified insurance agent or broker. This will ensure that you are selecting the right policy to meet your needs.