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Technology Business Insurance in New Jersey

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Recommended insurance policies for technology businesses in New Jersey

General liability insurance

General liability insurance icon

General liability covers common risks for tech businesses in New Jersey, including customer property damage and injuries. Commercial leases often require this policy.

BEST FOR
  • Customer injuries at a tech company
  • Damaged customer property
  • Copyright and defamation lawsuits

Errors and omissions insurance

Errors and omissions insurance icon

This policy is also called professional liability insurance. It protects tech professionals against lawsuits over mistakes, missed deadlines, and oversights.

BEST FOR
  • Technical errors and oversights
  • Professional negligence lawsuits
  • Late or incomplete work

Cyber liability insurance

Cyber liability insurance icon

This policy protects New Jersey technology businesses against data breaches and cyberattacks that affect your business or a client.

BEST FOR
  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs

Business owner’s policy

Business owner’s policy icon

This policy bundles property insurance and general liability insurance. It's often the most cost-effective type of commercial insurance for a New Jersey tech business.

BEST FOR
  • Customer injuries
  • Damaged customer property
  • Damaged business property

Workers’ compensation

Workers’ compensation insurance icon

Workers’ compensation insurance is required for New Jersey technology businesses that have employees. It can cover medical costs for work injuries.

BEST FOR
  • Employee medical expenses
  • Wages lost while unable to work
  • Lawsuits over employee injuries

Commercial auto insurance

Commercial auto insurance icon

This policy is required for vehicles owned by New Jersey technology businesses. It covers injuries and property damage in an accident, along with other types of damage.

BEST FOR
  • Accidents involving business-owned vehicles
  • Theft of a business-owned vehicle
  • Damage to a company vehicle

Looking for different coverage? Check out our other policies.

What are the insurance requirements for technology businesses in New Jersey?

State laws can affect which policies you need for your technology business. These policies are required for New Jersey businesses.
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Workers' compensation insurance

New Jersey state law requires technology businesses that have employees, full-time or part-time, to carry workers’ compensation insurance. This policy covers medical bills for work injuries and illnesses.

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Commercial auto insurance

Vehicles owned by technology businesses in New Jersey must be covered by commercial auto insurance. New Jersey’s commercial auto insurance requirements are:

  • Property damage liability: $5,000 per accident
  • Bodily injury liability: $30,000 per accident / $15,000 per person
  • Uninsured motorist bodily injury: $15,000

Though it's not required, personal vehicles driven for work purposes should be covered by hired and non-owned auto insurance, as personal auto policies usually exclude business use. It can be added to general liability insurance or a business owner's policy.

How much does business insurance cost for technology professionals?

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Commercial insurance can be affordable for a small New Jersey tech company. Factors that influence the cost include:

  • Your industry and risk
  • Coverage limits
  • Location
  • Number of employees
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We specialize in business insurance for New Jersey technology professionals

Our agents are experts in insurance for New Jersey technology businesses. They can help you find policies that fit your company and fulfill state requirements. TechInsurance is licensed by the New Jersey Department of Banking and Insurance as BIN Insurance Holdings LLC (NPN 15752926) for property and casualty insurance and for surplus lines (license number 1281440). Verify our licensure with the National Association of Insurance Commissioners.

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