When searching for the best general liability insurance for businesses in New Jersey, we considered several factors, including affordability, customer satisfaction, financial stability and the ease of the online quote process. Our analysis determined that Thimble is the best overall and cheapest provider for general liability insurance in New Jersey. On average, LLCs with 20 employees can expect to pay $66 monthly, while sole proprietors without employees pay $22 monthly.
Best General Liability Insurance in New Jersey (2024)
Updated: December 20, 2024
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Key Takeaways
When searching for the best general liability insurance provider in New Jersey, Thimble was identified as the best overall and cheapest provider based on our analysis. Thimble received a MoneyGeek score of 98 out of 100. Rates for general liability insurance with Thimble average $22 per month for sole proprietors without employees and $66 per month for LLCs with 20 employees.
Nationwide was highlighted as offering the best coverage for employers with a MoneyGeek score of 97 out of 100, and their average monthly premium sits at $53, although this rate is specifically for LLCs with 20 employees.
For sole proprietors, biBERK emerged as the top choice with an average cost of $23 per month and a MoneyGeek score of 97 out of 100. This highlights that while Thimble offers the lowest average rates overall, biBERK also provides strong options for specific business configurations, such as sole proprietors.
When seeking the most affordable general liability insurance in New Jersey for sole proprietors, Thimble stands out as the most cost-effective provider. Sole proprietors without employees can expect to pay an average monthly rate of just $22. This makes Thimble not only the cheapest option but also a highly recommended choice for those prioritizing affordability. With a MoneyGeek score of 98 out of 100, Thimble is recognized for its affordability and overall value in the New Jersey market.
Based on the provided data, Thimble is the best overall and cheapest provider for general liability insurance for LLCs in New Jersey with 20 employees. LLCs with 20 employees can expect to pay an average monthly rate of $66. Thimble provides a strong combination of affordability and financial stability, earning a MoneyGeek score of 98 out of 100, indicating both cost-effectiveness and reliability.
While Thimble offers competitive rates, Nationwide is noted for offering the best coverage overall for employers at a slightly lower average monthly premium of $53, with a MoneyGeek score of 97 out of 100. However, Thimble remains the most affordable option overall when considering both sole proprietors and LLCs. Whether you choose Thimble or Nationwide may depend on the specific coverage needs and pricing considerations for your business.
Why Trust MoneyGeek? We collected 1,229 general liability insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best general liability insurance companies for small businesses in New Jersey.
Coverage costs and company information for general liability insurance providers in New Jersey were last updated in 2023.
1,229Quotes Analyzed
6 Companies Compared
50 Zip Codes
Best Overall General Liability Insurance in New Jersey
Of the insurers MoneyGeek analyzed, Thimble is the best overall company for general liability insurance in New Jersey. This provider earned a MoneyGeek score of 93 out of 100.
The chart below details the rates and MoneyGeek scores of all the companies we reviewed in New Jersey, giving insight into how Thimble scored against its competitors.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to rank the best general liability insurance in New Jersey:
- Affordability for LLCs: 30%
- Affordability for sole proprietors: 30%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
MoneyGeek used two business profiles to gather general liability quotes:
- An LLC with five years in business, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.
- A sole proprietorship with five years in business, no employees, $500,000 in annual revenue and no payroll costs.
| Thimble | 93 | $22 | $66 |
| Nationwide | 91 | $40 | $53 |
| biBERK | 89 | $23 | No Data |
| The Hartford | 88 | $35 | $102 |
| Hiscox | 86 | $29 | $178 |
| Next | 85 | $33 | $44 |
Best OverallScore: 93
4/5LLC Affordability
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Most affordable provider in New Jersey for sole proprietors
Robust financial stability
Quick turnaround for online quotes
CONS
Low customer satisfaction
Company Highlights
Thimble is the best general liability insurance company for businesses in New Jersey. It earned a MoneyGeek score of 93 out of 100, with high scores in affordability and financial stability. These metrics translate to cost-effective service and reliable payouts from this provider.
The company has the cheapest rates in New Jersey for sole proprietors at an average of $22 per month and has one of the most reasonable rates for LLCs at $66 per month. Thimble is also an excellent option for shoppers who need a quick online quote to compare insurers. The downside is that this provider has received relatively high customer complaints, meaning it may not always meet customers’ expectations.
Cheapest General Liability Insurance in New Jersey
With a MoneyGeek score of 98 out of 100, Thimble is the cheapest general liability insurance in New Jersey, with an average monthly cost of $22 for sole proprietors and $66 for LLCs.
Our affordability score in this category considers the average monthly cost for sole proprietors and LLCs, each weighted at 50%. While Thimble is the cheapest average insurer, other companies may have lower rates for sole proprietors or LLCs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the cheapest general liability insurance in New Jersey:
- Affordability for LLCs: 50%
- Affordability for sole proprietors: 50%
CheapestScore: 98
4/5LLC Affordability
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
5/5Online Quote Process
PROS
Most affordable general liability insurance for sole proprietors
Strong financial stability
Fast online quotes service
CONS
More expensive rates for LLCs
Company Highlights
Thimble is the cheapest general liability insurance in New Jersey. At an average monthly rate of $22 for sole proprietors and $66 for LLCs, it’s an exceptional choice for cost-minded small businesses.
Thimble also has a solid financial stability rating with an A+ from AM Best, meaning that customers can have confidence that the company can pay out its claims. Additionally, Thimble is one of the few companies that offer a fast online quote service, allowing customers to get quotes within seconds for easier shopping.
Best General Liability Insurance for Employers in New Jersey
Nationwide offers the best coverage for employers shopping for general liability insurance in New Jersey. It earned a MoneyGeek score of 97 out of 100. On average, premiums from this insurer cost $53 per month.
Our analysis used LLCs with 20 employees to find average rates for employers in New Jersey. Businesses with fewer than 20 employees can typically expect to pay less than the average rate, and those with more than 20 can expect to pay more.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for employers in New Jersey:
- Affordability for LLCs: 60%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
Best for EmployersScore: 97
5/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
3/5Online Quote Process
PROS
Exceptional customer satisfaction
Financially stable
Affordable rates for LLCs
CONS
Slow online quote service
Company Highlights
Nationwide is the best general liability insurance option for employers in New Jersey. High customer satisfaction ratings show off its record of quality service. The company earned an A+ rating from AM Best, meaning it can dependably meet policyholders’ claims.
Nationwide’s main downside is that it takes longer to generate an online quote than other providers. This tradeoff is likely worth it for this company’s high-quality and affordable coverage for New Jersey employers.
Best General Liability Insurance for Sole Proprietors in New Jersey
Of the insurers we analyzed, biBERK earned the highest MoneyGeek score of 97 out of 100 to emerge as the best general liability insurance company for sole proprietors. biBERK’s policy costs $23 per month, on average.
Note that this rate is for a proprietor with no employees, and your actual rate may vary based on your industry. Workers in high-risk sectors like construction may pay more for insurance than those in low-risk industries like consulting.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to find the best general liability insurance for sole proprietors in New Jersey:
- Affordability for sole proprietors: 60%
- Customer satisfaction: 20%
- Financial stability: 15%
- Online quote process: 5%
Best for Sole ProprietorsScore: 97
5/5Sole Proprietor Affordability
4/5Customer Satisfaction
5/5Financial Stability
3/5Online Quote Process
PROS
Strong financial backing
Exceptional customer service
CONS
Lagging online quote service
Company Highlights
biBERK balances affordability and quality service to emerge as the best insurer for sole proprietors in New Jersey. The company’s robust financial stability and satisfaction scores make it an attractive choice for sole proprietors looking for dependable general liability coverage.
biBERK’s policies are also competitively priced at an average of $23 per month for a single-person business. While its online quote system could use some improvement, biBERK’s exceptional customer service makes up for it.
Do You Need General Liability Insurance in New Jersey?
General liability coverage is an important form of business insurance that protects a business against negligence claims and other liabilities. New Jersey doesn’t require that companies have general liability insurance, but coverage may be necessary for some business licenses or to win certain contracts.
General liability insurance can help cover damages resulting from a customer’s injury or property damage and any legal costs associated with defending the company in court. Without this coverage, a business owner may have to pay a significant amount out of pocket to cover these costs.
New Jersey law requires that all employers not covered by federal programs have workers' compensation coverage or be approved for self-insurance. Additionally, companies that operate vehicles must purchase auto insurance with the following limits to comply with state laws:
- $15,000 per person
- $30,000 per accident for bodily injury
- $5,000 for property damage
While New Jersey does not require businesses to have general liability insurance, it’s wise to acquire coverage to protect your company’s future.
SMALL BUSINESS RESOURCES IN NEW JERSEY
New Jersey supports small businesses through the New Jersey Business Action Center (NJBAC). This organization provides updates on licensing and permitting laws, mentoring, technical training, regulatory assistance, emergency preparedness guidance and access to recovery programs and services — all free of charge.
How Much Is General Liability Insurance in New Jersey?
The average cost of general liability insurance in New Jersey for sole proprietors is $30 per month and $89 per month for LLCs. For these rates, MoneyGeek used a sample policy that included a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible.
The aggregate limit is the maximum amount an insurer will pay out for all claims related to the policy in a single period, and the occurrence limit is the maximum amount an insurer will pay out for a single claim related to the policy. The deductible is the amount the business owner will pay out of pocket before the insurer pays any claims.
Factors That Impact General Liability Insurance Costs in New Jersey
Insurance companies consider several factors when determining your general liability insurance rates. We clarify these below.
Policy limits
Higher liability coverage limits pose more risk to the insurer, resulting in higher premiums. Lower coverage limits typically result in lower premiums.
Number of employees and payroll costs
A business with many employees and higher payroll costs generally pays a higher premium than a business with fewer employees. For example, an LLC in New Jersey typically pays around $89 per month for general liability insurance, while a sole proprietorship pays around $30 monthly.
Business location
The location of your business plays a huge role in the cost of your general liability insurance. Areas with higher crime rates and more claims activity typically cost more to insure than safer, more rural areas. The statewide averages we found may vary at the city level due to these differences.
Claims history
Insurance companies use a business's claims history to assess the risk of insuring the business. Insurers typically consider companies with frequent claims as riskier to insure, resulting in higher premiums.
Industry
The cost of general liability insurance in New Jersey can vary significantly depending on the industry. For instance, businesses in high-risk industries like construction typically pay higher premiums than businesses in low-risk industries like software development. The table below shows the average cost of general liability insurance for cleaning businesses, software development companies and general contractors in New Jersey.
| Cleaning | $121 | $3,528 |
| Software Development | $30 | $89 |
| General Contractor | $221 | $4,569 |
Frequently Asked Questions About General Liability Insurance in New Jersey
When shopping for the best general liability insurance in New Jersey, the best insurer for you depends on your type of business, location and other factors. MoneyGeek answered the most frequently asked questions about general liability insurance for you.
Which company has the best general liability insurance in New Jersey?
Thimble provides the best general liability insurance in New Jersey. Thimble offers a fast online quote service and affordable premiums for LLCs and sole proprietors. The best insurer for you will depend on factors such as business size, employee count and coverage needs.
Which company has the cheapest general liability insurance in New Jersey?
Thimble earned the best affordability score among the analyzed providers. This insurer has the most affordable rates for sole proprietors at $22 per month and the third cheapest for LLCs at $66 per month. The cheapest company for you will depend on factors such as your location and employee count.
What does general liability insurance cover in New Jersey?
General liability insurance in New Jersey covers a business for claims of bodily injury, property damage, personal injury and advertising injury caused by the business’s operations, products or employees. It also protects the business against negligence claims.
Does New Jersey require businesses to have general liability insurance?
New Jersey does not require companies to have general liability insurance, but it may be necessary for some business licenses or to win specific contracts.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
sources
- New Jersey Business Action Center. "The New Jersey Business Action Center Supports New Jersey's Small Businesses." Accessed December 20, 2024.