New Jersey Business Interruption Insurance
Get a full analysis of New Jersey business interruption insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Business Interruption Insurance Options in New Jersey
When you're a business owner in New Jersey, you have to be aware of all that could go wrong. If your commercial property is damaged and getting back to business takes some time, how will you keep paying the bills? If you have to close to make repairs after a fire, a storm, or any kind of covered loss, business interruption insurance can help get you through by helping to pay certain ongoing expenses.
An independent insurance agent can help you find business insurance that includes business interruption coverage. Local agents can get quotes from multiple carriers so you can find the right coverage for your needs.
What Are the Best Business Interruption Insurance Companies in New Jersey?
The following are some of the best business insurance companies in New Jersey. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multi-line range of coverages designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated business insurance in New Jersey. The company can meet all of your business insurance needs.
- Main Street America: Main Street America was founded in 1923, giving the carrier just under a century of experience. The company offers a large catalog of coverage options for individuals and businesses, including umbrella insurance, auto insurance, commercial auto insurance, business owners insurance, and more.
An independent insurance agent in your area can help you learn more about these and other New Jersey business interruption insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
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What Is Business Interruption Insurance?
Business insurance is a package of insurance policies that cover your property and liability risks. Business interruption insurance (also known as business income insurance) is typically included as part of a business property policy, and it's important to helping you stay in business if your physical assets are damaged by a covered peril.
Business interruption insurance replaces lost income and helps you pay certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for ongoing expenses like rent, employee salaries, lost income, relocation fees, and more.
An independent insurance agent can help you understand how business interruption coverage works in New Jersey.
What Does Business Interruption Insurance Cover in New Jersey?
Business interruption insurance replaces lost income if your business operations are halted due to direct physical loss or damage after an event like a fire or a natural disaster. Business interruption coverage works with your property coverage. If a loss is not covered by the property insurance, the resulting business interruption won't be covered either.
If a covered loss forces your business to shut down, your New Jersey business interruption insurance can help cover certain ongoing expenses, such as:
- Earnings you’d normally make if your business were open
- Mortgage, rent, and lease payments for the space your business operates from
- Loan payments that you need to make during the closure
- Taxes, whether you pay them monthly or quarterly
- Payroll for your employees
- Relocation costs if you have to move to a new or temporary location because of physical damage
- Extra expenses if, for example, you need to rent another space to temporarily run your business after a covered loss
- Training costs for employees to learn how to use new machinery or equipment after a covered loss
Business interruption insurance doesn’t cover:
- Broken items resulting from a covered event or loss
- Flood or earthquake damage, which you’ll need a separate policy for
- Undocumented income that’s not listed on your business's financial records
- Utilities, because they’re usually turned off when your business closes due to damage
- Communicable diseases that cause a shutdown in your operation.
An independent insurance agent in New Jersey can help you understand all facets of business interruption coverage.
What Does Business Interruption Insurance Cost in New Jersey?
The cost of your business interruption insurance in New Jersey depends on a number of factors, including your:
- Industry
- Number of employees
- Amount of coverage you need
Costs can also vary depending on your location and your local risk for covered losses. For example, if your business is in an area with a higher risk of wildfires, your cost of business interruption insurance may be higher than for a business in an area where this risk isn't present.
Likewise, if your business is in an area with an increased risk of natural disasters, like hurricanes, you may have to pay more for your coverage than businesses located further inland.
An independent insurance agent can get quotes from multiple insurance companies, so you can choose the business interruption insurance that best meets your needs and budget.
How to Find the Best Business Interruption Insurance Quotes in New Jersey
An independent insurance agent in New Jersey can provide one-on-one consultation and affordable options for the best business interruption coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Save on Business Insurance
Our independent agents shop around to find you the best coverage.
New Jersey Business Interruption Insurance FAQs
Business interruption insurance (also known as business income insurance) is typically included as part of a commercial property policy, and it's essential to helping you stay in business if your physical assets are damaged by a covered peril.
Business interruption insurance replaces lost income if your business operations are halted due to direct physical loss or damage after an event like a fire or a natural disaster.
If a covered loss forces your business to shut down, your New Jersey business interruption insurance can help cover certain operating expenses such as earnings, mortgages, rent, loan payments, taxes, relocation costs, payroll, and more.
No, business interruption insurance does not cover lost income due to flooding because flood damage is not covered by the core commercial property policy. In order for an interruption to be covered by business interruption insurance, the physical damage to the property must be caused by a covered peril.
The cost of your business interruption insurance in New Jersey depends on a number of factors, including your:
- Industry
- Number of employees
- Amount of coverage you need
- Local risk factors for perils such as weather, fire, crime, and natural disasters
EMC Insurance Companies, Liberty Mutual, Travelers, and Main Street America are some of the best business interruption insurance companies in New Jersey. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options.
Comparison shopping is the best way to make sure you're getting the best business interruption insurance for your needs and budget.
A local independent insurance agent can help you find a competitively priced New Jersey business insurance. Contact an agent in your area to begin comparing customized quotes.