
38 Freelance Statistics to Know in 2021
Is becoming a freelancer the right career move for you? Below are the top freelance statistics and trends to know in 2021 to help you decide.
But before you plant your seeds in the Garden State as a business owner, it’s important to know what kinds of requirements and regulations there are for things like licensing, business practices, and insurance. This guide will walk through the latter, bringing you up to speed on New Jersey’s business insurance laws and what kind of insurance is recommended.
As with many states, some of the most important requirements for business insurance in New Jersey involve two main policies:
In addition, there are optional (and highly recommended) types of business insurance to fully protect your business, including:
Let’s take a look at each one in detail.
Non-employee workers, such as:
Failure to comply with these requirements can result in a number of consequences for businesses in New Jersey. Administered by The Department of Labor and Workforce Development, these consequences include:
Criminal charges – Failing to provide insurance coverage for an employee is considered a disorderly persons offense and can result in criminal charges (up to a felony).
Financial penalties – Even outside of actual incidents, simply failing to provide workers’ compensation insurance for employees incurs financial penalties:
Direct liability – In the event of an injury or death, your business (and person, in some cases) will be directly financially and legally responsible, even if you don’t have coverage.
However, the other major insurance requirement for businesses in New Jersey is commercial auto insurance.
In New Jersey, all vehicles owned by a business require commercial auto insurance coverage. That’s true of many states, but the specifics of what’s needed in New Jersey are:
Specialty coverages
Depending on the nature of your business, such as the spaces it inhabits and the work you and your employees perform, you might want additional protection. Some of these include:
By combining additional coverages with general and professional liability, along with coverages New Jersey requires, you create greater safeguards for your business. This allows you to work with the confidence and peace of mind you deserve.
General liability insurance is a policy that protects you against the various risks associated with doing business, such as having an office space and interacting with clients. These risks can be both within and outside of your control.
No matter how careful you are, If third parties (like clients or customers) were to be physically harmed in your store, or if they claimed personal injury from an ad you put out, they could sue you. But that’s what general liability insurance is for. It protects from third-party claims of:
In addition to general liability insurance, you may also want to protect yourself from the risks associated with the specific work you do. In that case, you’d need professional liability insurance.
Often referred to as errors and omissions (E&O) insurance, professional liability insurance protects you from the financial implications of a client’s claims about the work you perform for them. The kinds of lawsuits and ensuing costs covered include:
In essence, if a client claims that your work caused them financial loss, they can sue you for negligence. Without insurance, you’d be left to hire your own legal team and defend yourself, then you’d be responsible for any court-ordered payouts or settlements.
A professional liability insurance policy protects you against the financial burdens of a claim.
At Thimble, we’re dedicated to making insurance simpler for every small business owner across the U.S. That includes both providing helpful guides to help you understand insurance topics (like state-specific requirements) and connecting you to insurance plans that are robust, flexible, and accessible.
We offer general liability and professional liability insurance that protects you from the various risks outlined above. But we’ve also revolutionized the insurance game by enabling you to purchase coverage by the hour, day, or month. It’s insurance that works when you do.
Just click on “Get a Quote” or download the Thimble app, answer a few simple questions, review your quote, and purchase. From there, you’ll have a Certificate of Insurance (COI) waiting for you in your email inbox. All of this can be done in less than 60 seconds. It’s that fast. It’s Thimble.
As you’ve learned from this guide, there are two primary forms of insurance you need in New Jersey: workers’ compensation (if you have employees) and commercial auto insurance (if your business owns a vehicle). In addition, you’ll want to protect yourself from the various risks associated with the workplace and the services you render.
For that, we’re here to help.
Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.
Is becoming a freelancer the right career move for you? Below are the top freelance statistics and trends to know in 2021 to help you decide.
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