New Jersey Contractor Insurance Cost Estimator
Estimate your annual insurance costs as a contractor in New Jersey, including General Liability, Workers' Compensation, and Commercial Auto coverage. Results are estimates based on industry averages and NJ rate filings.
Formulas Used
General Liability:
GL Premium = (Annual Revenue ÷ 1,000) × Trade Base Rate × GL Limit Multiplier × Experience Modifier × Claims Modifier + NJ Fees (2%)
Minimum premium: $750
Workers' Compensation:
WC Premium = (Annual Payroll ÷ 100) × NJ WC Rate (per $100 payroll) × Experience Modifier × Claims Modifier + NJ JUA Assessment (2.5%)
Minimum premium: $500
Commercial Auto:
Auto Premium = Number of Vehicles × $2,200 (NJ avg) × Trade Loading Factor
Experience Modifier: New business: +25%; <2 yrs: +15%; <5 yrs: +5%; 5–9 yrs: 0%; 10+ yrs: −5%
Claims Modifier: 0 claims: 0%; 1 claim: +15%; 2 claims: +35%; 3+ claims: +60%
Estimated Range: Grand Total ± 20% to reflect carrier variation