Annual Business Insurance Registration

NJ State Law S-1368 requires all business owners and owners of multifamily rental units to maintain certain levels of liability insurance. The owner of a business or the owner of a rental unit or units, other than a multifamily home as set forth in Borough Code § 125-1B, shall be required to maintain liability insurance for all negligent acts and omissions in an amount of no less than $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence. The owner of a multifamily home which is four or fewer units, one of which is owner-occupied, shall maintain liability insurance for negligent acts and omissions in an amount of no less than $300,000 for combined property damage and bodily injury or death of one or more persons in any one accident or occurrence. 

A new registration is required annually for each calendar year. All certificates shall be renewed no later than January 31st of each year.