About New Jersey Business and Rental Unit Insurance Registration

New Jersey’s P.L. 2022, c. 92, effective November 3, 2022, requires business owners and landlords to maintain minimum liability insurance coverage of $500,000 for property damage and bodily injury. Owner-occupied multi-family homes (2-4 units) have a lower requirement of $300,000, effective February 1, 2023. Property owners must annually register their insurance certificates with their local municipality, which may charge a reasonable administrative fee. Non-compliance can result in fines ranging from $500 to $5,000. This law aims to ensure adequate protection for both property owners and the public in case of accidents or injuries on the premises.