Yes, in most cases. An LLC shields personal assets from business debts, but not the business from lawsuits. New Jersey law also makes LLC members personally liable for workers’ compensation benefits when the business is uninsured. General liability or a Business Owner’s Policy fills that gap.
FAQ_category: (HIDDEN) Industry FAQs
Partly. New Jersey requires workers’ compensation for employers and commercial auto coverage for business vehicles. Home improvement contractors must carry $500,000 in general liability coverage to register. Other coverage is optional under state law but often required by landlords, lenders, and client contracts.
Yes. If computerized personal information is breached, you must notify affected individuals as soon as possible and notify the New Hampshire Attorney General’s office first. Cyber insurance can help cover notification and response costs.
An LLC protects your personal assets from many business debts. It does not stop lawsuits or pay claims. Most New Hampshire LLCs carry general liability insurance, and workers’ compensation is required once the LLC has employees or a fourth member.
Most small businesses in New Hampshire pay between $250 and $3,000 per year, depending on industry, size, and coverage needs.