Insurance association’s Certo: N.J. needs to attract businesses, not push them away
In his recent State of the State address, Gov. Phil Murphy reaffirmed his commitment to his economic development strategic plan, with the goal to “Make New Jersey the state of innovation.” As a lifelong New Jersey resident, I am heartened by his commitment to bring our state back to its innovative roots. But, for this to work, New Jersey must create a business-friendly environment that is designed to attract and retain cutting-edge companies; ensuring they have the tools they need to be successful in their business.
Companies consider a range of different criteria when deciding where to locate, including the availability of affordable insurance. This is especially true for startups that are introducing new and exciting technology into the marketplace. Traditional insurance companies typically avoid providing insurance to these startups, since these nascent companies present unknown and at times unquantifiable risk. To help solve this dilemma, wholesale and specialty insurance companies provide a proactive approach to risk through customized insurance policies tailored to fit the unique needs of emerging sectors. This niche industry recognizes that the only way to create the next game-changing innovative product is to simply give someone a chance to succeed.