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​Governor Murphy has made new requirements ​for NJ Home Improvement Contractor Businesses (HICBs).

Requirements in NJ to be licensed as HICB:

  • Workers Comp insurance, unless exempt
    • Now required for HICB
  • Obtain a Compliance bond/Additional Security
    • This is an additional insurance policy essentially
    • Can be a compliance bond, Irrevocable Letter of credit, or other security
      • Depends on the value of the contract for the policy that is required. 
        • $50,000: For contracts over $120,000 or annual services totaling $750,000 or more 
        • $25,000: For contracts between $10,000 and $120,000 or annual services between $150,000 and $750,000 
        • $10,000: For contracts under $10,000 or annual services totaling less than $150,000 
  • Also is required to have general liability Insurance with $500,000 minimum. 
    • Which was already a requirement. 

The license will need to be completed online at the following website.

https://newjersey.mylicense.com/eGov/Login.aspx?ReturnUrl=%2feGov%2fLogin

Questions? Concerns? Call me on (732) 673-0510.

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“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

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