A New Jersey insurance company that has always been extremely selective in picking its customers is reconfiguring that way it does business.

After New Jersey Manufacturers Insurance was founded more than 100 years ago, the company covered businessmen who were members of the New Jersey Business and Industry Association. Coverage was then expanded to include public employees of the state of New Jersey. And in 2015, eligibility was expanded to include all public-sector employees at the local level.

As of October, however, the company has insured all New Jersey residents and businesses with auto, homeowner, renter, commercial and umbrella policies.

According to John Hardiman, the public affairs director for New Jersey Manufacturers Insurance, “NJM was founded by policy holders for policy holders, and 106 years later we still operate for the sole purpose of benefiting them.”

“We don’t have stockholders, and since we don’t have stockholders we share any profits earned from our operation directly with our customers through lower prices upfront or dividends on the back end or both.”

He said while other insurance companies have the pressure of returning short-term profits to stockholders, NJM is able to maintain a focus on what’s best in the long term.

Like other companies, NJM considers the type of vehicle you insure, your driving history, whether you have motor vehicle violations, whether you’ve been involved in accidents and the territory in which you live.

You can contact reporter David Matthau at David.Matthau@townsquaremedia.com