What is a Business Owners Policy?

Posted on July 28, 2021August 1, 2021 by admin

Business owners’ policies (BOPs) are insurance covers created to provide a broad spectrum of insurance coverage against many risks that often plague small to medium-sized businesses. Typically, the BOPs contain bundled general liability and commercial property coverages into one package that is usually affordable than acquiring single coverage policies.

These policies also cover business interruption risks, and they can protect your business from potential income loss. The cover also protects the policy holder’s business whenever staff or clients sue because of personal harm. The covers are ideal for small and medium businesses. But they sometimes bundle unnecessary cover options that aren’t required by some businesses.

Commercial Property Protection

The property coverage element of the BOP protects different kinds of property, including:

Commercial premises defined in the policy’s declaration and equipment installed at the premises
Any tenant improvements on the declared commercial premises.
Property belonging to renters but stationed on the premises
Business personal property within the premises

General Liability Protection

The BOP also protects third parties through its third-party liability cover that caters to:

Advertising and personal injury liability
Property and bodily injury liability
Medical payments coverage for any injured individuals with a valid claim

Extra BOP Coverages

The BOP also contains some more coverages that expand its scope of protection, and some coverages include:

Electronic data breaches protection
Civil authority coverage
Mold damage coverage
Accounts receivable protection
Computer systems interruptions coverage
Valuable papers coverage

Get a Business Owners’ Policy Today

Are you a Medford, NJ resident, and you’d like to get a business owner’s policy? If so, visit Rock Insurance Agency Inc. to get your BOP. At Rock Insurance Agency Inc., we provide updated business owners’ policies to Medford, NJ, residents. Check out our website to learn more.

What Auto Coverage Options Are Available to Me?

Posted on June 24, 2021June 24, 2021 by admin

If you live in Medford, NJ, and a season for choosing your auto insurance cover has come, there is no need to panic, as Rock Insurance Agency Inc. is here to help you with the process. There are numerous options for car insurance, and understanding how each operates is a perfect starting point. To cool down your pressure, here is a review of the alternatives you have.

What Will Work for Me?

Each insurance coverage you purchase features its fair share of challenges, but they all have a limit. What more, some even come with deductibles. Note that different auto insurance covers will protect your finances to varying levels. Your broker can help you chose what works best for you and your dependents. Some options cover the car alone, while others include the passengers if an accident happens.

What Is the Liability Insurance Coverage?

Liability insurance cover is one of the primary requirements for every driver. It is mandatory to carry the policy when driving in most states. It covers several scenarios that include damage caused to a secondary car and body injuries. It protects the other driver up to the limit you have set, as long as you are at fault during the accident.

What To Learn About Car Rental and Travel Insurance

If your insurance company takes your car for repair after an accident, it compensates you to access a rental vehicle as you wait for yours. Consider renting with a company affiliated with your insurance institution to avoid complications. Purchase car rental insurance for such conveniences.

Do I Need Emergency Road Coverage?

When on the road, emergencies are inevitable. Some can cost you a significant amount of money from your wallet. To avoid such trouble, buy emergency road coverage from your insurer. The policy comes in handy if your car breakdown in the middle of nowhere. You do not have to spend money on mechanical labor after an immanency has occurred along your journey.

If you are in Medford, NJ, contact Rock Insurance Agency Inc. today to enjoy a stress-free drive.

Do You Have Enough Home Insurance?

Posted on May 26, 2021May 26, 2021 by admin

When you purchase home insurance for your Medford, NJ home, you expect to be adequately covered against any eventuality. However, this might not be the case where you are underinsured. The good news is that instead of finding that you are inadequately covered when it’s too late, Rock Insurance Agency Inc. is here to guide you on steps you can take to minimize the risk of being underinsured.

Properly value your home.

Best practice says that you are underinsured if your home insurance doesn’t cover at least 80% of your home and contents’ value. Being underinsured means paying for premiums that won’t cover your loss or damage when the unexpected strikes. But how can you mitigate the risk of underinsurance? Here are some tips:

Keep stock of your assets: Gradual accumulation of assets without updating your home insurance plan can result in underinsurance. You can avert this pitfall by periodically conducting a room-to-room inventory count to determine assets that aren’t included in your insurance plan.
Updating your home insurance after renovations: Are you faced with a dilemma to include or exclude a recent renovation in your home insurance plan? To answer this, ask yourself if you would comfortably repair the renovation out-of-pocket if a disaster were to strike. If the answer is no, then you need to update your home insurance plan with renovations like adding a room, upgrading the kitchen, and so forth.
Consider local construction costs: Building costs increase every year. Inflation and new regulations to be complied with can lead to an increase in building materials costs. In light of this, you need to update your home insurance with these changes to ensure you get total compensation if your house was to be rebuilt today.

Consider how you use your house and who is in it?

Do you have a dog that can bite in your house? Do you throw parties leading to intoxicated guests? Figure out triggers that can lead to property damage or bodily injury to other people. This way, you can adjust your liability coverage upwards to cover you optimally.

Home insurance in New Jersey

Insufficient home insurance means you will have to incur out-of-pocket expenses when disaster strikes. If you would like to know if you have enough home insurance, please talk to Rock Insurance Agency Inc. for more information.

Business insurance options for small businesses in Medford, NJ

Posted on April 23, 2021April 23, 2021 by admin

Starting a small business in Medford, NJ comes with the same risks and challenges as starting a large company. The only difference is the volume of those challenges and risks. Buying insurance to protect your business and your employees is the first step towards productivity and profitability.

However, you need to know which policies are essential for your business and which ones are not. If you’re not sure, Rock Insurance Agency Inc. can help you select and walk you through the process of buying commercial insurance. Here are a few essential policies to consider:

Professional liability insurance

Whether you’re selling a commodity or offering services to your clients, you need to have professional liability insurance. Also known as errors and omissions insurance, this coverage protects you from being sued for damage or harm that results from failure or mistakes.

Property insurance

Whether you own or lease your business premises, you need to have a form of insurance that protects your walls in case of fire or disaster. This coverage also covers your business property, including the goods stored in the building, furniture, equipment, signage, and everything else. Note that floods and other mass destruction like earthquakes are not covered.

General liability insurance

Every business in Medford, NJ, needs general liability insurance, whether running a small-home-based business or just starting a small shop with no employees. The coverage pays for defense fees if you’re sued and damage caused to other people’s property. It also covers your employees and products if they have been found to cause bodily harm to other people.

Every business needs insurance, no matter how small it is. If you are unsure which commercial insurance policies to buy, our experts at Rock Insurance Agency Inc. can help you select coverages based on your industry and type of business. Book your appointment with us today.

Defensive driving tips that can reduce your risks on the road

Posted on March 26, 2021March 26, 2021 by admin

There is no question that driving is hazardous. You are not only dealing with road hazards like potholes, but you have to deal with other drivers. Aggressive drivers have been shown to cause about 33% of all vehicle accidents. Being a defensive driver can save you a lot of grief and a lot of expense. At Rock Insurance Agency Inc. in Medford, NJ, we have spent the last 17 years giving each customer the individual attention they deserve.

Always wear a seatbelt.

You cannot do too many things to protect yourself from other drivers, so you need to assume they are out to get you. By wearing your seatbelt, you decrease your risk of serious injury by 50% and of death by 45%. Those are pretty good odds.

Be aware of your surroundings.

It is so easy to get distracted when you are driving. Turn your phone off or if you must have it on, be sure you are hands-free. Don’t ever text and drive. Pullover. Keep your eyes and your attention on the surrounding cars, front, back, and side. Be aware of road signs, traffic lights, and any warnings you may see. Give driving your full attention; your life depends on it.

Brake early

Don’t wait until the last minute to apply your brakes. Especially if the roads are wet or icy, this can result in a rear-end collision, and you will be the at-fault driver.

If you are in doubt yield

If you are not sure who should go first, give way. It is much better to lose half a minute rather than end up having a collision. Being aggressive is not always the best policy. No one wins if you both go and end up colliding.

When you are in the market for auto insurance, Rock Insurance Agency Inc. in Medford, NJ is here to help with great choices and affordable prices.

How commercial insurance can save your small business

Posted on February 23, 2021February 23, 2021 by admin

Being a small business owner comes with risks. Different types of businesses have different risks. Commercial insurance is not one product but a combination of products designed to mitigate risks your particular business faces. A restaurant won’t have the same risks as a construction business or a small machine shop. At Rock Insurance Agency Inc. in Medford, NJ, we believe getting to know our commercial clients personally helps us to design the policy they need to save their small business from the results of all the risks out there.

A peril hit your business.

It happens. There are so many perils out there. If one of them hits your business, it could cause your ability to function to cease. That would be very bad for a small business. With the correct commercial property insurance, you would be able to repair your business location. It can help repair the building and the other things you need to do business, replace machinery, inventory, and raw materials. It could certainly save your small business.

You need to pay your bills.

When a covered peril hits your small business, your income will cease. Unfortunately, your bills won’t stop. Your business has financial obligations that must be met. Business interruption insurance can make the difference between closing your doors permanently and being able to survive. It can provide funds to pay bills, rent, payroll, and other necessary expenses you normally get from revenue.

Legal action against you

Small businesses are easy targets for legal action. It can be from someone injured visiting your business, an unhappy client, or even a disgruntled employee. Commercial liability insurance can pay for a judgment and also for legal expenses. If you had to pay these fees out of pocket, your business might not survive.

Contact Rock Insurance Agency Inc. in Medford, NJ for all your commercial insurance needs.

5 Things to Know Before You Get Home Insurance in New Jersey

Posted on January 27, 2021January 27, 2021 by admin

Homeowners insurance can be a complicated matter. You don’t always know what type of policy and what level of coverage you need. That’s why it’s a good idea to assist an expert agent who knows the in’s and out’s of home insurance. An independent agent at Rock Insurance Agency Inc. of the Medford, NJ area can help you with this process.

Everyone Should Have Home Insurance

Many mortgage lenders require that you have homeowners insurance. Even if yours doesn’t, it’s still in your best interest to have this in place. It will protect not only your property but also offers at least some coverage for your valuable items.

The Amount of Coverage Varies

You’ll need to know your property’s value to determine the amount you should have in insurance coverage. You won’t have to pay as much out-of-pocket if your insurance is set at a higher coverage level.

Property Value Is Calculated Differently

There are different methods of calculating property value. This includes market value and replacement value. Market value is the amount at which your house is likely to sell, and replacement cost is how much it would cost to rebuild the house.

More Than Property Damage

Home insurance policies not only cover repairs after your home has been damaged due to tornadoes, fires, and other major events. It also covers incidents such as if there’s been a theft and if someone’s been injured on your property, you can get the coverage that would apply towards their medical payments.

Annual Reviews Are a Must

It’s ideal to have your agent review your policy and needs every year. This way, you know you’re getting the right amount of coverage for your changing situation.

At Rock Insurance Agency Inc., we’re proud to set up home insurance for residents in the Medford, NJ area. Contact us today with your questions and to get started.

Commercial Insurance Myths Small Business Owners In New Jersey Should Avoid While Researching Policies

Posted on December 22, 2020December 22, 2020 by admin

For over 15 years, Rock Insurance Agency Inc. has served the Medford, NJ community by helping people find the insurance coverage they need to protect their assets. We try to help our clients find multiple solutions to their problems. As an independent agency, we can offer our clients flexible policies.

Commercial Insurance Myths

A big part of the Medford, NJ economy thrives on the success of small businesses. If you are a small business owner, commercial insurance can help you secure your business’s future. The policy protects you if your property suffers any damages or if your inventory is vandalized. Liability coverage protects you if a patron gets injured while they are visiting your business. Workers’ compensation helps you take care of your employees if they are injured in the workplace while also protecting your business. Avoid some of these common commercial insurance myths while you research different policies.

Giving Advice Is Harmless

In most situations, giving advice is harmless. However, commercial insurance can cover you if someone alleges slander or negligence based on the advice that you give them. So while giving advice is relatively harmless, you still need coverage in case something is misinterpreted.

I Can Rely On My Umbrella Policy

Your umbrella coverage does not fully protect you if a situation arises. Umbrella coverage acts as a safety net on top of traditional coverage. The only way to fully secure your business is through a commercial insurance policy.

I Don’t Have To Cover My Vehicle

Many people believe that any vehicle used for business-related purposes is fully covered through a traditional auto insurance policy. If you are involved in a collision while driving one of your business vehicles, you will not be protected unless you have a commercial auto policy.

Rock Insurance Agency Inc. Will Help You Protect Your Investment

Visit our website today to learn more information about commercial insurance.

Are Comprehensive and Collision Coverage Required?

Posted on November 25, 2020November 25, 2020 by admin

You already know that you need auto insurance to stay legal while out on the road. But, what about other parts of the policy? Are they required? Our Rock Insurance Agency Inc. team has your answers. Here’s what you need to know about comprehensive and collision coverage in Medford, NJ.

Comprehensive and Collision Are Not Legally Required

A lot of our customers want to know if comprehensive and collision are legally required. The answer is no. These are both first-party coverages, meaning they only pay to fix your vehicle if you’re involved in an accident. The State of New Jersey doesn’t really care if you get your vehicle repaired, but they do care if you damage someone else’s car or property. That’s why liability–a third-party coverage–is legally required.

You Might Still Have to Carry Comp and Collision If Your Lender Requires It

However, you might still be required to purchase comprehensive and collision coverage. If you have a loan or lease on your vehicle, there’s a good chance that your lender wants you to carry it. This helps protect their investment in your car and ensures they won’t get stuck with a damaged vehicle if you suddenly stop making payments. In most cases, the papers you signed when you purchased your vehicle will tell you if they require this coverage on your auto insurance policy.

What If Your Vehicle is Paid Off?

If you own your vehicle free and clear, you do not have to carry full coverage insurance on your policy. However, this doesn’t mean that not having it is a good idea. If it would be nearly impossible for you to pay for repairs after a wreck or replace it if it was stolen, then you still need comprehensive and collision to protect yourself from the unknown.

Are you ready to learn more about purchasing comprehensive and collision coverage in Medford, NJ? Please contact our team at Rock Insurance Agency Inc. to schedule an appointment.

What things aren’t covered by home insurance

Posted on October 29, 2020October 29, 2020 by admin

Home insurance is what lets homeowners sleep at night. It protects the place you and your family enjoy your lives. If you already have a home insurance policy, have you ever read it? If, like most people, you haven’t, don’t feel bad. It would be enough to put you to sleep. But it does include some vital information about the things excluded from the policy. At Rock Insurance Agency Inc. in Medford, NJ, we make sure our customers have all the facts about their home insurance policy.

Floods

Probably the most shocking news to most homeowners is their policy does not cover flooding. Flooding causes devastating damage, and even just one inch of water in the home can cost you $25,000 in damages. The good news is you can purchase flood insurance through the NFIP.

Earth movement

If you feel the earth moves under your feet, you should be anxious because your home insurance will not cover it. Whether it is an earthquake, landslide, or a sinkhole, any time the earth moves, it is excluded, but you can buy an endorsement or an additional policy to cover it.

Sewer backup

This is a disgusting thing to even think of and even more so when you have to pay for the cleanup yourself. Again, you can add an endorsement.

Preventable damage

Your insurance carrier assumes you are going to maintain your home. If you allow your roof to become so old that it allows water to damage your ceiling, your insurance won’t cover it. If you get termite damage, this is something treatment could have prevented, so no coverage is standard. This is an excellent reason to do the necessary repairs and maintenance to your home.

When you’re ready to update your home insurance, give Rock Insurance Agency Inc. in Medford, NJ a call or stop by our office to get your free quote.

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