FROM THE FRONT LINES: BOPs Sam Zamloot Commercial Lines Producer Bogle Agency Insurance

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NJ Business Owner Insurance Policy | Bergen County NJ

Commercial insurance is best obtained through specialists who know your areas and are willing to get to know your business. Talk to an agent knowledgeable about a NJ Business Owner Insurance Policy (BOP) for your business and and what it can offer. One of our Bergen County insurance specialists was recently interviewed by ia Magazine on the subject of BOPs and the article revealed just how much experience of an agent can help a business owner when picking the right commercial insurance. Sam Zamloot stresses the importance of selecting insurance policies on a case by case basis. A great example comes with selecting the right package.

FROM THE FRONT LINES: BOPs Sam Zamloot Commercial Lines Producer Bogle Agency Insurance

NJ Business Owner Insurance Policy | Bergen County NJ
Sam Zamloot Commercial Lines Producer Bogle Agency Insurance

bogleagency.com INTERVIEW BY JORDAN REABOLD

How did you get started at your agency?

I started in the industry in 1989 and worked for three insurance companies over a 25-year period. I helped many agencies and producers sell commercial insurance, so I figured I should do it myself. I made the move this year to the agency side. My background in loss control and marketing has really helped me succeed as a producer.

Why BOPs?

BOPs started out as small, basic policies for a limited number of businesses, but over the years, the insurance carriers have expanded eligibility, coverage and limits. I find them great to use whenever possible, since the insurance companies usually have broadening endorsements, which pick up usual coverage and broaden the limits. It makes it a lot easier than rating and writing a commercial package policy, where each special coverage has to be endorsed onto the policy. Many times, the BOPs are much more cost-effective for the client, and that helps during the sales process.

Biggest BOP challenges?

Comparing one company against another for a client. Companies all have a unique coverage endorsement that provides coverage or higher limits compared to another company. You have to completely understand what your client is doing in order to recommend the proper company and policy.

What do you tell a first-time BOP client?

I explain it this way: A BOP is like when you purchase an automobile and you want a certain option, so you include a “package,” which includes the option you want and options you really do not need. A BOP is much like that, since it includes options that are important to one business but unimportant to another. However, in the end, it is the most cost-effective way to secure the coverage.

BOP advice for a fellow agent?

Spend time with the client to understand their business. If a client’s business is nearby, visit. Review their website to get an understanding of what they do. Remember that one policy does not fit all. BOPs can be customized to the client’s individual needs.

Favorite success story?

BOPs proved what a valuable product they were after Hurricane Sandy. Many customers who just had package policies didn’t have coverage for their loss of income and food spoilage exposure as a result of off-premises power interruption. One of our clients was very happy that her loss was covered under her BOP policy because of this supplemental endorsement, which we add on all food service businesses.

Future of BOPs?

I see the BOP market expanding since it enables companies to cut overhead and be more cost-effective.

Jordan Reabold (jordan.reabold@iiaba.net) is IA assistant editor

NJ Business Owner Insurance Policy Benefits

A business insurance package may have great coverage but the hoops a business owner needs to jump through and the costs associated with these packages can often be prohibitive, a NJ Business Owner Insurance Policy (BOP) can offer a more cost effective option while giving the customer exactly what he needs. A BOP tends to be a better fit for small and mid-sized companies. An agent must understand what a business does and know the needs of the business however, in order to recommend the BOP from the right insurance company.

It is important to understand that a NJ Business Owner Insurance Policy (BOP)  will be a far more cost-effective option than going with an a la carte package. In essence the most important part of a BOP is getting to know the client, to ensure that his coverage is what it needs to be. To that end, an experienced commercial insurance agent in Bergen County NJ will work for a client far more effectively than someone online or someone with no knowledge of your business and your needs.

The staff at Bogle Insurance Agency is well educated and knowledgeable on insurance and we have specialists to help you and your small business with your individual needs. If you are looking for a NJ Business Owner Insurance Policy consider sitting down with Sam Zamloot today. Sam will make sure that you get the BOP you need, one which works for you and for the individual needs of your business. Here at Bogle Agency Insurance you are a name, not a number.

Click here to read “3 Coverage Enhancements to Look for in BOPs This Year” from ia Magazine.

Protect Your Business From Hurricane Damage

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NJ Business Insurance | Hurricane Damage Protection

NJ Business Insurance | Hurricane Damage Protection

It’s easy to relax and feel very little, if any threat from a hurricane when your business isn’t directly on the coast. But just because major hurricanes don’t hit your area of NJ often, it doesn’t mean you shouldn’t be prepared when it does.  All it takes is one, and in Bergen County NJ it’s not if we will have to deal with a hurricane, but when. With that in mind there are steps to protect your business from hurricane damage and get the most out of your NJ business insurance.

The best way to recover from a disaster smoothly is to have a plan in place ahead of time. Performing a business impact analysis is the first step to a solid recovery plan. Considered the impact to every department and every process of your business that has the potential to be disrupted should your area be hit by a hurricane. Does your NJ business insurance cover all your vulnerabilities?

Once you have your business impact analysis set, then perform a pre-loss assessment. This will keep you from being caught off guard by the potentially high costs of being hit by a hurricane or any natural disaster. This will also help you to not rush to any poor decisions in the heat of the moment like getting price gouged by unscrupulous contractors. Calling a professional restoration company to perform the pre-loss assessment for you can get you solid estimates for different repair scenarios. This ultimately allows you the ability to know exactly how much, and what kind of NJ business insurance you really need.

One of the best pieces of advice we could give you on steps to protect your business from hurricane damage, is to partner with a contractor you trust ahead of any weather events. Establishing a trusting relationship with a contractor allows you to save time and money. They know if you are hit with a hurricane that they are already hired to do the restoration work. You already know what they will charge. With these details already in place you will be on the road to opening your doors back up in much less time than if you had to go through a hiring process. You are also guaranteed an experience restoration expert will be on the job.

One final piece of advice on steps you can take to protect your business from hurricane damage, is to create a response plan, and practice it with your employees. Set up a system of communication so you are easily able to reach employees, customers and emergency services. It is important to your business to be able to have the lines of communication open as soon as possible. If nothing else, you will want to check and make sure everyone is okay. Once that is established, you can then get down to planning out when employees will be able to get back to work. A phone, text or email chain work best in these situations. Also plan a meeting place in the event all lines are down. It is important that every employee understand the response plan and are able to follow all the steps.

There is nothing you can do to avoid your business being hit by a storm like a hurricane. But when you think ahead and follow steps to protect your business from hurricane damage, you can limit the loss and stress in the days and weeks to follow.