Small Business Owners and Automobile Risks

Automobile Risks Small Business Owners Should Know About  

Nj commercial umbrella insurance

Bogle Agency Insurance advises our commercial clients, large and small, about how to protect themselves from potential risks and unforeseen events.

Accidents happen on a daily basis; if you don’t have the proper fleet automobile coverage your business could be vulnerable to losses.

 

What Automobile Risks Should Small Business Owners Know About?

 

1. Employees using personal vehicles to carry out company business.

Many times there is a need for one of your employees to pick up supplies, or lunch, or a visiting business colleague. That person uses their own personal vehicle. If they have an accident in the performance of these duties, your small business may be liable.

2. Hiring non-company individuals to perform driving duties.

Maybe you need something or someone to be picked up from the airport. You hire a driver to make the pickup, using their own vehicle. An accident occurs and the item to be picked up is damaged, or the person to be picked up is injured. Your small business may be liable.

3. Accidents causing damage or injury that occur with the use of company-owned vehicles

Your small business is probably covered in this case, but is it? Proper automobile insurance coverage is available and good professional advice is essential. Business owners must talk to an experienced agent to get the coverage they need.

4. You hire part-time employees to perform certain tasks.

In the performance of these tasks, that part-time employee has an accident using their own automobile. There are so many people engaged in today’s “gig economy”. These are people who for some reason prefer the flexibility of “gig” or free-lance one-at-a-time jobs. Many times these “gig” workers aren’t properly insured and your small business may end up being liable.

 

What Kind of Coverage Do You Need?

 

All businesses need insurance coverage for company-owned automobiles. Large businesses usually have “fleet” coverage, but small businesses sometimes overlook automobile insurance. Small businesses have as much auto risk as large businesses. Whether your small business owns vehicles used in the performance of company tasks, or you hire outside help for automobile transport, you need proper insurance coverage. These coverages are available and can be tailored to your specific needs. This is why all small business owners need to talk to a professional insurance agent. An experienced agency such as Bogle Agency Insurance has the knowledge and expertise to advise you.

 

Small Business Automobile Insurance Advice from Bogle Agency Insurance

 

Bogle Agency Insurance has been in business since 1919. Advising individuals and businesses has been our focus and we will help you get the coverage you need for your Small Business Automobile Insurance. Call Bogle Agency Insurance today at (201) 939-1076, or come in for a consultation at 200 Stuyvesant Avenue, Lyndhurst, NJ

What Do You Know About Wedding Insurance?

What Do You Know About Wedding Insurance?

Wedding Protection Insurance Plans | Bogle Agency A wedding is probably one of the happiest and most important occasions in one’s lifetime. When you plan a big event you want to make sure things go smoothly and you won’t have the responsibility of a very expensive disaster. Wedding coverage takes away the worry of being in an exposed situation. Things can go awry on the day of your wedding, even though your planning has been meticulous. Wedding Insurance is available to protect you against unforeseen issues.

Bogle Agency Insurance is ready to discuss Wedding Event Insurance for your big day – contact us anytime!

What Can Go Wrong?

Here are some possible problems you might face before a wedding:

  1. Professional Vendor Issues – the place you booked for your wedding reception has closed, the photographers that came highly recommended didn’t show up or the band you were counting on broke up. Sometimes these things happen at the last minute, leaving you with no alternatives.  
  2. Property Damage – Broken furniture or fixtures at the wedding venue, smashed valuable gift items or the wedding gown is ruined – these are unforeseen and devastating.
  3. Stormy Weather – Bad weather ruins the plans for all planned outdoor activities.
  4. Health Problems – One of your relatives got sick, your best man had an automobile accident or the bridesmaids all get the flu. These things are rare, but they do happen.
  5. Second Thoughts – one of you decides to call the whole thing off! Again, not common, but it does happen.

What Do Wedding Insurance Plans Cover?

Wedding Insurance can cover:

  • Cancellation
  • Postponement
  • Lost Deposits
  • Additional Expenses
  • Photography
  • Gifts
  • Attire
  • Liability

Bogle Agency Insurance Offers Help With Wedding Insurance

Need to protect your important wedding event against disaster? While coverage differs in price and options, Bogle Agency Insurance is ready to discuss your unique needs and to help steer in a direction for best and most affordable coverage. We have been in the insurance business for 100 years, our experience is unmatched!. Please call Bogle Agency Insurance at (201) 939-1076 or stop in and visit us at 200 Stuyvesant Avenue, Lyndhurst, NJ.

New Jersey Business Property Casualty Insurance Coverage

New Jersey Business Property Casualty Insurance Coverage | Bogle Agency Insurance


New Jersey Business Property Casualty Insurance Coverage | Bogle Agency Insurance

Understanding the types of Insurance a business needs in New Jersey is important for owners of, as well for entrepreneurs just getting into, business. Like any, Business Property Casualty Insurance Coverage is for the unexpected. Getting started with the right business Insurance coverage avoids surprises and financial crisis. A business with coverage for the unforeseen can be the difference between success and failure, but what is necessary isn’t always obvious.

Best to consult with a NJ Insurance agent on the various Business Property Casualty Insurance Coverage types in order to be sure the business is protected from day one!

What Types of Business Insurance Will the Business Need?

  • Worker’s Compensation Insurance – protects employees under state laws, provides medical care, death, disability and rehabilitation benefits for workers injured or even killed on the job
  • Errors and Omissions Insurance – liability insurance that protects companies and their workers against claims of inadequate or negligent professional work
  • Property Insurance – insures against damage to buildings, its contents and/ or a loss of income due to loss, such as fire
  • Vehicle Insurance – covers physical damage to, as well as liability coverage related to the use of, company cars to commercial trucks
  • Business Interruption Insurance – compensates for income lost during a period of restoration to repair or restore physical damage to defined property
  • Umbrella Insurance – catastrophe coverage meant to pick up where business auto liability, general liability or other liability coverage are exhausted

These are obvious types of Business Property Casualty Insurance coverage the business may need. Other options exist, for example, if the business manufactures a particular product there may be a need for Product Liability Insurance. Likewise, if it is a home-based business extra coverage on a homeowner’s policy may be necessary. The important thing is to be covered by the right New Jersey Business Property Casualty Insurance package.

One incident can wipe out a small business when coverage is not there. Because of this, taking the time to evaluate the needs of the business can save it down the road. As a reputable Bergen County Property Casualty Insurance Agency we will provide the knowledge to get the proper coverage in place.

Lyndhurst NJ Business Insurance Agent!

Contact the team at Bogle Agency Insurance today and learn more about local NJ Business Insurance options. We welcome the opportunity to customize a package based upon unique needs of the business. Let our knowledge and experience serve as guide, Bogle Agency Insurance will inform you about Business Insurance in Bergen County NJ an beyond!

The Pros & Cons of High Deductible Health Plans

The Pros & Cons of High Deductible Health Plans | Bogle Agency Insurance

The Pros & Cons of High Deductible Health Plans | Bogle Agency InsuranceIt’s no secret that Health Insurance costs have skyrocketed in the past decade. Before, it wasn’t unheard of to receive premium health insurance package from your employer. Today, things are a bit different. As healthcare costs increase, so do the costs that employers face. Naturally, employers have been forced to cut costs resulting in lower-tier health plans for their employees. Additionally, some employers may not offer health plans, so you may find yourself looking for individual coverage. Regardless of the offerings, one of the most important considerations for Health Insurance shoppers is costs. In the past, we’ve covered some tips to help you save money on Health Insurance. A High Deductible Health Plan is one of the best ways to save money on insurance, but it’s not right for every individual.

What is a High Deductible Health Plan?

Oftentimes, these lower-tier Health Insurance plans are High Deductible Health Plans or HDHPs. HDHPs are Health Insurance Plans that have a higher deductible than traditional plans. Deductibles are the total out-of-pocket costs that an individual will pay before Health Insurance begins taking over the costs of health care. High Deductible Health Plans offer lower premiums, but more health care costs for the individual upfront.

When Is A High Deductible Health Plan a BAD Idea?

High Deductible Health Plans are not built for those who frequently experience medical conditions or who have chronic illnesses. In the case of a chronic disease like diabetes, High Deductible Health Plans can increase your total health care costs and prevent you from receiving the care you may require in the event of an inability to pay. For conditions like diabetes, your healthcare is imperative to your everyday life and anything blocking your access to medication or care can create negative effects to your health for the rest of your life. In this case, High Deductible Health Plans are not recommended.

Additionally, older adults who are on various medications and frequent specialists physicians such as cardiologist shouldn’t consider an HDHP. Because all office visits, tests, and medication will be out of pocket until you reach your deductible, you will most likely end up spending more out of pocket than a higher premium, lower deductible plan.

 

When is a High Deductible Health Plan a GOOD Idea?

A healthy, younger adult with no history of medical conditions or genetic predisposition to diseases can benefit from a High Deductible Health Plan for a few reasons, specifically costs savings. A healthy adult who isn’t currently on medications and doesn’t expect to be in the near future can save thousands of dollars in monthly premiums with a High Deductible Health Plan. Because these plans increase the up-front costs, monthly premiums are typically lower than Low Deductible Health Plans. Since you don’t expect to use much of your health care, you can save a tremendous amount of money while still insuring you have coverage in the event of an unexpected illness.

High Deductible Health Plans are also eligible for an HSA, or Health Savings Account. This savings account allows you to save pre-tax income into an interest-bearing account to help cover your out-of-pocket expenses. Because High Deductible Health Plans can help lower not only your insurance costs but also your employers, many offer matching contributions to HSA accounts.

How Do I Decide Between a High Deductible and a Low Deductible Health Plan?

Shopping for Health Insurance can be tiresome. It is extremely important to evaluate your yearly medical costs and compare these with your Health Insurance quotes. Health Insurance Agents, like those at Bogle Agency Insurance can help you find a plan that not only saves you money but provides the coverage and care you need. Whether you’re shopping as an individual or as an employer, the Bergen County Health Insurance Agents at Bogle Agency Insurance can help! Contact us today to learn more!

 

New Jersey Business Liability Insurance: What’s Covered? What’s Not?

What Is (And Isn’t) Protected Under Business Liability Insurance?


NJ Business Liability Insurance

Business Liability Insurance covers the basic risks associated with conducting business. Liability coverage refers to general items and not specific to unique business activities. Every business needs coverage but it is equally necessary to understand what coverage each plan offers and whether it is enough for your specific industry. Your Lyndhurst NJ insurance agent will be invaluable in determining the individual needs of your business. Not having the right kind of coverage, or lack of coverage may leave your business vulnerable to lawsuits and potential bankruptcy.

What Is Covered By A General Business Insurance Policy?

A general business insurance policy covers your business, your employees and yourself from lawsuits involving the business. Whether your business is being sued for an injury sustained in your place of business, caused by an employee or as a result of your product or service, Business Liability Insurance will cover it. Business Liability Insurance can also cover things like copyright infringement.

Business liability insurance helps to mitigate the risk of losing money, or your business, due to legal action, whether that be from personal injury, property damage or intellectual damages. However, as with all other policy types, Business Liability Insurance has caps that may not cover the entire amount due. This is why it is important to have a risk assessment performed prior to choosing an insurance policy.

What Is Not Covered By Your Business Liability Insurance Policy?

A common misconception is that General Business Liability Insurance covers employees injured on the job… it doesn’t. New Jersey law requires business owners to have Workers Compensation coverage. Additionally, professional errors such as negligence, malpractice or misrepresentation will not be covered by a general Business Liability Insurance policy. Lastly, events such as car accidents, intentional acts and product failures that would be typically covered by a warranty are not covered by general business liability insurance. As a result, you may want additional coverage for any of the items not covered by your policy.

In addition to circumstance-specific policies like Workers Compensation and Car Insurance, it is important to evaluate the potential costs of damages following an accident. Business Umbrella Insurance is a policy that helps to pay any leftover amount in a lawsuit that is not covered by Business Liability, Workers Comp or Commercial Auto Insurance. This extra coverage helps to prevent major loses and even bankruptcy in the event of a large, substantial insurance claim.

Additional Insurance Coverage For Your Business May Include:

Business owners should have a solid understanding of what is included and not included with insurance policies. An experienced NJ insurance agent is instrumental in ensuring that you have the information and the coverage your business needs to be protected.  Furthermore, take the time to evaluate your insurance annually.  Your business changes over time, ensure your coverage is keeping up with these changes.

Schedule A Meeting With Your NJ Insurance Agent Today

Contact our team at Bogle Agency Insurance today and make an appointment to evaluate your New Jersey business insurance needs. We welcome the opportunity to look at your current policies and determine whether there are any holes. Let our knowledge and experience serve as your guide to New Jersey business insurance, helping you understand what is protected under business liability insurance as well as what isn’t.

Risk Factors

Everyday Risk Factors That Can Affect Your Homeowners Insurance Policy

By: Bogle Agency Insurance
Date: 06/16/2019

Risk Management Home Owners Insurance Bogle Agency Insurance Bergen County NJ

Did you know that the risk factors that you present to your home owners insurance can have huge effects on the premiums you pay? It’s true! Risk Factors, by definition, are the characteristics and factors that increase the likelihood of a claim being filed. These can include everything from the condition of your home to your financial standings. In order to save as much money as possible on your home owners insurance policy, you need to not only be aware of your personal risk factors but also how to lessen the risks that insurance companies see! Below, we describe ten of the most influential risk factors that can affect your home owners insurance policy’s premium. If ignored, these factors can cost you thousands of dollars a year in coverage.


The Most Common Risk Factors For Home Owners Insurance

  1. Your Deductible
    One of the most commonly known factors that can affect insurance premium prices is the deductible. An insurance policy deductible is an amount the policyholder will pay before insurance covers repairs or reparations. This is not a way for insurance companies to save money but rather a risk management factor that has been proven to reduce negligence on the policyholder’s side. The idea behind deductibles is a monetary way to increase awareness of potential risk in hopes to mitigate negligent behavior. Naturally, a higher deductible means a lower premium!
  2. The Cost To Rebuild or Replace Your Home
    Another commonly associated risk factor with homeowners insurance is the overall value of a home. Like car insurance, the more expensive the item you are insuring becomes, the more the insurance company would need to pay out in the event of damage. Contrary to popular belief, the value the insurance company decides upon is not the same as the market value provided by the tax association.
  3. The Condition of Your Home
    Unlike car insurance, the condition of your property is a major concern for homeowners insurance policies. Damages to parts of your home such as a roof or foundation are not just costly repairs, these damages can cause catastrophic failure if not fixed promptly. When it comes to pre-existing damage to your home, insurance companies may charge more for a premium due to the potential for costly claims in the future. Some companies will even deny your application if the roof or foundation is not up to code!

The Most Surprising Risk Factors For Home Owners Insurance

  1. Your PETS?!
    Yes, your pets may cause your homeowners insurance rates to increase! Certain dog breeds are considered more dangerous and liable than others according to insurance providers. While this characteristic may not apply to your fur child, it is simply based on a statistical analysis performed by insurance companies.
  2. How Close The Home Is To A Fire Station
    Another shocking risk factor that insurance providers take into account when calculating your insurance premium is the travel time between your home and the closest fire station. According to the Insurance Information Institute, Household fire claims make up over 25% of property damage claims in the past 10 years. While using safety precautions to prevent household fire damage is extremely important, neglect is not the only cause of household fires. Your proximity to the fire station may be the difference between having to build a new home or simply remodel the kitchen.
  3. Your Credit History
    Yes. Unfortunately, credit history is a factor in even your insurance rates. Aspects like your payment history, current debt, and length of credit history are all considered when calculating your premiums. The thought behind this is not just to see whether the policyholder will be able to pay their premium each month but also to reduce the risks of fraud.

Risk Management Is The Most Effective Way To Reduce Homeowners Insurance Premiums

Simply put, making sure you are doing all you can to reduce the risk of a claim will help to lower your yearly insurance costs. Bogle Agency Insurance experts in Lyndhurst NJ can help you discover any potential risk factors you face before you are hit with a large insurance premium. Although some risk factors are easier to fix than others, it is important to know what these risk factors are so you can work on them and continue lowering your premiums over time!

Recreational Vehicle Insurance | Bogle Agency Insurance

Getting Your RV Ready For A Summer ’19 Road Trip

Bogle Agency Insurance Tips For RV TravelThe many benefits of owning a Recreational Vehicle is the ability to go anywhere your heart desires and your pockets allow. With school winding down, warm weather becoming a daily experience and increasing daylight, your wanderlust may be nagging you. Lucky for you, you have a moving hotel room sitting in your driveway just waiting to hit the road and show you a whole new location. Whether you’re traveling to your regular campground or pioneering new land that you and your family have never seen before, your RV will get you there and keep you comfortable the entire time. Recreational Vehicles, however, are still vehicles. They need maintenance, service, and cleaning before you begin your trek. So, we prepared a checklist for you to use when getting your RV ready for your Summer 2019 vacation!

Tips For Getting Your RV Road Ready

 

  1.  Tires
    Arguably the most important part of any vehicle. Without tires, you’re going nowhere, and unfortunately, tires like to wear pretty quickly when traveling long distances. Before hitting the road, check your tires THOROUGHLY. Check for uneven wear, puncture holes, tread condition and depth, and lumpy areas around the sidewall. Nobody wants a flat tire during their road trip, but with damaged or worn tires, that may be the least of the problems you can face. Tire blowouts, although not as common as they used to be are one of the major dangers facing RV travel. Examining your tires is one of, if not THE most important factors to getting your RV ready for a trip.
  2. Water & Sewer Lines
    Aside from avoiding unpleasant smells during your trip, there are many reasons to check and service your water and sewer lines. A typical examination of the water system includes: checking the pumps to ensure they are working properly, flushing the lines to clean, checking for leaks, and checking that all flushing hoses are accessible and free of damage.
  3. Batteries
    Batteries lose their charge when not used for several months. Most RV owners know to keep a trickle charger on the batteries while stored, but if not checked on a regular basis, the charger may not have worked correctly. So, before you embark on your trip, check to make sure your battery is full of charge. If it’s not, consider replacing to avoid any potential breakdowns.
  4. Engine (RV & Generator)
    An RV is no different than a car when it comes to making sure your engine is in tip-top shape before a trip. Oil changes are needed whether you’ve driven the allotted miles or not. Over time, condensation can build up inside the engine of both the RV and the generator, which could cause engine damage to both. So make sure you get your oil changed before your trip. Along with the engine oil, all fluids should be checked for levels and condition. This includes Brake fluid, transmission fluid, power steering fluid, engine coolant, and windshield washer fluid.
  5. Give Her A Bath!
    Nothing is better than stopping for gas and seeing your shiny RV sitting at the pump! Cleaning the outside will not only make your RV look like it belongs on the front of a traveler’s magazine, but it will help you examine the exterior for any damages you may not have noticed previously. Even in closed storage, RVs can become damaged by heat and weather, so while you’re washing the vehicle,  check all seams and window molding for tears or early wear. Cleaning the inside is important as well! While you’re cleaning, check to make sure all motorized extensions work correctly. Lastly, check to make sure you haven’t picked up any unwelcomed guest like rodents or bugs while your RV was stored. You’ll typically be able to see signs of both while cleaning your vehicle.
  6. Reevaluate Your Insurance Coverage
    Recreational Vehicles often carry a similar type of insurance as your everyday automobiles. This includes your typical collision, comprehensive, liability and uninsured motorist coverage. As with regular vehicles, your insurance rates are based on many different factors. This is why it’s commonly expressed that insurance coverages should be evaluated on a yearly basis. Recreational Vehicles are no exception. You could save money on your policy by speaking to your insurance agent. Something as simple as paying off debt could bring your premium down! Saving money on your RV insurance could add to your vacation budget, allowing you to go further and see more than last year!

 

Bogle Agency Insurance Offers Recreational Vehicle Insurance Policies

Bogle Agency Insurance is proud to offer insurance policies for Recreation Vehicles. Our Lyndhurst New Jersey Insurance Agents would be happy to walk you through a re-evaluation of your current policy to see if we can save you money while providing you the best coverage. Contact Bogle Agency Insurance to speak with one of our agents about your Recreational Vehicle Insurance Policy.

Core Insurance Coverages

The Core Coverages for Every Business in New Jersey

By Michael Putrino

May 9, 2019


Bogle Agency Insurance Business Insurance Bergen County NJIt is no secret that starting your own business is risky business. From the inception of your organization, you took your first and probably largest risk. You went out and started your own company. Took on the task of assembling the right employees and keeping them on a productive schedule with little to no downtime.  Contemplated which employee will fill each roll?  Lost sleep over questions like, how much equipment to invest in, should you rent it or own it?  What is my demographic?  What types of services will I provide and to who?  The contemplations and questions are endless, each one with a risk associated with it potentially affecting your ability to effectively run your business.

In addition to all of that, ensuring that your business is properly covered can be an overwhelming feeling.  No matter your business or specialization, here are core coverages that every New Jersey business owner needs in place as a basis for covering their business operations.

1. Commercial General Liability

Undoubtedly the most important of all coverages to have in any business and the foundation to your insurance program is Commercial General Liability.  This provides protection for your business from liability claims arising out of property damage and bodily injury to third parties.

Who is a third party?   Essentially, anyone you encounter on your premises including but, not limited to clients and vendors.  Individuals who come into your showrooms, offices or even your construction yards.  Whether they are there to conduct business, solicit business or are stopping over because they were in the neighborhood.

Just as in other lines of insurance, there are nuances associated with Commercial General Liability.  As a result, it is always best to discuss with your agent to ensure the proper coverage and limits that are necessary for you and your organization.

2. Workers Compensation

If you are in business in the state of New Jersey, Workers Compensation is imperative.  Whether your daily activities are carried out by a two-person crew or you boast an employee count of one hundred plus, you need to provide your employees with coverage for work-related injuries.  Workers Compensation is a no-fault benefit system that assists your employees with reimbursement for lost wages, medical bills and or rehabilitation if they experience an injury at work or because of job-related duties.

The system is designed so that rather than sue you, after suffering a work-related injury, your employee would file a claim against the policy.  The exchange is the employee receives benefits for relinquishing their right to sue you.

Not all employees perform the same duties and as a result, do not have the same risk associated with them.  Each type of work is broken into classification codes and, each classification code is rated differently.  It is vital to have a discussion with a trusted agent so that all employees are under the appropriate class codes to ensure the most responsive worker compensation program.

3. Commercial Auto

I’ve always admired the companies whose history started with a guy and a pickup truck that later blossomed into a huge fleet.  No matter where your company is in comparison, a commercial auto policy is engineered to protect light, medium and heavy-duty vehicles; the pickup, the transit van, the mason dump, and the tri-axel tandem.

The commercial auto policy will cover your company-owned vehicles for both physical damages as well as liability.  Do your employees use their own vehicles for work-related activities? If so, while they would not be covered under the basic commercial auto policy, adding a simple coverage called hired and non-owned autos will have you covered.

Also, it is wise to keep a complete and accurate vehicle inventory.  Whether you are notifying your agent of a new vehicle to add, an older vehicle to remove or it is renewal time for the entire policy, that vehicle inventory will be extremely helpful.

4. Umbrella

What happens when you have all the right coverage in place, but the limits are fully exhausted? Whether it is additional costs for medical expenses, legal fees or relief paid resulting from a lawsuit, a commercial umbrella policy will provide you with the additional coverage needed. This is the extra layer to fully complement the other liability coverages already in place for your business (General Liability & Auto for example)

You work tirelessly to build your company, brand, and assets.  This is your livelihood and your family’s future.  The umbrella will ensure that they are not left at risk due to any of these unforeseen instances that can cause financial hardships for you and your business.

These are the building blocks to construct the most responsive commercial insurance plan for a business owner in the state of New Jersey.  Furthermore, there are additional coverages that may be vital to the organization that you run.

As with all lines of insurance, there are a few nuances that must be addressed in order to ensure that coverage is proper for your business.  It is always best to consult with a well-informed agent who can tailor a program to fit your specific needs.

A Few Ways You Can Save Money On Health Insurance Premiums

5 Ways To Save Money On NJ Health Insurance

NJ Health Insurance Options | Bogle Agency Insurance Lyndhurst NJHealth care costs and health insurance premium prices have been dominating the news cycles for several years now. More and more individuals are struggling to find affordable health care – and those who don’t may end up paying penalties for not having insurance. Although the federal mandate for health insurance has been lifted, here in New Jersey, health insurance is still required! Like many, you may be concerned about the rising costs of health insurance here in New Jersey so we’ve put together some tips to help you find the most affordable NJ Health Insurance plans available.

  1. Low Premiums Doesn’t Always Equal Affordable

    When searching for a new health plan, your main concern is probably the monthly costs to you as an individual. These monthly premiums can cost anywhere from $100 a month to $5000 a month! Naturally, you’re going to want to choose the lowest monthly costs, but there is much more to consider when shopping for health insurance. For instance, a $300 monthly premium may seem affordable, but that plans deductible may leave you paying much more up front in the event of unexpected illnesses. Additionally, lower monthly premiums may have different networks of physicians and pharmacies which could cause you to pay unexpected out-of-network fees.

  2. Look for discounts like ‘Wellness Programs”

    Did you know? Many employers and plans offer discounts for wellness activities. These programs can offset the monthly costs of your gym membership, provide policy discounts and even offer cash incentives for being healthy and active! In addition to fitness-related discounts, many plans offer discounts for individuals who are working to lose weight and stop smoking as well! These discounts give you an opportunity to not only save money but to make yourself healthier as well.

  3. Enroll In A Health Savings Account (HSA)

    Health insurance is expensive – there is no getting around that fact. However, there are government policies put in place to help you maximize your savings when it comes to health care. One of those is a Health Savings Account, or HSA. An HSA gives you the opportunity to save pre-tax income to help pay for medical necessities such as co-pays, deductibles and more. Additionally, HSA accounts are “tax-advantaged” savings accounts. This means that not only can you contribute your pretax income into the account, but it will also grow tax-free and can be withdrawn without tax penalties! There are requirements and limits for Health Savings Accounts, so make sure you qualify prior to applying.

  4. Review Your Medical Bills

    Unfortunately, medical billing has become notorious for containing errors. Something as simple as a mistake in the quantity of medication administered could cost you thousands of dollars! However, you can avoid this by asking for itemized bills and taking the time to review them. If you notice an error, you can reach out to both the invoice’s originator, such as the hospital and your insurance company to note the mistake and request a corrected invoice.

  5. Speak With An Insurance Broker

    The insurance world is confusing, complicated and can be stressful. Luckily, Insurance brokers or agents, like the team at Bogle Agency Insurance are experts in insurance policies, federal health insurance mandates and the money-saving possibilities insurance companies offer. Unlike trying to navigate the Health Insurance Marketplace on your own, Bogle Agency Insurance’s agents can help you find the best health insurance for you, your family or your employees that saves you money, provides an ample amount of coverage and doesn’t leave you bankrupt in the event of an illness or injury

Bogle Agency Insurance Offers NJ Health Insurance

Searching for NJ health insurance plans that match your needs can be a daunting task. Luckily, the team here at Bogle Agency Insurance has over 100 years of experience in the insurance industry! Whether you’re looking for an individual health insurance policy, family insurance policy or a health insurance plan for your business, the expert agents at Bogle Agency Insurance can help! Contact us today to learn more about New Jersey Health Insurance plans and how we can save you money!

Surety Bonds

What Is A Surety Bond?

Bogle Agency Insurance Surety Bonds Available In Bergen County NJ Contractors crop

Surety Bonds are similar to traditional insurance in the sense that they help to mitigate risk for both parties. By definition, Surety, or Surety Bonds are guarantees purchased by one party to fulfill an obligation or debt to a second party in the event of default or failure to meet obligations. Surety Bonds, unlike insurance, is a contract between three parties: The Obligee, The Principal, and The Surety. The Obligee is the party who is expecting an obligation to be met such as the homeowner in a home improvement project. The Principal is the party who holds the obligation to complete a task such as a contractor in a home improvement project. The Surety is the company assuring the Obligee that the Principal will complete their obligation. In the event that damage occurred, or the project was abandoned, the Obligee will be able to recover losses.

 

Are There Different Types of Surety Bonds?

There are several different forms of Surety or Insurance Bonds. The most common form of Surety Bonds are ‘Contract Bonds.’ These bonds are available to mitigate the risks of contracting help or services. There are three types of Contract Bonds that Bogle Agency Insurance covers; Performance Bonds, Bid Bonds, and Payment Bonds. While all Contract Bonds help to mitigate the risk of a project, each type of contract bonds cover various specifics. In addition to Contract Bonds, businesses can explore other forms of assurance such as Indemnity Bonds, License Bonds, Estates – Receivership – Trusts, Fidelity Bonds, and Environmental Bonds.

Although there are several different types of Surety Bonds, each type has a general goal: To protect the project owner from damages resulting from delayed projects, damage during project execution, or financial damage caused by contractors or employees.

 

Are Surety Bonds The Same As Insurance?

While Surety Bonds, often called Insurance Bonds, may sound like a Commercial Insurance Policy, they’re actually more similar to a line of credit. Instead of risk being placed upon the insurance company as it typically is with insurance policies, the risk is placed upon the Principal – the party holding the obligation to complete a project. Additionally, Bonds are commonly project-based rather than year-round paid-into premiums. However, like insurance, Surety Bonds help to mitigate risks and protect investments
 

How Do I Know If I Need A Surety Bond?

Unlike insurance policies, some companies or organizations have no need for Surety Bonds. Depending on the industry your business resides, you may not require anything other than general liability insurance. On the other hand, if your business often bids on government or municipality projects, you will need to purchase Surety Bonds on a regular basis. Even if your industry or projects do not require Surety Bonds, this form of risk mitigation can help incentivize your company to finish work on time, achieve goals and avoid potentially dangerous shortcuts.

 

Surety Bonds Available In New Jersey

Bogle Agency Insurance offers Surety Bonds, or Insurance Bonds, to individuals, companies, and organizations across New Jersey. Our Bergen County Based Insurance Agents can help you or your company choose the correct Bond for your business and project! Learn more about Surety Bonds available through Bogle Agency Insurance!