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!

Home Improvements and Homeowners Insurance

Planning A Home Improvement Project This Spring? You Should Tell Your Insurance Agent!

Home-Improvement-projec-and-homeowners-insurance-bergen-countySpringtime is right around the corner! With temperatures now averaging above freezing, the ground beginning to thaw and longer lasting sunlight, you may feel the urge to start new home projects. Whether you’re a DIY’er or hiring a contractor, these springtime home improvement projects can boost the curb appeal of your home, increase protection against the elements and even make your time spent at home more enjoyable!

Home improvement projects such as building a patio, installing a new roof, upgrading windows and even renovating your kitchen can dramatically increase not only the appearance of your home but also the overall value. So, if you’re debating some home improvement projects this spring, reach out to your Insurance Agent and let them know!

My Home Value Increased – Should My Coverage?

ABSOLUTELY! Homeowners insurance covers damages that can occur to your home due to unexpected events such as fires, floods, lightning strikes and more. This means that as you upgrade your home, your insurance policy should represent the newly increased value of your home! Without an increase the value of your home on your insurance policy, you may receive a smaller payout in the event of a total loss.

Do Home Values Increase Even With Small Projects?

You may think, “All I’m doing is expanding my patio and building a garden… that won’t increase my home value!” That’s not always true… depending on where you live, these small additions may be highly important to potential buyers. Therefore, the overall value of your home may increase based on the local market. However, increasing your home’s value isn’t the only reason to let your Homeowners Insurance agent know about home improvement projects.

Home Improvement projects such as the installation of a pool should be discussed with your Homeowners Insurance agent due to the increased risk you may face. While a pool may increase the value of your home, it also increases the chance of someone being injured on your property. Increasing your home’s liability coverage can prevent you from being sued in the event of an injury.

Will My Insurance Policy Increase With Home Improvements?

No, not always! That’s why it’s important to discuss any home improvements with your Homeowners Insurance Agent. They will be able to guide you on the right path and advise you on what improvements will save you money, increase your home’s value and decrease liability. Improvements such as a new roof or upgraded appliances can help to decrease your insurance policy premium while building an addition may increase your policy.

Bogle Agency Insurance Agents Know Homeowners Policies!

Contact a Bogle Agency Insurance Agent today to discuss your future home improvement plans. The agents here at Bogle Agency Insurance are experienced in Homeowners Insurance and can help you plan and organize your ideas for future home improvement projects to ensure you’re saving money, keeping yourself covered and increasing your home value!

Workers Compensation insurance NJ

Cyber Insurance for Businesses

Cyber Insurance Becoming Increasingly Important for Businesses to Have


Cyber insurance NJ
Bogle Agency Insurance, serving insurance needs for business and individuals

Cyber insurance is becoming an important resource for businesses to have. Cyber threats and attacks are becoming more and more commonplace.  Because of this, insurance needs have grown and changed.  However, not every business has adequate defense against such action. As a result, cyber insurance coverage should be considered a critical NJ business insurance policy to have.

New Jersey Cyber Insurance proves to be even more important for small businesses. While many large companies have a dedicated tech team, often smaller businesses do not. Many small businesses don’t have the budget or think cybersecurity is an unnecessary extra. As a result, small businesses can be more vulnerable, and hackers know this!

Small businesses are a target for cyber attacks

Small businesses are a target for cybercriminals because of their vulnerability. Likewise, many small businesses do not have the resources needed to recover from cybersecurity attacks. Luckily, the proper insurance coverage alleviates this stress. Sit down with an experienced NJ insurance agent from Bogle Agency Insurance today to discuss whether your business insurance covers cyber breaches.

What can you expect from a New Jersey business insurance policy? Insurance is designed to protect your presence on the internet. Policies differ to meet varying needs. Some companies need to be protected against hackers while others need to protect their intellectual content. A cyber insurance policy can offer security and peace of mind when it comes to small business vulnerability. Best of all, cyber insurance can cover business interruption if something ever happens.

Learn more about cyber insurance for your business

Cyber crimes offer a real threat to your business and knowing protection is in place offers peace of mind. Contact our team at Bogle Agency Insurance today and learn more about cyber insurance options from experienced Lyndhurst NJ insurance agents. Our goal is to inform you and help you.  Let us design a coverage package that meets your individual needs. Cyber insurance is becoming more important for businesses to have and we want to make sure your business is protected.

Click here to read “Does your business need cyber liability insurance?” from Biz Journals.

Wedding Insurance Is Now Available Through Bogle Agency Insurance!

Bogle Agency Insurance Wedding Protection Plans

Wedding Insurance | Bogle Agency Insurance

Did you know the average cost of a wedding was over $25,000 in 2017! That’s more than the average cost of a used car! However, only one of those mentioned is commonly insured. Bogle Agency Insurance is proud to announce our newest insurance product available today – Wedding Insurance. Spending any large amount of money is not easy. However, it helps to know you are covered in the event of an accident, cancellation or any other incident that could affect the outcome of one of the biggest day of your life!

 

What Does Wedding Insurance Cover?

Weddings, like other major events, have many ‘moving parts’ if you will. From the transportation of your guests to food delivery and even location set-up – your wedding relies on many different companies and people to make sure your day is as perfect as you planned. However, as we all know, not everything can go right! Wedding insurance protects your event by covering various incidents that can happen throughout the day such as:

  • Lost Deposits
  • Wedding Attire Damage
  • Damaged or Lost Wedding Rings
  • Unexpected Unemployment
  • Liability Coverage For The Venue
  • Sudden & Unexpected Sickness
  • Unexpected Expense
  • Damaged or Lost Wedding Photography
  • Severe Weather Protection
  • & More!

Do I Need Wedding Insurance?

Wedding Insurance is not required, but it is a great way to feel protected on one of the most stressful days of your life! By covering your wedding, you have the opportunity to sit back and enjoy your day rather than stress about additional costs, unexpected incidents, and cancellations. There is no need to worry about your wedding photos getting deleted accidentally, your caterer failing to show or even a severe weather event inhibiting your guests’ ability to make it to your wedding.

Bogle Agency Insurance Now Provides Wedding Insurance For New Jersey Customers

Through the well known and trusted Travelers Insurance company, Bogle Agency Insurance is able to find the perfect custom Wedding Insurance Policy for your specific situation. Protect your wedding investment and enjoy one of the greatest days of your life with the Wedding Protector Plan®

 

Contact Bogle Agency Insurance today to discuss the various plans and coverages available.

 

100 Years of Insurance Experience

Bogle Agency Insurance Is Celebrating 100 Years!

Bogle Agency Insurance 100 year anniversary


Here at Bogle Agency Insurance, we are Celebrating our 100th Year Anniversary!  We have been providing insurance to the businesses & families of New Jersey and the surrounding states since 1919.

 

With a century of experience, our agents have seen it all!  Every claim, automobile, home and, business purchase Bogle Agency Insurance has been there for all of our clients to make sure they’re covered properly while still saving money.

 

Today, Bogle Agency Insurance not only celebrates its’ 100-year anniversary but also its’ family values that have been built over the past 4 generations of Bogle family members in the business. Our independent agency is truly a family business and strives on being friendly, courteous and responsible! In its’ century of business, Bogle Agency Insurance has focused on creating and maintaining relationships with its’ clients in hopes to be the most helpful and dedicated agency available to New Jersey residents and business owners alike.

 

Thank You To All of Our Clients, Friends, Family, And Agents Who Have Made The Past 100 Years Possible!

Risk Factors

Everyday Risk Factors That Can Affect Your Homeowners Insurance Policy

By: Bogle Agency Insurance
Date: 12/16/2018

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 home owners 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 home owners 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 lLyndhurst 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!

Why it’s a Good Idea for an Annual Policy Review

Why it’s a Good Idea for an Annual Insurance Policy Review


Annual Insurance Policy Review | Bogle Agency Insurance
Bogle Agency Insurance, insurance coverage for your home or office

There are many reasons while its a good idea for an annual insurance policy review when it comes to your Bergen County insurance policies. Let’s face it, elements of your life are constantly changing.  When you don’t review your insurance policies on a yearly basis there can be gaps in coverage.   Changes that occur in your life could include a new vehicle, the purchase of art, or perhaps the acquisition of new equipment for your business. This is why Bogle Agency Insurance, the go-to source for insurance in New Jersey, recommends an annual insurance policy review.

Questions to ask yourself:

These are but a few things to consider when reviewing your current NJ insurance policies. Life moves at such a fast pace that we may not even realize the changes that are occurring affect our insurance coverage. Should you have any major changes in your life at any time during a policy’s term we recommend that you contact Bogle Agency Insurance 201-939-1076, to discuss the changes.

Contact Bogle Agency Insurance today for your annual insurance policy review

Contact our team at Bogle Agency Insurance today to schedule a review of your current New Jersey insurance policies. We will help make sure that there are no gaps in your coverage. In addition, we will make sure that you do not have unnecessary coverage. Let our knowledge and experience offer the advice you need to cover the unexpected. An annual policy review is always a good idea.  And an experienced Lyndhurst NJ insurance agent is essential in making sure you have the coverage you need.

Bundled Insurance Packages | Home & Auto Insurance

Combining Home & Auto Insurance Saves Money – Until It Doesn’t


Combining Home & Auto Insurance | Bogle Agency Insurance

For the most part, combining home & auto insurance with Bogle saves you money. Who doesn’t want to save money? The reality is that bundling insurance products can be a great idea. However, having knowledge of your policy matters. Not all products are created equal and understanding the differences between products is important. Advice from an experienced Bergen County insurance agent can help ensure that you save money on your auto and homeowners Policy.

Bundling Insurance Policies Can Cost More Than It Saves?

Bundling auto and home insurance policies offers an opportunity to save money, except for when it doesn’t. Your NJ insurance agent understands this caveat and will recommend bundling when it makes sense for you, your family, or your business. There are times when bundling can become more expensive and separate policies with separate companies becomes the better choice. However, these are all factors that an insurance agent can piece together to save you the most money on your policies!

Combining Home & Auto insurance? Make Sure Coverage Meets Your Needs

When it comes to insurance for home and auto, coverage matters. Oftentimes price and coverage are not necessarily complimentary. In other words, a low price might mean less coverage or inadequate coverage. The cost savings for bundling your NJ home and auto insurance policies should not reduce the quality of your coverage. Working with an insurance agent can make sure that your newly bundled policies not only save you money but also provides you with the right amount of coverage for your needs.

Learn More About New Jersey insurance options

Contact our team at Bogle Agency Insurance today to learn more about New Jersey insurance options for your home or business. Our experienced agents will do the legwork to present you with options that make sense financially and practically. Let our knowledge and experience serve as your guide to combing home and auto insurance in Bergen County NJ.

Lines Of Insurance Available Through Bogle Agency Insurance