What Is A Surety Bond?

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Bergen County Business Insurance | Surety Bonds

Bergen County Business Insurance | Surety Bonds

 

What is a surety bond? It is a good question and one often asked by those who are required to purchase one for their business. This type of bond is a type of insurance in that offers a guarantee of coverage when compliance is not met. When a job requires a surety bond a company will purchase one through a Bergen County business insurance company.

How does a surety bond work? There are three parties involved in a surety bond, the principal, the surety, and the obligee. The principal is the person, or business, that buys the bond and is performing the services for which the bond covers. The surety is the insurance company guaranteeing the obligation of the principal. The person, or business requiring the bond is referred to as the obligee. In most cases the obligee is a governmental entity, whether it be local, state, or federal.

An example of a surety bond would be in the case of road work. The businesses bidding on the road work know they will be required to present a surety bond to proceed with the work. The winning bidder will get the bond, assuring the governmental entity charged with the road that the work will be completed and if it is not the work will be guaranteed.

A surety bond is required only when requested. While this type of insurance is typically only required when public entities are involved there are times when they come into play. These bonds are typically associated with large construction projects. Most insurance agents in Lyndhurst NJ can help explain the need for a surety bond as well as how to obtain one.

fails to comply with bonding terms and requirements, the surety company is financially obligated to cover damages up to the bond limit (or penalty) of the bond. The surety bond principal is also required to reimburse (or indemnify) the surety for losses paid to damaged parties.

The party requiring the bond is called the obligee. Each obligee has a specific bond form that is prepared and pre-populated for your convenience by Surety Bonds Direct. The specific bond limit, term, and other key information related to the customer and obligation can be found on the bond form.

Contact our team at Bogle Agency Insurance today to learn more about Bergen County business insurance and surety bonds in Bergen County NJ. We welcome the opportunity to answer all of your insurance questions. Let our knowledge and experience help you understand what type of insurance you need. We welcome the opportunity to answer your question, whether it be what is a surety bond? or something else entirely.

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.

 

Preventing Water Damage In Your Home

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Bergen County NJ Water Damage Prevention Tips 

Water Damage Prevention Tips | Bogle Agency Insurance Bergen County NJThe season for hurricanes and heavy thunderstorms is upon us in NJ,  and with that it is time to make sure your house is fortified against the heavy wind and rain summer storms produce. Bergen County NJ is no stranger to sometimes severe summer weather. At Bogle Agency Insurance we want to be sure that our Bergen County clients, and all our clients are safe and prepared for summer weather. In addition to safety concerns we also want to be sure that our customers take steps to reduce the costs of property damage and property damage insurance claims. These water damage prevention tips will help you hedge against damage and keep your home a safer place.

 

Bergen County NJ Water Damage Prevention Tips | Seal All Gaps

Over time, weather and aging can cause gaps around windows and doors. They can also form around water faucet pipes, gas pipes, around air conditioners, electrical outlets, junction boxes, circuit breakers, and electric and water meters. If water gets through these gaps, it can cause significant damage and costly repairs. To seal these gaps before water has a chance to enter, apply caulk to the area.

 

Bergen County NJ Water Damage Prevention Tips | Redirect Pooling Water

Pooling water near a house can lead to significant interior damage.

  • Make sure grading leads water away from your home and not towards it.
  • Add ground or French drains to help move water away from the house.
  • If there are homer within 6 inches of the ground, caulk around them. Also use sandbags when a severe rain producing storm is predicted.

 

Install A Sump Pump To Prevent Water Damage In NJ

  • Install a sump pump with a battery backup system.
  • For highest level of effectiveness, install the sump pump away from the basement walls and have positive drainage away from the building.

 

Protect Vents And Soffits To Prevent Water Damage In Bergen County NJ

No matter which way your roof is vented, whether it be vents on the roof, gable end vents, or vents under eaves or overhangs, wind-blown rain can enter. Soffits themselves can also can also fall victim to water damage. To perform properly during high winds, it is especially important that vinyl and aluminum soffits be installed in accordance with the manufacturer’s installation requirements for high wind conditions.

 

Seal Your Roof Deck | Bergen County NJ Water Damage Prevention Tips

Sealing the deck of your roof provides an added layer of protection against water damage. It should be sealed to stay in place if the primary roof cover blows off. It should also be water-tight enough to keep water out of the attic should you lose the primary roof cover.

 

These water damage prevention tips will help reduce the costs of repairs and insurance claims along with keeping your home a safe and secure space for your family in Bergen County NJ, or anywhere there is a threat of severe weather.

How To Prepare Your Family For Hurricane Season

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How To Prepare Your Family For Hurricane Season Bergen County NJ

prepare for hurricane season in Bergen County NJ

Hurricanes can be one of the most damaging events that your family can face. To keep your family and home as safe as possible in these intense weather conditions, it is important to take steps to prepare for hurricane season in Bergen County NJ, and the surrounding areas.

Preparing for the unexpected takes some thinking ahead, and taking action even though these problems may never (and hopefully will not) arise. It’s unfortunately more likely than not that your family will not be all in one spot when disaster strikes. You need to come up with a plan so that you can find each other in an emergency situation, and be sure that all safety measures are covered.

15 Things You Can Do To Prepare For Hurricane Season In Bergen County NJ

  1. Post emergency telephone numbers by the phone.
  2. Install safety features in your house, such as smoke alarms and fire extinguishers.
  3. Inspect your home for items that can move, fall, break or catch fire and correct them.
  4. Have your family learn basic safety measures, such as CPR and first aid, how to use a fire extinguisher, and how and when to turn off water, gas and electricity in your home.
  5. Teach children how and when to call 911 or your local emergency number.
  6. Keep enough supplies in your home for at least 3 days.
  7. Assemble an emergency supplies kit. Store these supplies in sturdy, easy-to-carry containers, such as backpacks or duffle bags.
  8. Keep important documents in a waterproof container.  
  9. Keep a smaller emergency supplies kit in the trunk of your car.
  10. Practice and maintain your plan. Ensure your family knows meeting places, phone numbers and safety rules. Conduct drills.
  11. Test your smoke detectors monthly and change the batteries at least once each year.
  12. Replace stored water and food every 6 months.
  13. Test and recharge your fire extinguisher(s) according to manufacturer’s instructions.
  14. Pick two places to meet: a spot outside your home for an emergency, such as fire, and a place away from your neighborhood in case you can’t return home.
  15. Choose an out of state friend as your family’s point of contact for everyone to call if the family gets separated.

You can never be over prepared when it comes to a potentially dangerous situation like a hurricane. Taking the time now to prepare can save you money, grief and possibly even save lives. So prepare your family for hurricane season today. Don’t put it off. The day may come where you will be very thankful that you did.

Fire Prevention Tips For Parents

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Fire Prevention Tips For Parents Bergen County NJ

Fire Prevention Tips For Parents Bergen County NJ | Bogle Agency InsuranceIt’s not pleasant to think or talk about, but it is a sad truth that children under the age of 5 are two times as likely to die in a fire than anyone else. Each year thousands of young children are killed in fires. To add to the tragedy even further, many of these fires could have been prevented. At Bogle Agency Insurance we feel it is important to pass along these fire prevention tips for parents to our NJ clients.

The leading cause of fire-related deaths for young children under the age of five are matches and lighters. Toddlers, and their tendency to play with these items are unfortunately responsible for a large amount of firesi the US and even in Bergen County, NJ. Toddlers have a natural curiosity about fire and they have a surprising ability to competently strike matches and start lighters.

What You Can Do To Prevent Fires In Your NJ Home:

  • Store all matches, lighters and and fire starters out of reach and out of sight of children. If possible lock them up in a cabinet. This goes for child-resistant items as well. They are not truly childproof.
  • Teach small children to tell you whenever they find a match or a lighter, and not to touch it
  • Explain to children that lighters and matches are for adults only.
  • Never play with matches or lighters in front of children. Teach them that they are a tool only. Remember children will imitate you!
  • Teach children good fire safety behaviors in the home regularly and stay consistent. Keep children at least 3 feet away from the stove when cooking, for example.
  • Never overload outlets in your home.
  • Have your heating systems checked regularly.

It is not something anyone ever wants to think about, but if you take some time and follow these fire prevention tips for parents, you can rest assured knowing that you have taken every step to make your home a safe and happy place.

Bogle Agency Insurance Is Hiring!

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Bogle Agency Is Hiring NJ Customer Service Representatives.

Bogle Agency Is Hiring NJ Customer Service Representatives | Bogle Agency Insurance

We are hiring NJ Customer Service Representatives! We are looking for a qualified Claims Customer Service Representative (CSR) and a Personal Automobile and/or Personal Lines Customer Service Representative (CSR) to join our team.

Requirements:

  • Insurance License
  • Minimum 2 years’ experience

Please contact Philip R. Bogle phone #201-939-1076, e-mail at prbogle@bogleagency.com to set up an interview.

The Bogle Agency was founded in 1919 and since then has been providing New Jersey families and businesses with the quality insurance coverage they need. Since being founded so many years ago by Horace R. Bogle, we have helped thousands of clients throughout NJ as a fourth generation agency. Our clients are our highest priority, and this is why we have become one of New jersey’s most prestigious agencies.

Bogle Agency Insurance is an Independent Insurance Agent. This provides us the ability to select the best possible coverage and pricing for our clients. We are also members of the American Insurance Marketing and Sales Society (AIMS), Independent Insurance Agents of American (IIAA), and Professional Insurance Agents Association (PIA).

We are dedicated to providing our customers with quick, professional and friendly service around the clock, 24 hours a day-7 days a week. We are proud to be available to our clients to assist  them with any concerns they might have about their insurance.

If Bogle Agency Insurance sounds like the kind of environment you would fit, and you are experienced, please contact us today to set up and interview.

 

Bogle Agency Insurance Is Proud to Announce 3 New Sales Representatives

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Bogle Agency Welcomes New Additions To Their NJ Insurance Agency Team

Bogle Agency Insurance is Proud to Announce 3 Sales Representatives have joined the Bogle team at our NJ Insurance Agency.  They will be joining a team of licensed and fully trained agents who serve their clients friendly, courteously and responsibly at one of the most prestigious NJ insurance agencies. We are happy to welcome them.

Larry Paladino

NJ Insurance Agency | Bogle Agency InsuranceLarry has extensive experience in the printing industry.  He worked at a large printing company in New York running the day to day operations and sales.   Prior to joining Bogle Agency Insurance Larry was an insurance sales representative with a New York insurance agency.  We are happy to now have him join us on this side of the river at our NJ insurance agency.

 

 

 

 

 

Louis Battaglio

NJ Insurance Agency | Bogle Agency InsuranceLou has over 26 years’ experience in the insurance vertical with the first 18 years spent providing financial estate and business planning for companies like Guardian, Hanover and Allstate to name a few.   He was a 5-time qualifier for Million Dollar Round Table (MDRT-top 2% agents in the world) 6-time qualifier for Guardians Leaders Club and 4-time qualifier for Allstate’s leaders Club.  The last eight years he added commercial property and casualty insurance to his portfolio of products and built multi-million dollar books of business for auto, truck, RV & motorcycle dealers along with used car, auto repair, body shops, tire, towing and equipment companies.   His extensive knowledge includes all aspects of insurance including group health, workman’s compensation, employee, voluntary and executive benefits. In addition, Lou has headed up regional, district and national insurance programs for various carriers thus, his sales experience is quite diverse. He is the perfect addition to join our NJ insurance team.

Patrice Proctor

NJ Insurance Agency | Bogle Agency Insurance Bergen County NJPatrice is new to the insurance industry but, she brings a wealth of sales experience from her prior career at ADP.  She is experienced in the life & health insurance field through her network of associates she worked with previously to service and place life and health insurance for customers.

Call Bogle Agency Insurance today at 877-453-7358 FREE to learn about your insurance options and to see if your current coverage is adequate for the constantly growing and changing coverage needs of you business and your family. Our NJ Insurance agents can help you make educated and informed decisions about your business and personal insurance needs.

How To Prepare For Dangerous Weather In NJ

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Prepare For Dangerous Weather In NJ

Prepare For Dangerous Weather In NJ | Bogle Agency InsuranceSpring has sprung in New Jersey, even if it doesn’t completely feel like it.  Along with spring’s swinging temperatures comes unpredictable and at times volatile weather. Thunderstorms are the biggest worry of Spring weather in NJ, and with them come high winds, lightning, and flooding.With spring weather being so unpredictable it is important to prepare for dangerous weather in NJ.

To plan for inclement weather there are several items you should have on hand to make sure you get through not only the weather itself, but any aftermath. The first important item to have on hand is a battery operated flashlight with extra batteries. No one wants to be caught in the dark if hit with a power outage. Flashlights are also much safer and will last longer than candles. Another very important item to have on hand is a battery powered NOAA Weather Radio. Make sure these items are easily accessible so you can get updates on weather conditions if power and cell service are down and do not have to fumble around in the dark if the lights are out. It’s also very wise to have a fully stocked first aid kit, 3-5 days worth of non perishable food and water, along with any necessary personal hygiene items, and blankets and sleeping bags on hand at all times.

Have A Plan

Every home should have an emergency evacuation plan written out and a copy easily accessible for each member of the family. This plan should include a map of your home and routes to safety based on different scenarios from each room in the home.

Along with an evacuation plan there should also be an easily accessible list of important telephone numbers, insurance, property and medical information. Many people choose to keep all of this information together in a binder in a safe waterproof and fireproof area in a place where it can be accessed quickly.

Talk to your family about the possibility of severe weather and go over safety plans regularly. Make sure they know where they can take proper cover in different scenarios. Make sure they know where all the emergency supplies are and that each member of the family knows how to turn off the water, gas and electricity to the house should it be necessary.

Unfortunately there is often little warning when it comes to extreme weather.  Therefor learning how to prepare for dangerous weather as much as possible ahead of time is important. Being prepared not only keeps your insurance risks lower, but it insures that your family remains safe and calm in emergency situations and in turn able to help others in need.

 

How To Choose Life Insurance Beneficiaries

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Life Insurance Beneficiaries In NJ

Life Insurance Beneficiaries In NJ | Bogle Agency Insurance Bergen County NJChoosing a life insurance beneficiary in NJ should be a simple process, with very little stress involved. While it generally is a straightforward process, there can be a number of potential financial, legal and tax problems that can result from improperly naming your beneficiaries. It’s important to avoid certain costly mistakes when naming life insurance beneficiaries in NJ.

Most of the time, life insurance beneficiaries are the spouses and children of the policyholder. However, it does not have to be that way. The person or people you choose as your life insurance beneficiaries in NJ is completely your choice. While who you choose as your beneficiary is a very important choice, how you name them is also an important choice.

The Difference Between Primary and Contingent Life Insurance Beneficiaries

There are two ways to go about legally naming a life insurance beneficiary in NJ.

  • Primary beneficiary: A primary life insurance beneficiary is the person(s) who will receive the proceeds of the policy when the life insurance policyholder dies.
  • Contingent beneficiary: Otherwise known as a secondary beneficiary, this person will not receive any life insurance proceeds unless the primary beneficiary is no longer alive. The secondary beneficiary would, for example receive proceeds if the policyholder and the primary beneficiary passed aways at the same time.

Most professionals will tell you, to avoid any issues in the future, naming both a primary and a contingent beneficiary at the same time is the best, and safest way to go.

The Difference Between Revocable and Irrevocable Life Insurance Beneficiaries

There are also two different classes of beneficiaries. They are revocable and irrevocable beneficiaries.

  • Revocable Beneficiaries: The policyholder has the right to change the beneficiary of the policy at any time without any consent from the previously named beneficiary.
  • Irrevocable Beneficiaries: The owner of the life insurance policy cannot change the designation of the beneficiary without the consent of the original beneficiary.

With all futures being unknown, most experts will tell you to avoid potential legal issues, you should choose revocable beneficiaries. It is a simpler options should you ever want to make changes for any reason in the future.

What If My Beneficiary Dies Before Me?

In the unfortunate event your beneficiary passes away, you will need to rename your beneficiary as soon as possible. It is actually as simple as requesting a “change of beneficiary” form from your insurance company. Should you and your beneficiary dies at the same time, the proceeds will go to your contingent beneficiary if in place, or simply to your estate.

There are a lot of personal decisions involved in choosing the right life insurance plan for yourself and your family. Naming a life insurance beneficiary in NJ is the most important. All of the plans you make are with the thought of your beneficiary in mind. Take the time to talk to an independent life insurance agent at Bogle Agency Insurance in Bergen County NJ and we will find the best plan that meets your needs.

Please also visit our NJ Life Insurance Options page for more information.