What Is A Surety Bond?

Posted by B3X2lG9n0X3 on

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

Posted by B3X2lG9n0X3 on

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

Posted by B3X2lG9n0X3 on

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.

 

How To Prepare For Dangerous Weather In NJ

Posted by B3X2lG9n0X3 on

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.

 

Understanding The Affordable Care Act & Employer Reporting Requirements

Posted by B3X2lG9n0X3 on

ACA NJ Employer Reporting Requirements

ACA NJ Employer Reporting Requirements | Bogle Agency InsuranceThe shared responsibility (ESR) provision of The Affordable Care Act, or more commonly called the Employer Mandate or “Play or Pay” requires large employers in NJ pay a penalty if they fail to offer health insurance to full time employees. There is an exemption offered to small employers in NJ if they have 50 or less full-time employees. While this took effect in January of 2015, there was a special transition offered to some NJ employers, allowing them to delay their compliance without a penalty until several months into 2016. As we are now moving forward into 2016, it is time to make sure your business is fully compliant with the Affordable Care Act. We want to be sure that all businesses understand the ACA NJ Employer Reporting Requirements.

At its core, the concept behind Play or Pay is a simple one. To play the employer offers health insurance coverage to full time, or full time equivalent workers. You pay by receiving a penalty if you fail to do so. Though the concept is very simple, the details for of the ACA NJ Employer Reporting Requirements leave many open questions.

How Are Full-Time Employees Defined?

First let’s make sure we clearly understand who constitutes as a full-time employee in NJ. NJ Employer Reporting Requirements state that a full-time employee is someone who works as a common law employee for 30 or more hours per week on average. In other words, each employee with 120 or more hours of service in a month counts as one full-time employee.

What Is A Full-Time Equivalent Employee?

To calculate the number of full-time equivalent employees, total the hours of service of all non-full-time employees in a month and divide that by 120.

Am I An Applicable Large Employer?

To meet with the standards of the Affordable Care Act NJ Employer Reporting Requirements, you must figure out if you are an applicable large employer. To do this, count the number of both full time and full-time equivalent employees for each month in the previous year. Add the together and divide by 12. This will give you the result of your average number of employees. If the resulting number is under 50, you are not and Applicable Large Employer. If the result is higher than 50 you likely are an Applicable Large Employer but may have other considerations such as seasonal workers and other special exemptions.

What Is Adequate And Affordable Coverage?

To be considered adequate coverage, and employer must offer minimum essential coverage. This can be any employer-sponsored group health plan, but does not include stand-alone dental or vision coverage. To be considered affordable coverage, if elected , the employee’s contribution for self-only coverage, cannot exceed 9.5% of the employee’s income.

The Affordable Care Act can be difficult and intimidating for employers to navigate on their own. At Bogle Agency Insurance in Bergen County NJ, we can help employers understand the ACA NJ Employer Reporting Requirements and help you find the right group health insurance options for your business.

At Bogle Agency Insurance, we can help Bergen County NJ residents, and all NJ residents with all their Health Insurance and Life Insurance needs. Have a look at our new and improved Life Insurance and Health Insurance pages, full of great information.

 

Bergen County NJ Employers: Company Driver Good Practices

Posted by B3X2lG9n0X3 on

 

Bergen County NJ Company Driver Safety

Bergen County NJ Company Driver Safety | Bogle Agency InsuranceAll companies large and small that employ anyone to drive for them at any capacity needs to have driver safety protocol and clear driving policies. From the largest trucking company, to the mom and pop pizza delivery shop, the well being of  your business and your bottom line depend on it. A Bergen County NJ company driver safety program is a business necessity.

Driver Agreements

Whether or not your employees drive a company vehicle or their personal vehicle for business purposes in Bergen County or throughout NJ, you need to establish a contract with them regarding vehicle operation. This contract should include an acknowledgement from the driver that they are aware of company traffic safety policies and procedures, any driver performance expectations, vehicle maintenance agreements and a duty to report and moving violations received on or even off the clock.

NJ Motor Vehicle Record Checks

Checking the driving record of anyone that will be driving for the purposes of your business in Bergen County and beyond,  is very important. Screening out any potential future problems will save you time, money and in some cases legal issues. Not only should this be done prior to hiring, but you should also conduct a Motor Vehicle Check periodically for all drivers. Set a company policy that clearly state the number of violations you will allow an employee before they will lose their company driving privileges, and/or be terminated.

Have A Disciplinary Plan

You will need to decide how you will handle the course of action taken after an employee receives a moving violation, or is involved in what is ruled to have been a preventable accident. Many companies choose to enact a points system. the system provides and outline for progressive discipline, should a driver continue to develop a pattern of repeated violations. Once a driver receives a certain amount of points within a specific time frame, a clear protocol for actions will be clearly laid out.

Reward/Incentive Program

Just like the points system for disciplinary action, it’s also good practice to have a points system designed to reward good driving habits as an incentive for employees to maintain high standards. Since safe driving behaviors are a direct contributor to your bottom line, it is worth investing in these types of rewards or bonuses for your employees. While cash bonuses are often a very good incentive, you can also choose to reward your employees with recognition, or special privileges.

Bergen County NJ Driver Training/Communication

Continuing driver safety training with new ideas, or just simple refreshers can produce an amazing benefit. even the most experienced driver can benefit from periodic refresher on safe driving practices and skills. It is too easy to become complacent, especially if you are out on the road every day. Continued training and communication are invaluable tools.

Bergen County NJ Company Driver Safety

Any business that has any employee driving for any purpose, from a trucking company, to sending someone out from the office on errands, needs to have a company driver safety program for their own protection and bottom line.

 

Who Is Covered Under NJ Workers Comp Insurance?

Posted by B3X2lG9n0X3 on

Bergen County Workers Comp Insurance | Bogle Agency Insurance

NJ Commercial Insurance | NJ Business Insurance | Bogle Agency

When it comes to Bergen County business insurance and Bergen County Workers Comp Insurance, one of the most pressing questions is often who’s covered and who’s not?  Workers compensation insurance in Lyndhurst New Jersey exists to protect workers who get hurt on the job.  This type of insurance is also mandatory for a business to pay into and protects a Bergen County business as well as its employees.  When an employee is hurt on the job there are things that employers should know.

Workers Comp Insurance

One of the most important things to know about workers compensation insurance in New Jersey is that it is required for all businesses, including LLCs and sole proprietors.  While some states have companies that can be exempted that is not the case here in Bergen County or anywhere in New Jersey and, in fact, often anyone from out of state coming here for contract work needs to enroll in workers comp in our state.

New Jersey Workers Comp Insurance

Businesses do have the opportunity to self-insure for workers comp but they must do so through an application process and receive approval from the Commissioner of the Department of Banking and Insurance.  Workers compensation is designed to protect employees who get injured on the job.  Your Bergen County insurance specialist can help you understand your coverage and whether your company has any gaps that need to be filled.

Contact Bogle Agency Insurance

Contact our team at Bogle Insurance today to learn more about business insurance in Bergen County.  Our full-service Bergen County insurance agency can help you with all of your coverage needs, including homeowners insurance, auto insurance, and business insurance.  Let us serve as your guide to insurance in Lyndhurst NJ and throughout Bergen County.

Businesses Must Have Workers’ Compensation Insurance In NJ

Posted by B3X2lG9n0X3 on

Workers’ Compensation Insurance NJ

Workers’ Compensation Insurance NJ | Bogle Agency Insurance | NJThere are very few businesses in the United States that are immune to the need to carry workers’ compensation insurance. Most states require employers to purchase an insurance plan that covers workers who are injured or made ill due to exposure in the workplace. In New Jersey this is mandated. It’s not a bad thing considering the costs of meeting these obligations, should a situation arise with an employee. These are hard financial obligations to carry for businesses small or large. The mandate, plus the obvious need for this coverage is why you need to carry workers’ compensation insurance in NJ.

 

What Does Workers’ Compensation Cover In NJ?

Workers’ compensation insurance provides specific and comprehensive benefits to workers who suffer injury or illness in the workplace. Benefits typically include:

  • Medical Benefits
  • Death Benefits
  • Lost Wages
  • Vocational Rehabilitation

As an employer, if you fail to carry worker’s compensation insurance, you are left exposed to the liability of paying all these benefits out of your pocket. You are also open to being sued, something that workers’ compensation protects you from.

When You Need To Buy Workers’ Compensation Insurance In NJ?

In most cases, you will need to purchase a workers’ compensation insurance policy in NJ as soon as you have one employee who is not a partner or business owner.

What Does Workers’ Compensation Insurance Cost In NJ?

Cost of workers’ compensation insurance in NJ is generally calculated by risk. Your industry determines your risk classification. Frequency of possible injuries and severity of possible injuries are the two main factors considered.  The salary of the employee is also another determining factor of the costs per employee. However, it is not set in stone You can increase or decrease your premiums based on factors such as safety history and offering health insurance. There are also optional add ons to policies that will affect the costs.

Get Covered

Contact Bogle Agency Insurance to discuss your need for workers’ compensation insurance and your other business insurance needs. Also see our article on NJ Business Liability Insurance.

 

Do I Need Professional Liability Insurance in NJ?

Posted by B3X2lG9n0X3 on

Professional Liability Insurance in NJ

Professional Liability Insurance in NJIf you are a professional operating your own business in New Jersey, you need to protect yourself with a professional liability insurance policy in addition to your in-home or business owner’s insurance policy. A professional liability insurance policy will protect you against financial losses if you are sued by a client.

There are times when even the highest trained professional will fail to use the degree of skill expected. Professionals are humans too, and it happens. There are also more often situations where, in our very litigious society, a professional will be sued even when they truly did no wrong. In either situation, as a professional you can be held responsible in a court of law for any harm, or alleged harm caused to another person or business.  The costs of even a small lawsuit and add up fast. Professional liability insurance will keep you protected against claims of negligence or failure to perform.

Because professional liability insurance is a specialty coverage, it will not be included in any homeowners, businessowners, or in-home business policy.

Why Have Professional Liability Insurance In NJ

  • Protects the assets of your business as well as the integrity of your business.
  • Covers the cost of defense and damages awarded (up to policy limits).
  • Provides specialty coverages not included in standard policies.
  • Will assist in defending against lawsuits without merit.
  • Offers high level coverage in increments of $1 million.
  • Offers Professional Liability Insurance coverage for in high-risk industries.

Contact Bogle Agency Insurance

We will help you to choose the correct professional liability insurance policy to meet your needs. Contact us at 201-939-1076. We have nearly 100 years of experience providing quality insurance to NJ residents.