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
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.