There is also a Residential Condominium Building Association Policy (RCBAP) that covers buildings owned by condo associations. Limits of insurance can be as high as $500,000 per building (residential and non-residential) and $500,000 for contents (non-residential) or $100,000 for contents (residential). For smaller landlords (1 - 4 families), there is also the NFIP’s Dwelling Form which can provide limits as high as $250,000 per building and $100,000 for contents.
We have access to the FEMA Flood Maps and can show you where your property is in relation to areas known to be at higher risk for flooding (called Special Flood Hazard Area or SFHA). Even if your property is not in an SFHA you should consider getting NFIP flood insurance because a flood can happen anywhere.
Beacon Insurance Agency sells insurance provided directly by the NFIP. Contact us today at (908) 236-7700 and we can make Uncle Sam your insurer. No insurance company in the world has deeper pockets than your uncle!
Cover your building and contents against flood! The National Flood Insurance Program (NFIP) is a Federal government program managed by FEMA (Federal Emergency Management Agency). The NFIP provides a Standard Flood Insurance Policy with a General Property Form that applies to residential buildings with more than 4 families as well as to non-residential uses such as commercial buildings and schools.
You can help prevent computer data breach with passwords, firewalls, antivirus software, and outsourced professional network data security. But as even the largest corporations have discovered to their detriment, a determined hacker or an employee careless with a laptop can overwhelm even the best precautions.
Data breach or cyber liability insurance coverage won’t prevent the hack or compromise of your customers’ confidential information, but it will provide the resources you need to respond responsibly to stem the damage and alert customers promptly, helping salvage your business’s reputation. Data breach insurance can cover the cost of providing professional third-party services to your clients whose information has been stolen, including credit monitoring and identity theft recovery services. These costs add up quickly when you multiply them by the hundreds of your customers whose data has potentially been compromised in the event of a suspected breach. In addition, data breach insurance can cover your damages and defense costs if a lawsuit arises from your computers being hacked. We can quote cyber liability coverage from The Hartford, USLI, Chubb, and many more.
Cyber liability is the new, 21st-century loss exposure faced by companies. If you process, store, or transmit any of the following kinds of client information, electronically or otherwise, you are at risk:
Beacon Insurance Agency is conveniently located down the hall from the New Jersey Workers Compensation Court in Lebanon, which serves Hunterdon, Somerset, and parts of Warren County. Whether your business is large or small, we can quote you Workers Comp policies from Chubb, Travelers, and over a dozen more competitive, highly-rated insurance companies with choices among deductibles, captive or group programs, upfront deviations, pay-as-you-go, and more options.
If you are a contractor with bulldozers and other off-road equipment, an inland marine “floater” will cover you for damage or destruction to your movable property whether in storage at your premises or at the customer’s work site. That’s just one useful example of what this highly versatile coverage can protect. Except for motor vehicles eligible for coverage under an auto policy, just about any object or thing that isn’t rooted to the soil or otherwise dug in can be insured under inland marine against damage or theft, no matter where you move it to in the country: props for a theater production, medical equipment, cameras, fine arts and collectibles, jewelry. Inland marine also covers goods being shipped or transported over land, in your trucks or by common carrier. We can quote you inland marine coverage and floaters from a variety of reliable, financially strong insurance companies.
Professional Liability, also known as Errors & Omissions (E&O)
When you are a professional, such as a lawyer or accountant, your clients have a reasonable expectation that you are competent at your chosen profession. But professionals are humans too and occasionally make mistakes (errors) or forget to do things (omissions). Or they rely on an assistant in their office and don’t have time to check up on him or her to make sure that delegated tasks have been fully accomplished. If your client is harmed by your firm’s error or omission, they may have a monetary claim for damages against you. An E&O policy can cover you for your liability in this situation. We can quote that coverage too from a variety of solid insurance companies.
Like a personal auto policy, a commercial auto policy protects the owner of a vehicle from damage to the vehicle as well as his or her liability for damage to others caused by the vehicle. The same coverages are available: Comprehensive or Comp and Collision for the property exposures, and of course Liability. In addition, if you have care or custody of other people’s cars, you will want to add Garage Liability and Garage Keepers coverage (for example, car wash, auto repair shop).
We can obtain competitive quotations for you from nearly a dozen financially-strong insurance companies. Whether you are a contractor, trucker, tow truck, or distributor who makes deliveries; whether you have just one car, a fleet of trucks, or a garage-type operation, Beacon Insurance Agency can quote you insurance from some of the most competitive companies in the market.
If you have employees, New Jersey law requires you to have Workers Compensation coverage. For most employers, this means a Workers Comp insurance policy. New Jersey can levy enormous fines to employers who fail to put Workers Comp coverage in place, up to $5,000 for every 10 days your company fails to insure. It may also be a crime that corporate officers can be individually prosecuted for! In addition, the State has a robust enforcement system that not only investigates reports from anonymous tipsters and whistleblowers, but also does a “cross-match” between the payroll tax reports you file and the insurance companies’ reports of which employers they are insuring. You can read more about this requirement here.
Here is just a partial list of some of the great insurance companies that we can quote BOP for:
Commercial Package versus Monoline Policies
Some businesses are too large or otherwise don’t fit the parameters to be offered a BOP. For those clients, we can obtain a Commercial Package policy, under which you will find coverage sub-parts for any one or more of the following:
Property, General Liability, Commercial Auto, Crime, Inland marine, Professional liability, and Cyber liability: it can be less expensive at times to purchase a package of such coverages from the same insurance company and it certainly simplifies matters in the unfortunate event of a claim. However, there are also situations where it may be to your advantage to obtain these various coverages on a “monoline” basis from different insurance companies. Beacon Insurance Agency can guide you through the marketplace and help you make the most cost-effective and convenient choice between packaged and monoline quotations.
Eligibility criteria will vary by insurance company, but typically the following classes of small business are eligible for a BOP:
In the case of disability especially, you will want to verify that the definition of disability in the insurance policy exactly matches the definition in your Buy-Sell agreement. Let Beacon Insurance Agency’s experienced specialists help you select the right coverage so your hard work of today continues to bear fruit. Call us at (908) 236-7700 to schedule a free consultation.
Business Continuation Planning (Buy-Sell) Life and/or Disability If you have partners in your firm (law firm, medical practice, etc.), you’ve probably thought about what happens if one of you is unable to work due to total disability or something even worse. Generally you want to have a Buy-Sell agreement so that the surviving partners or co-owners can buy out your share, allowing you or your heirs to cash out the many years of sweat you have poured into building a successful business. This Buy-Sell agreement needs a funding mechanism since we all know that liquid equity is hard to come by! That funding mechanism is insurance: disability insurance for a totally disabled partner, and life insurance for a deceased partner.
Liability coverage protects your business from claims by third parties for bodily injury (BI) and property damage (PD) as well as personal injury (PI) which includes such offenses as libel, slander, false arrest, and malicious prosecution. Both damages and defense costs are paid by the insurance company, up to the applicable limits of insurance. Sometimes (but not always) defense costs are “inside” the limit, meaning that amounts the insurance company pays to defense lawyers use up the total insurance dollars available, leaving less to pay damages if you eventually lose or the suit is settled.
When your property is destroyed by a fire or other covered cause of loss, your business may have to shut down for weeks or months to rebuild your premises. Business Interruption Coverage can pay you for your loss of income for up to 12 months, giving you the breathing room you need to recover and get your business back. If you simply can’t afford to shut down at all, there is Extra Expense optional coverage which reimburses you for the extra costs of running your business at full capacity while your original facility is being rebuilt or repaired.
Business Overhead Expense (BOE) Disability (Professional Office Overhead Expense Disability)
As the owner of a business, you shoulder a large responsibility not only to yourself and your family but also to your customers (clients or patients) and employees. What happens to the business (practice) if you can’t be there to make things run smoothly? Business owners (professionals) are people too and at risk for a totally disabling illness or injury just like anyone else. Fortunately, there is coverage available that will allow you to keep the lights on, the rent or mortgage paid, and the payroll funded while you work on getting better. There’s even a rider available to cover the salary of a manager or professional you hire on a temporary basis to run things on your behalf. BOE Disability insurance keeps the business afloat until you are able to resume the helm. At Beacon Insurance Agency, we have experienced specialists in disability products for entrepreneurs and professionals like yourself. Call us today at (908) 236-7700.
At Beacon Insurance Agency, we understand the pressures and the opportunities of being a small business owner. We’ve seen it firsthand, from the inside, just like you and your employees. You see, some of our licensed agents worked for small family enterprises and start-up businesses outside the insurance field before they came to work for us. So if you want the ear of a sympathetic business person as well as competitive insurance quotations, contact us!
Business Owner's Policy
The Business Owner's Policy (BOP) is often the cornerstone of insurance coverage for a small business. It bundles property and liability coverages along with business interruption, and does so at a significant discount compared to the cost of separate, unpackaged policies.
The BOP can cover your building against fire and all the usual causes of loss. It can also cover your “business personal property” which you can think of simply as any property that isn’t real estate or a motor vehicle. That means your computers, furniture, and inventory are covered against damage or destruction, on-premises and sometimes even off-premises too.
Umbrella provides increased limits of insurance over and above the limits on “underlying” policies such as your General Liability and Commercial Auto policies. Oftentimes the rate for umbrella coverage is much less than that for the underlying liability coverages, making it a wise financial move for you to stack millions of dollars of additional coverage. We can make you aware of trends in tort litigation and notorious jury awards so you can better judge your business’s need for higher limits of insurance. We can obtain quotations from many deep-pocketed insurance companies that are better able to absorb a huge loss than you would be.
Trust Beacon to guide you in selecting a suitable policy, whether you are interested in Life, Disability, Auto, Homeowner's, Annuities, or Business Insurance.
Let's Talk! (908) 236-7700