Business Insurance

Do I Need to Provide Workers Comp Insurance in New Jersey?

Are you a proud business owner that's looking to protect your workers from injury? Are you a bit confused on whether workers' compensation insurance is required? If so, you need to familiarize yourself with workers' comp insurance laws in New Jersey.

You may have wondered, "Do I need to provide workers' comp insurance for my employees in New Jersey?". In short, the answer is yes. However, it's just as important that you understand the different aspects of it.

See below for a guide that'll help you learn all about workers' comp details in New Jersey and how to find the best workers' comp insurance provider around!

What Is Workers' Comp Insurance?

Imagine the horror of receiving a call/update informing you that one of your beloved employees has been injured on the job.

Perhaps he/she was an HVAC technician that slipped and fell at a customer's house. Maybe they were a construction worker that got injured because of the negligence of a coworker.

Whatever the case might be, that worker now has one priority: get healthy. To recover, they need the finest treatment and rehabilitation they can find.

That treatment doesn't come cheap. Because of an injury (at no fault of their own), your worker now has expensive medical bills and lost wages that will hurt their financial well-being.

Workers' compensation insurance (AKA workers' comp) provides them with financial relief. It is used to give injured employees all the benefits they need to prevent a financial setback.

It's also used to protect business owners. Without workers' comp, you would be the one liable for any work-related injuries.

This could lead to some hefty fines and medical bills from which your company might never financially recover. That's why New Jersey views workers' comp as a mandatory form of insurance for employers: it protects both sides.

What Does Workers' Compensation Insurance Cover?

Another reason workers' compensation is so beneficial to your business is that it covers a vast array of circumstances. Contrary to popular belief, it doesn't just cover severe injuries, such as a broken leg or torn ACL. Workers' comp can help cover:

• Illnesses: Several long-term illnesses can stem from a work environment, such as cancer, depression, heart attacks, strokes, carpal tunnel, and more. Workers' comp offers financial protection from them all.
• Repetitive Injuries: Not all injuries occur from one accident. Some stem from the repetitive motions of the job, slowly causing these long-term injuries to develop.
• Fatalities: Unfortunately, a workplace accident can also lead to death. Workers' comp covers all the financial strains of this situation, such as funeral costs and settlements from the deceased worker's family.

New Jersey workers' compensation is crucial because it covers any costs related to a workplace injury or illness. That includes things like permanent disability benefits, temporary total disability, lost wages, medical bills, and physical therapy.

What to Look for in a Workers' Comp Insurance Provider

Now that you understand that workers' comp is legally required in New Jersey and why it's such a benefit to you and your staff, you need to find coverage.

Finding the right workers' comp insurance provider is vitally important. It ensures that you have the right amount of coverage, as well as a provider that's out for your best interests. Here are a few key things to look for in the provider you invest with.

1. Optimal Communication

Will your provider be the one to answer your call when tragedy strikes? You want to make sure that you have a workers' comp provider who prioritizes communication with their clients.

Without it, you and your injured worker might be left to panic. You need a provider that gives its clients (and their workers) definitive next steps along the process.

This can help your employee file a claim and be on their way to receiving the benefits they need as quickly as possible.

2. Rewards for Workplace Safety

In a perfect world, you'd never have to use the workers' comp policy you have. However, accidents happen, regardless of what industry you're in.

Make sure that you're taking the time to educate your employees on proper workplace safety.

As a result, a credible workers' comp insurance provider will offer you a rewards program for having a staff that prioritizes workplace safety in their operations.

3. Industry Savvy

If you take the time to find the right workers' comp insurance provider, you can save yourself a lot of money.

Reputable providers always stay up to date with the latest laws and codes of New Jersey workers' comp insurance. They can keep you informed on how to integrate safe practices into your business model and prevent you from experiencing a lawsuit.

Remember, a workers' comp provider is there to protect your company's future. Although workers' comp might be mandatory in New Jersey, it's a saving grace during an emergency.

Invest in Workers' Comp Insurance Today

Now that you have seen several ways to invest in workers' comp insurance and why it's mandatory in the state of New Jersey, start the process for yourself today.

For inquiries on workers' comp or our other services, please reach out via our contact us page and we will be happy to assist you further.

Finally, take the time to read this article for more information on the 7 questions you should ask before buying commercial insurance of any kind.

by HARRAH

5 Frequently Asked Questions About General Liability Insurance

Are you the proud owner of a small business? Do you want to find ways to protect your company from an unforeseen setback? If so, then you should learn all that you can about general liability insurance.

Sometimes the biggest setbacks are self-inflicted. All it takes is one mistake on the job to lead to thousands of dollars in damage for another party. That's when general liability insurance can jump in to save the day.

See below for an in-depth guide on general liability insurance. In this article, we answer all the most common questions regarding general liability insurance for your business.

1. What Is General Liability Insurance?

Imagine the horror of receiving a call from your office one day saying that they've made a costly mistake on the job. Even worse, that mistake led to some form of property damage or injury.

In those moments, it might seem like all hope is lost. If you don't have business insurance to back you up, then it will be you that's responsible for covering the cost of repairs and/or recovery.

General liability insurance, also known as business liability insurance, is here to protect you from situations like this. It's meant to provide financial relief for business owners on any claims taken out against their company.

As the name might imply, general liability covers a vast number of scenarios that businesses commonly come across. This includes things like:

• Property Damage: Damage to another party's property, such as when a faulty repair leads to water damage on a client's house.
• Injuries: Protects your company from any injuries to a third party, such as a client, from your service or property. Your employees don't fall under this umbrella as that would be a workers' comp matter.
• Reputation Protection: Provides compensation for any action or claim that would tarnish a person's reputation.
• Advertising Injuries: Guards your company against any injuries that come from your marketing endeavors.

2. How Much Coverage Do I Need?

Now that you understand the purpose of general liability insurance and what it can protect you from, you might wonder how much coverage you need.

The answer depends on several things. First, you might consider the risk associated with your industry.

For example, if you offer a service such as HVAC maintenance, plumbing, or anything that goes to a client's property, you may want a bit more coverage.

Second, you should consider the worst-case scenario for your business. What are some of the biggest liability cases from companies in your industry? You can research a few articles online to familiarize yourself with them.

After you determine the worst-case scenario, add up the costs and determine how much coverage you want. Remember, you can also add an umbrella insurance policy to provide more coverage if you'd like.

Next, create a budget to see how much you can afford in premiums each month. Try not to just reach for the lowest premiums you can find. That will result in less coverage in an unforeseen emergency.

3. What Are the Benefits of Having a Policy?

You've probably noticed a few benefits of having a general liability policy in this article already. However, there are more benefits to it than meets the eye. Such advantages include:

1. Possibility for Larger Contracts: If you're looking into landing bigger companies as clients, general liability insurance can help you do so. In many situations, you're required to have a policy before you can even start bidding on their contracts.
2. Protection for Top-Tier Workers: You want your top talent to know that you have their back. Everyone makes mistakes. General liability insurance can protect your workers from financial liability and keep them from jumping ship.
3. More Stability: You can't always predict the future. While injuries and damage are rare, it's irresponsible not to prepare for them. General liability insurance will give you coverage in your hour of need. That way, your business operations won't experience a setback.

4. Am I Always Covered?

As long as you have a policy out at the time of the claim, general liability insurance has you covered!

One thing you need to make sure of is not to cancel your policy immediately as you retire. You may still receive a claim from service years prior, then not have the coverage that you need.

Your coverage kicks in at the time of the claim. As long as you have a policy out when a claim gets filed, you're covered.

5. Is It Legally Required?

You may wonder if a general liability insurance policy is legally required. If you're in the state of New Jersey, then the answer is yes.

The state wants to make sure that companies and their clients are financially covered to provide more balance from a business-to-client relationship.

Believe it or not, they're more concerned about you than the client. They want to make sure businesses aren't folding because of the financial setback of a claim.

If an accident were to happen, your provider would step in to try to settle with the other party. That way, you can go about business as usual.

Invest in General Liability Insurance Today

Now that you have seen answers to the most common questions regarding general liability insurance, be sure to invest in your policy today.

Take the time to read up on this article for more information on the different types of business insurance policies. You'll get an explanation of what they are as well.

For more inquiries on investing in the business insurance you need, please be sure to reach out to us via our contact us page and we will be happy to assist you further.

by HARRAH

Why Does Your Business Need a Commercial Umbrella Policy?

Approximately 40 percent of businesses in the United States that are unprepared to operate after a disaster shut down once that disaster happens. 25 percent of all businesses shut down within the first two years because they lack adequate post-disaster cash flow or revenue.

These statistics are depressing, but there’s good news. With adequate insurance, your business can survive the unexpected. It’s the reason many businesses are opting for a commercial umbrella policy in addition to their current business insurance.

But what exactly is a commercial umbrella policy? How does it work? More importantly, how can this type of insurance help your company?

If you’re asking yourself these questions, keep reading.

What Is Commercial Umbrella Insurance?

Commercial umbrella policy coverage is a type of insurance policy that offers extra coverage over your existing commercial business insurance. This policy kicks in the moment the cost of a liability claim surpasses the coverage limits of such liability policies, including:

• General liability insurance
• Hired and non-owned insurance
• Workers comp insurance

Note that umbrella insurance isn’t a separate insurance policy. Rather, it’s added to the policies a business already has.

Every company can benefit from this type of insurance. Disaster can strike unexpectedly, and your standard liability policy won’t always be able to cover the costs of a large liability claim.

How Commercial Umbrella Insurance Works

Commercial liability insurance extends the limits of your primary liability policies. One of these is commercial car insurance.

For instance, your business is found liable for a client’s injury at your company. The client sues for $2 million, but you only have $1.5 million in liability coverage. Your commercial umbrella coverage will make up for the shortfall, subject to its coverage limits.

What a Commercial Umbrella Policy Covers

Generally, a commercial insurance policy will help you cover the claims of bodily injury, both for employees and customers. The policy can also help pay for property damage caused by your business to another party’s belongings.

Again, remember you must have general liability insurance before getting commercial umbrella insurance.

Why You Need Commercial Umbrella Insurance

Many small businesses assume commercial umbrella insurance is only for big companies. Nothing could be further from the truth. All businesses could benefit from the added layer of protection this insurance affords.

An expensive lawsuit involving an auto accident or serious personal injury can cost millions. Umbrella coverage protects you from massive legal fees that could easily bankrupt your company.

When a lawsuit drains the limits of your underlying policies, you can count on your umbrella coverage to step in and protect your income and assets.

Some companies take commercial umbrella insurance because their clients demand it. Certain contracts will often require that a company carries a certain amount of insurance coverage. This is meant to protect the client in case something goes wrong.

Sometimes, your existing liability policies don’t meet the client’s requirements. Taking an umbrella insurance policy can help make up for the deficit.

What Is the Cost of Commercial Umbrella Insurance?

Per month, the median cost of an umbrella insurance policy is $101. That translates to $1,212 annually.

Typically, insurance providers offer the policy in $1 million increments. As your policy limit increases, so does the cost. Aggregate limits typically range between $1 million and $15 million.

What Commercial Umbrella Insurance Does Not Cover

While commercial umbrella insurance does cover many things, there are certain claims that are exempted. Also, this policy doesn’t extend the limits of some types of policy. One example is commercial property insurance.

For instance, there’s a fire in your company and your equipment suffers significant damage. If the cost of repair and replacement of this equipment surpasses your property coverage limit, you’ll have to pay for that extra cost out of pocket.

Umbrella coverage also doesn’t extend the limits of your professional liability policy.

Business With Greater Need of Commercial Umbrella Insurance

We mentioned that every business could benefit from commercial business. But there are certain types of businesses that should prioritize this type of coverage. If you interact with customers in person in your business, this policy should often be a priority.

The liability is even higher if you have workers in your company who use dangerous equipment or heavy machinery.

If you are more at risk of claims and think that the cost of a claim might be greater than your liability limit, don’t think twice about getting commercial umbrella insurance. The same should be the case for businesses that work on other parties’ properties or allow the public to visit during hours of operation.

Getting a Commercial Umbrella Insurance Quote

Many insurance providers allow you to get an online commercial umbrella insurance quote. Compare a few insurance providers before making a decision. You're going to want to work with a reputable insurance provider who offers favorable terms.

Ensure you bring a copy of your general liability, commercial car insurance, and other liability policies. Determine the coverage for each policy, so you get an accurate quote.

Keep Your Business Protected at All Times

Running a business involves many expenses. Thus, getting a commercial umbrella policy on top of your other policies can seem expensive at first. However, once you consider the benefits of this type of coverage, you’ll discover that it far outweighs the costs.

Don’t wait until it’s too late to consider the right umbrella insurance policy for your business. Contact us today and safeguard your business immediately.

by HARRAH

A Breakdown of the Costs of Commercial Insurance

Are you thinking of buying commercial insurance for your business?

Before you do, you should have an idea of what you'll be spending and where your money will be going. Below, we’ve got a guide on the breakdown of the costs of commercial insurance.

In the US, there are over 30.7 million small businesses, and they make up 99.9% of all businesses. While many small businesses thrive and grow over the years, that isn’t the case for all. Others can operate correctly, but accidents, disasters, and other incidents end up affecting the business.

Therefore, it’s good to have small business insurance. However, you don’t want to buy any old commercial insurance without knowing what you’re paying for. Keep reading to read the breakdown of the typical commercial insurance.

What’s In a Commercial Insurance Plan?

Before we get to the breakdown, let’s first discuss the coverage you can expect in a business insurance plan. Most insurance plans cover the typical risks that a business faces. Those risks include:

• Data breaches
• Property damage
• Lawsuits
• Vehicle protection
• Reputational damage
• Business interruption
• Environmental and pollution liability losses
• Liability for injuries or damage, and
• Workers’ compensation claims

Let’s start with worker’s compensation insurance. In most states, this is a mandatory step to opening and operating a business.

This coverage pays for any medical care for employees who become injured at work. It will also replace partial wages of employees injured at work. If an employee dies because of injuries from work, it compensates the employee’s family.

One more type of commercial insurance is property insurance. It ensures your property in case of disasters, fires, or theft occurs.

It often covers furniture, technology, inventory, and all other things used for business. You can even include personal property if it’s in the building when the disaster occurred.

Commercial auto insurance is a typical pick for companies that use a vehicle for work. It covers the employee driving the vehicles in case of accidents up to the policy’s limit. Commercial insurance may also include terrorism insurance, key employee insurance, and umbrella policies.

What Are the Factors that Affect the Cost of Commercial Insurance Plans?

Other than your coverage needs, many other things make your insurance plan cost more or less. Some factors are things you can’t control. Those factors include the risks that your business faces.

For example, you have a business in construction. There are a lot of safety risks in construction, especially to the workers and passers-by. Make sure your employees and all who enter the site follow strict safety procedures.

The daily tasks and work involved can also affect the cost of your commercial insurance plan. Do your employees have a lot of extra time to check their emails? Or are they busy and occupied the moment they time in for work?

Here is a list of other factors that can influence the cost of your commercial insurance plans:

• Business classification (sole proprietorship, corporation, or other)
• Goods or services of your business
• Salary totals
• Employee numbers or operation size
• The business' gear and their values
• Sales reports
• Location of the business

Insurance companies will likely include inquiries about these things when they interview you. They will also check all these things as they calculate the cost of your insurance plan.

Why Do Commercial Insurance Costs Vary?

You pay more for your commercial insurance if there are higher risks involved. Such risk factors cover not only physical risks to the employees and customers. You also have to consider the financial risks involved in the business.

Risk is one key factor that can increase or decrease the cost of your commercial insurance plan. The location is another thing that you want to look at. Businesses in populated areas face higher commercial insurance costs.

The reason is that cities or areas with large populations have a higher likelihood of crime. Some areas face only the risk of vandalism. The state where you open your business may ask for certain requirements, which can affect the total cost of your insurance.

You can also say the same for businesses that have more public visibility. People are more likely to target popular businesses rather than lesser-known ones. Expect to pay more for insurance as your business’ reputation grows.

The coverage that you take for the business will also affect the insurance cost. If you add more coverage to your policy, you’ll pay more for the insurance plan. If you want to lower your premiums, pick higher deductibles for your insurance.

How Much Does Commercial Insurance Cost?

The commercial insurance pricing will depend on the business risks involved. To help you get an idea of the true cost of commercial insurance, here are some examples.

Five hundred dollars per year is the smallest that a business owner may pay for commercial insurance. The average business pays under $1000 per year for insurance, while the average cost of insurance for most businesses is $740.

You may have a small business in the IT industry, in which you have a remote home office. Expect that amount for coverage on data breach and professional liability insurances. If you have employees, you must pay the workers’ compensation insurance, too.

A plumbing company with 20-30 employees may pay $3000 to $5000 per year. The money will go to cover the equipment needed and the risks involved.

The best way to learn how much your commercial insurance plan costs is to talk to the insurance company. You can also ask for the breakdown of costs if you’re paying for multiple coverages.

Get the Right Commercial Insurance Plan for Your Business Today

We hope you learned something useful in our guide on the cost of commercial insurance. Now, you know why the cost of commercial insurance is different for every business or company. You also know why you need to buy insurance for your business.

Do you want to learn more about commercial insurance and how it works? Are you looking for the right insurance company to ensure your small business?

Contact us today and tell us more about your business. We’ll help you get the proper coverage for your business insurance needs.

by HARRAH

What Does Commercial Auto Insurance Cover?

Is your company in need of coverage for your fleet? Do you have interest in opening up a new policy for your startup business, but are unsure of what to look for? If so, then you need to learn all that you can about commercial auto insurance.

Doing so can help you ensure that you're lining yourself up with the right provider.

See below for an in-depth guide on what commercial auto insurance contains and how to make sure you're getting all the coverage that you need.

1. Medical Expenses

Imagine the horror of finding out that one of your employees was involved in a car accident while they were driving your commercial vehicle.

Not only are they having to endure (and recover from) some serious injuries, they also have costly medical bills to come with it. Medical bills that they aren't financially able to cover.

With proper commercial auto insurance in place, all of your employee's medical expenses and bills will be covered. If the injury was associated with the car accident, their medical bills are taken care of and it doesn't matter who was at fault for the accident.

Without proper commercial auto insurance for your fleet, you or your employee will be left on the hook for their medical expenses.

Commercial auto insurance shows your entire staff that you've got their best interests in mind. It isn't just a way to cover the repairs for your vehicles, it's to protect the financial future of your company and, more importantly, your staff's personal lives.

With their medical expenses covered, you'll be able to retain your top-tier talent and help them focus on recovery so they can get back to normalcy much faster.

2. Liability for the Accident

Unfortunately, with the fast pace of today's business environment, people aren't always exercising proper driving techniques to avoid car accidents.

Time is of the essence. You and your staff are hustling and bustling to meet deadlines for your customers, making sure you're where you need to be at the exact time you're supposed to be there.

That's when car accidents occur. In fact, car accidents are so common that there are more than 6 million car accidents every year in the United States. Unfortunately, that stat tells you you should prepare for at least one car accident among your commercial fleet in the coming years.

If you or your staff member were at fault for the crash, then it could cost you dearly. Fortunately, with commercial auto insurance coverage, all the damages for the accident are covered.

Liability coverage helps pay for the repair costs of any other vehicle that was involved in the accident. It also helps cover the legal expenses if you or your company is sued for the other driver's injuries that they sustained.

3. Uninsured Motorists

If you or one of your staff members are involved in an accident because of the negligence of another, their auto insurance should cover all the damages and injuries associated with it. But what if they aren't properly insured?

What if they intentionally (or accidentally) allow their policy to fold and they aren't properly insured at the time of the accident? No provider will take them on as a client with that going on.

While the other party might have a hard time, your commercial auto coverage will provide the financial coverage you desperately need. We ensure that our clients never have to take a loss for a car wreck they weren't responsible for, no matter what the circumstances might be.

Don't let your company's future hang in the balance because of the carelessness of another person. Make sure you line yourself up with a reputable commercial auto insurance provider today.

4. Physical Damage

So far, we've covered all the different ways that your commercial auto policy can give you coverage on damages and costs related to auto accidents. But what if your car sustains damage from something outside of a car accident?

Believe it or not, several incidents can cause damage, even when your car isn't in motion. This could be things such as:

• Weather-related events
• Collapsed trees
• Vandalism

You shouldn't be forced to cover the damage of an unforeseen situation. Lesser car insurance providers might try to catch you on a technicality and not cover the expenses. We want to make sure your company never endures such a situation.

If your company fleet is the victim of theft, we'll be there. If your car has been vandalized by someone during the night, we've got you covered.

Do you have questions related to the physical damage that is covered in our policies? If so, call us. We're happy to elaborate for you!

Invest in a Trusted Commercial Auto Insurance Provider Today

Now that you have seen all the different ways that commercial auto insurance can save your company's financial situation, be sure to use it to your advantage.

Be sure to read this article for more information on the types of businesses that need commercial vehicle insurance for their company.

For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further.

by HARRAH

The Different Types of Business Insurance Explained

by HARRAH

How Cyber Liability Insurance Protects Your Small Business

Do you head a company that handles customer or client data?

You may already have general liability insurance, but what would happen if your business suffered a data breach? Have you considered cyber liability insurance?

In a recent cybersecurity article, Entrepreneur suggests that by 2025, cybercrime could total $10.5 trillion per year! Cited reports show that it's the small and medium companies that face a larger-risk. This is especially the case during the pandemic, and a single attack could cost more than $2.5 million!

If you want to protect your business from the high costs of cybercrime, you need cyber insurance. We're going to explain what it is, why you need it, and what it covers. Read on!

What Is Cyber Insurance?

Businesses of all sizes and industries are vulnerable to cyber-attacks. Therefore adequate cyber protection is a must.

Coronavirus offers digital criminals an opportunity. By exploiting fear, they can expose weaknesses in a business' cyber defense. Cyber insurance is now essential coverage for any company that wants to safeguard its financial future.

However, there are a lot of misunderstandings surrounding what it is and what is covered by cyber insurance.

General liability insurance rarely covers cyber attacks. This type of policy focuses on normal operational claims. Likewise, business liability insurance usually covers bodily injury and medical payments.

Cyber insurance steps in to protect one of the biggest areas of risk that companies face.

Data privacy (which could also expose clients to risk) should be one of a companies' major concerns. Overall, security matters that result in a hack highlight the urgent need for cyber insurance.

Why Do I Need Cyber Insurance?

In particular, small businesses are an attractive target for cyber thieves. This is because they often have underdeveloped security policies.

Businesses involved with confidential data have an even higher need for online cyber protection. This includes, but is not limited to the storing of customer or client financial information.

For this reason, commercial businesses are at a particularly elevated risk. This is because they handle valuable data that is susceptible to fraudulent use or black market sale.

Remember that it's not only financial information that has value on the dark web. Social security numbers and sensitive client data can be used for fraud, so they may also be stolen and sold.

Consider that if a data incident does occur or your systems grind to a halt, productivity may cease entirely. The daily costs of zero profit can put a company out of business quickly.

You must examine the terms and conditions of your current insurance policies and ensure that it covers you for any changes you make to the way you work. Taking on an increased risk during the pandemic is unwise if these changes fall outside your existing policy scope.

What Does Cyber Insurance Cover?

Cyber liability insurance protects a company from the enormous financial risk of cyber attacks. This is especially important when the attack results in data being compromised.

Indirect costs associated with the aftermath of an attack are also often covered, which can be significant.

Clients and customers will need to be contacted and, most times, provided with a service to monitor their credit. Legal costs are also likely to arise from a notification failure, and it may impose large fines. Clients and customers may also need help restoring their credit, which is usually covered by a cyber policy.

These are just some high unforeseen costs that may arise in the event of a cyber attack.

Cyber online insurance will often cover the costs of identifying weaknesses in cyber defenses. It may also pay for strengthening your system. If your business' brand is hurt by the attack, this type of insurance can also step in to fund the rebuilding of your reputation.

Cyber liability insurance may also help with IT system repair bills and the costs of recovering stolen data.

While first-party coverage protects your business directly, third-party coverage will also protect your legal liability towards clients or customers. Additionally, "Errors and Omissions" (E&O) covers a business that cannot fulfill its contract with a client or customer.

When Should I Get Cyber Insurance?

Before you apply for online protection insurance, you'll want to ensure you are already doing everything you can to limit your risk exposure. The FBI provides excellent advice on what you should know about protecting yourself from common cybercrimes.

Having a backup system that operates in two places (one offsite and another in the cloud) will greatly reduce your data loss chances. This will also prevent your business from being extorted by captive data in a ransomware attack.

Due to the high number of remote employees, the coronavirus has brought about some recent changes and challenges. Companies that had previously kept all their employees behind strict cyber defense protocols now have to adapt.

Transferring data on non-secure home Wi-Fi networks with home computers is inherent with danger.

While adapting to new or informal communication methods, the risk of social engineering has increased. In this kind of attack, criminals research a company and target individual employees. By pretending to be someone within the company (or a client), they can exploit a bond of trust and bypass defenses.

In all the confusion of setting up new workflows under pressure, cybercriminals have taken advantage and got the upper hand. In all these cases above, cyber insurance can prove invaluable to a business' survival during an already tough climate.

Cyber Liability Insurance

We've shown that cyber liability insurance is essential coverage that can reduce your cyber risk exposure. Don't let one data breach destroy the financial health of your company.

If you're a business owner looking for commercial insurance, we can help. We are an insurance agency based in New Jersey, and we provide cyber liability coverage. We've served the needs of businesses since 1955, and we are licensed in nearly 40 states.

Contact us today to request a quote.

by HARRAH

7 Important Reasons to Get Business Income Insurance

When you own a business, you want to make sure that you have the proper insurance in place to protect it. On a basic level, insurance protection can be just liability or worker's compensation. Yet, business income insurance is equally important to have.

Also known as business interruption insurance, business owners should invest in this coverage. If you are unfamiliar with this type of insurance and why it's important, this article is for you. Here are 7 reasons business insurance is important.

1. Help With Lost Income

Getting business income insurance, can be beneficial for several reasons. Yet, the primary reason for business interruption insurance is to have protection from lost income if your business has to close because of an unexpected loss.

The loss can include damage done to the premises of the business by a covered peril. A loss can be considered as anything that hinders or suspends the operation of a business.

For example, say your business experiences a fire. This coverage will replace the net income you would have earned if no loss had occurred. This type of insurance also covers income loss while repairs are being made to the business.

2. Used to Cover Relocation Fees and Expenses

Business income insurance can also help if you need to relocate your business after you experienced a covered loss. This will give you the ability to set up your business at another location so you can take care of your customers.

3. Help Pay Expenses and Cover Payroll

When you are running a business, there are expenses you have to pay so you can operate efficiently. Business interruption insurance will make sure you can pay things like your rental expenses and equipment. It will also make sure you can take care of your employees by covering payroll.

4. Provides Peace of Mind

Another reason to get business income insurance is for the peace of mind it offers. As a business owner, there are so many things to worry about. Having the right protection in place can make the world of difference.

With this type of insurance, you will know that if your business experiences a covered loss your income will be protected.

5. Prevent Permanent Closure

Having business interruption insurance is going to help prevent your business from closing its doors permanently. When a business experiences a catastrophic loss, they tend to shut down for good.

This is especially true if a business is closed for over 30 days. The best way to prevent this from happening to your business is by having business interruption insurance.

6. Protect Future Income

After a covered loss, having business income insurance can help get your business back up and running. It can replace equipment and other property you need to be fully operational.

This means having coverage for your business income could protect future income as well. The reason being you will be able to open your business back up much sooner, compared to if you had to handle the loss yourself.

7. Help Rebuild After a Loss

One last reason you should get business income insurance is it's going to help you rebuild your business after a loss. This insurance will allow you to have access to the resources needed for your business to operate after a loss. This will allow you to rebuild your business to the level it was before.

Things to Consider When Buying Business Income Insurance

There are a few things you want to consider when buying business income insurance. One consideration should be the exclusions in the policy.

This type of policy will not cover viruses such as COVID-19. There are also exclusions around flood, earthquake, or undocumented income. Other exclusions include broken items such as glass and utilities.

Another point to consider is that some business income policies extend coverage for a set amount of time after repairs are completed. You want to make sure that if you do experience a loss you have provisions in your policy that allow you to take care of it.

You also want to consider adding extra coverages to make sure your business interruption policy can meet your needs.

Adding Extra Coverages

Business interruption insurance has optional coverages that you can add with an endorsement. You can get coverage for your utilities, civil authority, and extra expense coverage.

The utility coverage would provide you with protection on your gas, water, or electricity provided by the utility company. Civil authority coverage provides coverage for your lost income if customers aren't allowed to enter the building because of orders from civil authorities. These orders are usually a direct result of physical damage to your property.

The most common coverage period for this is 30 consecutive days. When the optional protection of extra expense coverage is added, you will have coverage for expenses that occurred during restoration.

In the event of a loss, you are responsible for taking the proper steps to reduce or prevent further damage. In doing so you may incur additional expenses. Putting this coverage into your business income insurance policy can be a big help during the rebuilding process.

Business Income Insurance You Can Trust!

With business income insurance you can be sure that you are fully protecting your investment. In case of a fire, hurricane, or other catastrophic loss, you want to make sure your business will be able to survive.

Coverage for business income can be the very thing that can save your business making sure it stays open for years to come. If you are looking to learn more about your options with business income insurance, we can help. Contact us today to learn more!

by HARRAH

8 Crucial Types of Insurance for Restaurants and Brew Pubs

If you currently operate a restaurant or brew pub, or you plan to open one up soon, there's a lot you need to know. Aside from essential business management, marketing, customer service, and cooking skills, you need to be aware of essential types of insurance for restaurants.

The restaurant business can be very rewarding. But serving customers daily, particularly with food and beverages, involves risk. To protect the future of your business, and your personal finances, you need to ensure you have the correct restaurant and business insurance in place.

Wondering what the most important business insurance coverage policies are? Keep reading to ensure you protect your restaurant correctly with these eight different policies.

1. General Liability

One of the most important forms of insurance for your restaurant, or any business for that matter, is general liability insurance. This covers the cost of damage sustained by employees or customers on your property.

If someone were to slip on a wet floor that didn't have a sign near it, they could sue. This policy may also cover the cost of food-borne illness claims by customers.

Also, if the building you are renting for your restaurant sustains damage from fires or other restaurant-related causes, this policy covers that.

2. Business Property

Restaurant properties cost a lot of money. Building a safe, commercial kitchen and outfitting a dining area for your customers requires an investment of time and money.

But countless businesses across the country face property damage every year. The most frequent culprits are fire, wind and hail, and water or freezing damage.

Whether you own the property or lease it, you need to ensure the property is protected from damage.

3. Business Interruption

As much as you'd like your restaurant to stay open every day, the laws of nature don't always agree. There are countless reasons your business can be interrupted.

Natural disasters, such as fires, hurricanes, or floods may make it unsafe for people to leave their homes. Or utilities could have been damaged, preventing your kitchen from functioning. In extreme cases, your city may have been evacuated.

In other instances, like riots or pandemics, you may experience a period of time where you cannot operate your business. Because these factors are completely out of your control, a business interruption policy can cover this.

4. Equipment Coverage

The cost to build a commercial kitchen and fill it with all the necessary equipment is steep. Depending on the size of the kitchen, the volume you plan to serve, and your specific restaurant, a commercial kitchen can range from $25,000 to more than $100,000.

It takes a lot of equipment to run a kitchen, from refrigerators and freezers to ovens, stoves, and everything in between. And if your equipment breaks down or gets stolen, you'll need it fixed or replaced immediately.

Restaurant and business equipment coverage is essential to securing your investment.

5. Cyber Liability

You may not think cyber liability is insurance for a restaurant, but consider this: so much of your business today operates online.

You may have a website where customers can subscribe to your newsletter to receive updates. Or they may be able to place orders online for either carryout or delivery.

And of course, you process hundreds of credit and debit card transactions a day. If your company is breached and any of your customers' information accessed, you can be held accountable. You should consider a cyber liability policy to protect against this.

6. Liquor Liability

Liquor liability is essential insurance for a brew pub, bar, or restaurant serving alcohol. While you cannot control how your customers behave when they consume alcohol, you can protect your business from liability.

A liquor liability policy will protect you in case a fight erupts or a car accident happens as a result of consuming alcohol. Or if a customer consumes too much alcohol and requires medical attention, you will be protected.

7. Business Owner's Policy

A business owner's policy, or BOP, is a convenient business insurance policy that wraps multiple products into one. Most BOPs include both commercial property coverage and general liability insurance.

Because these two policies come bundled together, the package is usually cheaper than purchasing the policies separately. These are intended for small businesses with fewer than 100 employees.

These policies will cover your building and permanently installed equipment. If you are renting the building, it will also cover the cost of improvements you have made to the building. Plus, it can cover the cost of equipment and personal property inside the building.

The general liability portion of the plan will cover bodily injury and property damage. It can also cover advertising injuries sustained.

8. Company Vehicle Coverage

As a restaurant owner, you may need to get around town often.

This could be to pick up specialized inventory that can't be ordered through a supplier. Or maybe you are creating content for a marketing campaign that requires off-site photography. Maybe you offer delivery or catering services.

Whatever the case, you never want to send your employees out in their own vehicles. If they got in an accident or caused damage while on the job, that can spell trouble for you if their personal insurance limits aren't high enough.

On top of that, employees shouldn't need to drive their own vehicles during work hours unless it's part of their job description.

It's best to have company vehicles available anytime you or an employee needs to leave your site. Of course, these vehicles need to be protected with a business auto policy.

Insurance for Restaurants Made Easy

Your restaurant is your labor of love. It's also your source of income and an asset that you can continue to grow, sell, or pass down in the future.

Insurance for restaurants isn't complicated, nor is it expensive. But it's essential for ensuring your restaurant lasts for many, many years to come.

Contact us today at Harrah & Associates Inc. to receive a free quote for all your restaurant insurance needs.

by HARRAH

What Is a Commercial Umbrella Policy and How Does It Benefit a Business?

Insurance for business is a financial cushion for when the unexpected happens. The unexpected, in this case, can be an accident, a natural disaster, mistakes, etc. Unfortunately, your insurer will only come to the rescue if you’re within your coverage limit, so what happens when you exceed it?

If you exceed your coverage limit, you'll have to pay for any costs above the stipulated limit. This could deal a heavy financial blow to your business if it catches you off-guard. Fortunately, a commercial umbrella policy can extend liability coverage for businesses when things go from bad to worse.

This post will look at what a commercial umbrella policy is and why it’s so important for businesses large and small.

What Is a Commercial Umbrella Policy?

A commercial umbrella or excess liability policy is a special type of insurance policy beyond your usual liability coverage. It provides you with extra coverage for costs that exceed your primary liability coverage limits. With a commercial umbrella policy, you don’t have to pay out-of-pocket expenses should you exceed your liability coverage limit.

The commercial umbrella policy covers costs like:

• Legal fees
• Settlements
• Property damage
• Medical costs

Commercial umbrella policy is a staple for large businesses, but small businesses are starting to see its importance. While your standard liability policy covers you for any serious incidents, you need to prepare for when the issue escalates. Taking out an umbrella policy is one way to protect your business when things take a turn for the worst.

How Does Umbrella Coverage for a Business Work?

Businesses purchase standard liability policies like cyber liability and general liability insurance. These policies have limits that the insurance holder must remain within so they don’t pay any extra out-of-pocket costs.

An umbrella policy extends the coverage limits of your liability policies. Most insurers extend coverage to policies you have with other insurers. However, some only offer umbrella coverage for policies taken out within their companies.

When your employee gets into an accident and ends up hurting themselves and also damages private property, the insurer should cover property damage costs, car repair costs, and your employee's medical bill. However, when you crunch the numbers, you realize that the total costs exceed your business insurance policy limit.

Since you also have a commercial umbrella policy, the insurer steps in to take care of the extra costs above your coverage limit. If you didn’t have commercial umbrella insurance, you’d have to pay for all the extra costs. Talk about throwing you a lifeline.

What Does Commercial Umbrella Policy Cover?

A commercial umbrella policy will extend the claims of the following:

Bodily injury- Covers medical and associated costs of an injured employee, customer, or a third-party.

Property damage- Covers any damage that your employees or products cause to someone else's property.

Court Costs- Covers any legal fees in case your company is in a legal tussle. Keep in mind that legal fees are known to skyrocket without warning.

These are just a few examples of what a commercial umbrella policy covers. Note that the type of coverage you get from an umbrella policy depends on your line of business. For instance, if you own a brewery, then your umbrella policy might include liquor liability coverage.

This policy sometimes covers policies that your standard liability policy doesn’t cover. For instance, your umbrella policy can cover advertising injury liability even if you don’t have it as a primary liability policy.

What Doesn’t Commercial Umbrella Insurance Cover?

Contrary to popular thought, commercial umbrella insurance doesn’t cover every type of claim. That’s because some claims would be too expensive, even for an umbrella policy.

Commercial umbrella insurance doesn’t cover commercial property insurance because it’s just too costly. If fire razes down your entire business, the commercial property insurance only covers a fraction of the damage. Covering for repairs and replacement of your commercial property will prove too expensive for the insurer.

This is just an example of a policy not covered by commercial umbrella insurance. Talk with your umbrella insurance provider to find out what policies the insurance covers.

Why Is Commercial Umbrella Insurance Beneficial?

Businesses both large and small can benefit from a comprehensive commercial insurance policy. You don’t need to crash into a neighboring store to benefit from commercial umbrella insurance. Sometimes minor incidences like a slip and fall can do your business in.

While your insurer may cover bodily injury costs, the legal costs may exceed your coverage limits. That means you’ll have to break the bank to pay for the legal and defense fees. If you have a commercial umbrella policy, you can let your insurer handle the legal fees and save your business a nice chunk of change.

Simply put, commercial umbrella insurance is great for all types of business, regardless of niche and size.

Customized Umbrella Policies

Insurers may offer customized umbrella policies for your specific business. You can tailor your umbrella policy to align with your business needs. This is what is known as a custom commercial umbrella policy.

Before you can purchase a custom umbrella policy, your insurer will need the following information from you.

• Details of any previous losses your business experienced
• Your yearly payroll and employee details
• Your company’s financial breakdown
• Information about your company's operations

The above information should help the insurer know how best to craft a customized umbrella policy for your business. Keep in mind that not all insurers offer customized umbrella policies.

Your Business Needs an Umbrella Policy

It’s a good idea to get a commercial umbrella policy for your business to be on the safe side. Whether you own a big or small business, you can never go wrong with an umbrella policy. However, make sure you pick a reputable insurance provider for the best results.

You deserve only the best. Contact us today for flexible and comprehensive commercial umbrella insurance.

by HARRAH