The Risks Of Not Having Commercial Insurance

BCA Insurance Group in Northfield, NJ is in the business of serving businesses. Commercial insurance sustains businesses and the livelihoods of its owners. The main types of commercial insurance are liability insurance, property insurance, and workers’ compensation insurance. Everything a business owner works for can be lost as a result of physical damage to business property, injury to an employer or a customer, destruction of business data stored in your computer, loss of your business and personal reputation, and costly lawsuits that the business did not prepare itself to face. Commercial disputes are not only time consuming but will alter your life if the outcome is not favorable. You must be prepared for any business crisis.

The commercial insurance instruments would include:

  • Commercial General liability policy
  • Business Owners Policy (BOP)
  • Workers’ Compensation
  • Professional Malpractice Insurance
  • Directors and Officers Insurance
  • Commercial Auto Insurance
  • Cyber Insurance

General Liability Insurance

This should be your first concern when you open your business doors to the public, and this policy is your core insurance to keep your business protected from claims of bodily injury, property damage, medical costs, and data loss. If you own the building which houses the business or rent physical space and has business property such as tables, desks, or computers, considering a Business Owners Policy should be your first venture into commercial insurance.

Business Owners Policy (BOP)?

This policy combines General Liability and Business Property insurance within one policy. General Liability will protect your business from liability claims related to a client who injures him or herself on the property. The business owner is also protected from employee dishonesty which results in harm to a client and property damage as a result of damage from a fire or a flood. 

Before you have a business crisis, contact BCA Insurance Group in Northfield, NJ. Please call for more information and a quote.

How big does a company need to be before you need employee benefits insurance?

Employee benefits insurance can be a tricky issue for small businesses in Northfield, NJ. How many employees do you need before you’re required to carry health insurance under the Affordable Care Act? When do you need to look into worker’s compensation? What if your staff are primarily freelance or family members?

Obviously, you can always get competitive and bring in the best talent if you call BCA Insurance Group right away to get set up with benefits that your competitors aren’t offering. But that might not be an option when you’re just starting out. So as you grow, where are the benchmarks?

The big question is, of course, health insurance. Here’s what you need to know: Under the ACA, you’re generally not expected to carry health insurance for employees until you’ve surpassed fifty people on regular staff. This means that if you run a food truck or small diner, then it’s not a concern just yet. If you can afford it, it’s a great benefit to offer, but it’s not legally required of very small businesses.

As for freelancing, you’re generally not expected, legally speaking, to provide freelancers with benefits. But you have to treat them like freelancers. Let them make their own hours, let them work with other clients, and so on.

There are some other concerns beyond these, but these are the big ones, and the other questions will tend to be industry and business-specific. What applies to a road crew, for instance, won’t apply to a bakery. When you call BCA Insurance Group, we’ll help you to develop an insurance plan that fits your business. Contact our agents for more details.

Basics of Renters Insurance

While you know that as a homeowner, you have to carry insurance to protect your investment. As a renter, though, do you have to carry renters insurance? The answer is yes. While the apartment building’s owner will carry insurance to protect the physical structure, their policy will not cover any of your personal items. So, for an average rate of under $200 a year, New Jersey renters can protect their valuables, furniture, and possessions should the unthinkable occur. 

Renters insurance will cover your personal items from damage or destruction during most events. These can include incidents such as fire, wind/weather damage, or theft or vandalism. Generally, it will also cover damage caused by the apartment’s systems failing such as frozen pipes bursting or electrical damage. Renters insurance policies typically do not cover damage caused by flooding or neglect. It is important to talk with your agent so that you fully understand the coverage limits of your policy. It’s also important that you do a complete inventory of the items that you would like to have covered. Many times, these items are covered even if you are not at home. A typical example would be having your laptop damaged or stolen while you are working in a local coffee shop. Potentially, your policy would pay to replace your computer.

The BCA Insurance Group works with renters in the Northfield, NJ area to ensure that they have the coverage they need. They are ready to answer any questions you may have. Visit our website for general information then visit the team at BCA Insurance Group to get started. For renters in the Northfield, NJ area, we work hard so that you can have the peace of mind in knowing that your apartment’s contents are protected. Call or visit today!

2 Circumstances That Show the Importance of Umbrella Insurance

To help people in Northfield, NJ get a better understanding of what umbrella insurance is, it can be very helpful to take a look at the various ways in which people use this insurance for themselves. At the BCA Insurance Group, we want to make understanding various types of insurance as easy as possible.

So, for now, let’s take a quick look at two circumstances that show the importance of umbrella insurance. 

Example #1:

An insured babysitter spent her time watching three kids over her summer break. To help pass the time and make the summer fun for the kids, she set up a wading pool in the backyard. She goes inside to answer the home’s landline phone while the kids are playing in the pool, and when she comes back out, a dog has bitten one of the children. The child had to have several reconstructive surgeries to repair the damage. The umbrella policy was tapped into, and the homeowner’s received $1 million. 

Example #2: 

An insured couple hosted a party and did not serve any alcohol. One of their friends, however, brought alcohol and passed it around to several guests without the homeowners knowing. A drunk guest left the party and was injured on the way home due to drinking and driving. The couple’s policy responded to the claim and covered all medical expenses of the guy. Even though it wasn’t their fault he was drinking, some of the drinking still took place on their property. 

If you would like to learn more about umbrella insurance and how it works, please contact the BCA Insurance Group serving the Northfield, NJ area today. 

Can You Add Flood Insurance to Any Policy?

Flood insurance and similar supplementary policies are great for keeping your home and other property safe. That being said, you cannot add flood insurance to every policy and knowing what you can add flood insurance to can help with the overall insurance process. For those in Northfield, NJ, BCA Insurance Group can help you find out how you can benefit from a flood insurance policy.

What can I add Flood insurance to?

Flood insurance is first and foremost a supplementary policy. This means that it is something that is not included in most standard insurance. It can be added to a wide range of policies, however, but there are some limitations. For starters, you can only add flood insurance to coverage that you hold. This means you can only add coverage to policies that you are currently paying for. You cannot add flood insurance to a policy that is for a property that you have no vested interest in.

Flood insurance helps to cover a wide range of things. It helps to cover the cost of cleanup, replacement, repair, and even a place to stay while your home or property is being repaired. Flood insurance is something that not all policyholders are going to need. Those that are in the most need of flood insurance are those that live in areas where flooding is common or that are near large bodies of water. If you live in an arid area that never floods or that is miles and miles away from any significant source of water, you are likely not in need of a flood policy. Ask one of our agents to find out if you are in a high-risk flooding area.

For those in the Northfield, NJ area, the agents with BCA Insurance Group can help you to find the supplemental coverage that you need so that you can be covered in the event of a flood. If you live in New Jersey, Pennsylvania, or New York, reach out to our agents to learn how you can get started on a flood insurance policy.

Why Do Deductibles Vary So Much?

The agents of BCA Insurance Group always make themselves available to help their customers make wise financial decisions. Just like in other areas of the country, the residents of Northfield, NJ must choose the amount of deductible they can afford when choosing certain types of health insurance. A deductible is the amount of money the customer is responsible for before their insurance starts to cover the cost of whatever is needed.

Higher Premiums, Lower Deductibles

It’s a common rule of thumb that if you want a low deductible, you will have to pay a higher premium. If you want lower premiums, you are expected to make up the difference by paying higher monthly premiums. This is one of the basic ways that insurance companies make the playing field a bit more level when it comes to who pays the most after an accident or injury.

Know Your Budget

Before you decide on what type of deductible/premium ratio you are comfortable with, take a good look at your budget. Do you have enough in savings to cover a large deductible? Will a large deductible set you back financially if an injury or illness occurs? On the other hand, will it be easier for you to budget for a higher premium than to worry about covering a large out of pocket expense? In most cases, the answer to your question can be found in your budget or an overview of your yearly finances.

If you live in the Northfield, NJ area or any of the surrounding communities, call the agents of BCA Insurance Group and request a health insurance review or evaluation. This will provide you with many of the answers you need concerning the amount of deductible you can actually afford.

How Much Auto Insurance Do You Need?

If you own a vehicle in Northfield, NJ or the surrounding areas, then you hopefully already know that you need to have auto insurance before you start driving it on the road. One of the questions that we get here at BCA Insurance Group most often from people who are in the market for auto insurance is how much they should purchase and how much coverage do they really need. 

The first thing that you want to do when you are searching for auto insurance is making sure that you are at least going to get the minimum amount of required coverage for the state of New Jersey. In this state, it is illegal to drive a vehicle without a minimum amount of coverage. We can help make sure that you are at least meeting this requirement. Once you know you are abiding by the law with the amount of coverage you are considering, you need to make sure that it is enough.

For many people, the minimum amount of coverage may not be everything that you need. You should consider if you can handle the deductible on the policy and if not, you should consider lowering it. If you can, you may want to consider increasing it to save money. You should also make sure you have enough coverage to pay for the cost of the vehicle if it were totaled. 

As you can see, when it comes to purchasing auto insurance, you need to keep two main things in mind: how much you need based on your specific vehicle and personal preferences as well as the minimum requirements that are set forth by the state. If you need to check your current auto insurance policy or if you would like a free quote, be sure to reach out to us here at BCA Insurance Group in Northfield, NJ, serving New Jersey, New York, and Pennsylvania, today. We can help you find the right policy for your needs and will make sure that it fits within your budget.  

My Dog Bit Someone- Who Files the Home Insurance Claim?

At BCA Insurance Group, serving the greater Northfield, NJ area, our customers ask us many questions related to their insurance policies and filing claims. One of the questions that we are occasionally asked is in relation to dog bite claims. If your dog bites someone, you may wonder if you should file the homeowner’s insurance claim or whether they should file it. Here is some information that you need to know if you are in this scenario. 

If your dog has bitten someone, either you or the injured party can file the homeowner’s insurance claim. There is no right or wrong as to who files or does not file the claim. 

In some cases, the injured party will ask you for your homeowner’s insurance policy information to file a claim on their own. In other cases, they may provide you with copies of their medical bills or file a lawsuit against you, in which case you should submit the lawsuit or bills to your insurance company. 

Regardless of who files the claim, a homeowners insurance policy will help to cover the injured parties medical expenses, pain and suffering, and any lost wages that may have been sustained as a result of the injuries due to the dog bite. 

It is essential to be fully protected in the event of an unexpected accident, such as a dog bite claim. Here at BCA Insurance Group, serving the greater Northfield, NJ area, we can help to ensure that your homeowner’s insurance coverage level is set properly, so you are fully covered in the event of the unexpected. Contact us today and let us help you. 

Are You an Entrepreneur? Top Types of Commercial Insurance You Should Have

Being an entrepreneur in New York, New Jersey, or Pennsylvania can be scary, but going out on your own and creating your own business is well worth the work and risk!

Still, there are some precautions that you should take as you open your own business and begin to take in revenue. Most notably, you need to make sure you have the proper commercial insurance. The following types of commercial insurance are essential for new business owners:

Property insurance

Property insurance does what you probably think it does! It covers your personal property, which can include the actual business building you work in as well as your equipment, inventory, computers, and other possessions.

General liability insurance

General liability insurance protects your business in the event that someone attempts to bring a property damage or bodily injury claim against you.

Commercial auto insurance

Do you have a company vehicle? Many companies who transport items or people use vehicles on a regular basis. These companies must have commercial auto insurance as typical auto insurance will not cover accidents and other damages if the vehicle is being used for commercial purposes.

Other types of insurance

Other types of insurance you should consider as an entrepreneur include business owners policy insurance, workers compensation, homeowners insurance, data breach insurance, and professional liability insurance.

Contact BCA Insurance Group for All Your Commercial Insurance Needs

Commercial insurance comes in many forms as you can see. As a business owner, it can be a true challenge when it comes to understanding these various types of insurance and which types you need for your business. At BCA Insurance Group in Marlton and Northfield, NJ, we’re here to help with that.

Just call our office today or feel free to stop by for an in-office consultation. An agent can sit down and lay out your best commercial insurance options for you as soon as today! We look forward to working with you!