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142 Route 70, PO Box 775
Medford, NJ 08055

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Why To Add Workers’ Compensation Coverage in Your Commercial Insurance Policy

Workers’ compensation insurance is something that all businesses should have. This vital coverage is included under the umbrella of commercial insurance. It provides coverage for employees who are injured or become ill as a result of their job. It can also keep your business afloat if you are sued for damages.

However, there are a few things that you should know before you purchase workers’ compensation insurance. Rock Insurance Services in Medford, NJ serving the Tri-State area business is here to provide a guide. 

Even Small Businesses Need Workers’ Compensation Insurance

Some business owners think that they don’t need workers’ comp because they have a few staff or because their employees are not in danger of being injured on the job. However, any business can be sued for damages if an employee is injured or becomes ill as a result of their job.

Workers’ Compensation Insurance Is Required by Law

In most states, businesses are required to have workers’ compensation insurance if they have employees. This includes full-time, part-time, and seasonal employees. The only exception is if the business is owned by a sole proprietor with no employees. In this case, the owner can opt out of workers’ compensation insurance.

You May Need More Than the Minimum Coverage

Sometimes, the minimum amount of coverage required by law may not be enough to protect your business. So, it’s essential to speak with an insurance agent to determine how much coverage you need. This will depend on factors such as the size of your business, the type of work your employees do, and the amount of risk involved.

Workers’ Compensation Insurance Protects Both Employees and Employers

Workers’ compensation insurance is a win-win for both employees and employers. Employees are protected if they are injured on the job, while employers are protected from being sued for damages.

So, if you have employees, it’s essential to make sure that you have workers’ compensation insurance. It could save you a lot of money and headaches in the long run.

Are You Ready to Protect Your Business?

Now that you know a little bit more about workers’ compensation insurance, it’s time to get started on finding the right policy for your business. Remember to keep the above things in mind when shopping around.

Get Coverage For Your Business Today

If you need help finding the right workers’ compensation insurance for your Tri-State area business, contact us at Rock Insurance Services in Medford, NJ today. We’ve got a team of experts ready to answer any questions and help you find the perfect policy for your needs.

Give us a call or fill out our online quote form to get started. We look forward to helping you protect your business!
 

Do I Need Commercial Insurance?

If you are a business owner, it is imperative that you have the proper insurance products in place to protect the investment you have made in both time and money. Rock Insurance Agency can help you make smart insurance choices in Medford, NJ and the Tri-State area. Keep reading to learn more about commercial insurance and how it can help you. 

What Is Commercial Insurance?

Commercial insurance is a type of insurance product that is specifically designed with business owners in mind. There are many layers to running a successful business. It is important that you have insurance protection for each of those layers. 

Instead of having several different types of insurance coverage, a commercial policy will bundle different types of insurance coverage so that you can streamline and save money. 

What Does Commercial Insurance Cover?

A commercial insurance policy can be customized to meet your needs, but in general, a policy will cover the following areas:

  • Property Damage– If your place of business is damaged, your insurance coverage will kick in to pay for repairs or replacement of property or equipment. Without this important type of coverage, you would be paying these expenses out of pocket. 
  • Auto Coverage– If you need to use vehicles in the daily operation of your business, you will need to make sure that both your drivers and the vehicles are protected. A commercial auto policy can provide this. 
  • Liability– When you own your own business you are at special risk of liability. If someone is hurt at your business or because of your goods or services, you could be held responsible for medical bills or legal fees unless you have liability insurance in place. 

Give Us A Call

If you would like to learn more about commercial insurance, please contact us at Rock Insurance Agency serving Medford, NJ and the Tri-State area.

5 Types of Coverage Every Business Owner Needs

No matter what type of business you own, it’s important to have the right insurance coverage. There are various coverage types available, and it can be difficult to determine which ones you need. Rock Insurance Agency, serving Medford, NJ and the Tri-State area is here to navigate this important coverage.

To help you make the best decision for your business, here is what every business owner should consider:

5 Types of Coverage Every Business Owner Needs

1. Property Insurance

If you own a business, chances are you have some type of property, whether it’s a physical location or equipment. Property insurance can help protect your business in the event that this property is damaged or destroyed.

2. Liability Insurance

Liability insurance can help protect your business from claims that may arise from your business operations. This type of coverage can help cover the cost of damages that you may be held responsible for and the cost of legal fees if you are sued.

3. Product Liability Insurance

If you sell products, it’s important to have product liability insurance. This type of coverage can help protect your business from claims that may arise from injuries or damages that are caused by your products.

4. Business Interruption Insurance

Business interruption insurance can help protect your business from lost income if your business is forced to close due to a covered event. This type of coverage can help you cover the cost of expenses, such as payroll and rent, while your business is closed.

5. Professional Liability Insurance

Professional liability insurance can help protect your business from claims that may arise from your professional services. This type of coverage can help cover the cost of damages that you may be held responsible for, as well as the cost of legal fees if you are sued.

Give Us A Call

You should never go into business without being fully protected. The best way to do this is to have the right insurance coverage in place. Rock Insurance Agency, serving Medford, NJ and the Tri-State area, can help you find the right commercial insurance for your business. Contact us today to get started.

How to Choose the Right Commercial Insurance for Your Business

As a business owner, you know that protecting your company is paramount. But with so many different types of commercial insurance available, it can be hard to know which one is right for your business. Rock Insurance Agency, Inc., serving Medford, NJ and the Tri-State area, offers the following guide to navigate this important coverage.

Here are a few things to consider when choosing the right commercial insurance:

1. The Size and Scope of Your Business

The first thing you’ll need to consider when choosing commercial insurance is the size and scope of your business. If you have a small business with only a few employees, you may not need the same level of coverage as a larger company. Likewise, if your business operates in multiple states or countries, you’ll need to ensure your policy covers you in all jurisdictions.

2. The Type of Business You Run

For example, if you’re a manufacturing company, you’ll need to ensure your policy covers any potential liability from your products. On the other hand, if you’re a service-based business, you’ll need to ensure your policy covers any potential liability from your employees.

3. The Cost of Your Policy

Of course, you’ll also need to consider the cost of your policy when choosing commercial insurance. Make sure to get quotes from multiple insurers so you can compare rates. And be sure to read the fine print of any policy you’re considering to know exactly what’s covered.

4. Your Exposure to Risk

Another important factor to consider is your risk exposure. For example, if your business is located in a high-crime area, you’ll need to ensure your policy covers theft and vandalism. Likewise, if you work with hazardous materials, you’ll need to make sure your policy covers any potential environmental damage.

Give Us A Call

As you have seen, there are many factors to consider when choosing commercial insurance for your business. But by taking the time to evaluate your needs, you can be sure to find the right policy for your company. If you’re looking for commercial insurance in Medford, NJ and the Tri-State area, Rock Insurance Agency, Inc. can help. We offer a wide range of commercial insurance policies, so we’re sure to have one that’s right for your business. Contact us today for a free quote.

Does My New Jersey Company Need Commercial Insurance?

Calling all business owners in Medford, NJ — Do you have an updated commercial insurance policy? If you are unsure, the agents at Rock Insurance Agency Inc. recommend looking into it immediately to see what coverage you do have and where the gaps are. 

New Jersey Commercial Insurance 

If you own a business in the tri-state area, commercial insurance is a must for financial security and the protection of any assets within the business. While commercial insurance isn’t required by law in New Jersey, the protection it offers is more than enough reason to make the investment. Rock Insurance Agency Inc. offers expertise and assistance when it comes to selecting the right policy. 

As a business owner, you know there are risks involved in running a business. If you can minimize those risks and protect your business, why wouldn’t you? Commercial insurance is often required by lenders and investors, so you may not have many options in the matter regardless. 

Lastly, if you have a certain number of employees that work for your business, you will need worker’s compensation insurance (also depending on the type of business you have). This type of insurance protects a business in the event that an employee becomes injured on the job. 

By now, you probably understand how important commercial insurance is for any business. While it may not be required in Medford, NJ, the benefits and protection it offers are more than worth the price. If you aren’t sure where to start with this type of insurance for your business, contact Rock Insurance Agency Inc. today. Selecting the right policy can be stressful and confusing, and our agents are more than capable of selecting the best policy for you. 

What is a Business Owners Policy?

Business owners’ policies (BOPs) are insurance covers created to provide a broad spectrum of insurance coverage against many risks that often plague small to medium-sized businesses. Typically, the BOPs contain bundled general liability and commercial property coverages into one package that is usually affordable than acquiring single coverage policies.

These policies also cover business interruption risks, and they can protect your business from potential income loss. The cover also protects the policy holder’s business whenever staff or clients sue because of personal harm. The covers are ideal for small and medium businesses. But they sometimes bundle unnecessary cover options that aren’t required by some businesses.

Commercial Property Protection

The property coverage element of the BOP protects different kinds of property, including:

  • Commercial premises defined in the policy’s declaration and equipment installed at the premises
  • Any tenant improvements on the declared commercial premises.
  • Property belonging to renters but stationed on the premises
  • Business personal property within the premises

General Liability Protection

The BOP also protects third parties through its third-party liability cover that caters to:

  • Advertising and personal injury liability
  • Property and bodily injury liability
  • Medical payments coverage for any injured individuals with a valid claim

Extra BOP Coverages

The BOP also contains some more coverages that expand its scope of protection, and some coverages include:

  • Electronic data breaches protection
  • Civil authority coverage
  • Mold damage coverage
  • Accounts receivable protection
  • Computer systems interruptions coverage
  • Valuable papers coverage

Get a Business Owners’ Policy Today

Are you a Medford, NJ resident, and you’d like to get a business owner’s policy? If so, visit Rock Insurance Agency Inc. to get your BOP. At Rock Insurance Agency Inc., we provide updated business owners’ policies to Medford, NJ, residents. Check out our website to learn more.

Business insurance options for small businesses in Medford, NJ

Starting a small business in Medford, NJ comes with the same risks and challenges as starting a large company. The only difference is the volume of those challenges and risks. Buying insurance to protect your business and your employees is the first step towards productivity and profitability.

However, you need to know which policies are essential for your business and which ones are not. If you’re not sure, Rock Insurance Agency Inc. can help you select and walk you through the process of buying commercial insurance. Here are a few essential policies to consider:

Professional liability insurance

Whether you’re selling a commodity or offering services to your clients, you need to have professional liability insurance. Also known as errors and omissions insurance, this coverage protects you from being sued for damage or harm that results from failure or mistakes.

Property insurance

Whether you own or lease your business premises, you need to have a form of insurance that protects your walls in case of fire or disaster. This coverage also covers your business property, including the goods stored in the building, furniture, equipment, signage, and everything else. Note that floods and other mass destruction like earthquakes are not covered.

General liability insurance

Every business in Medford, NJ, needs general liability insurance, whether running a small-home-based business or just starting a small shop with no employees. The coverage pays for defense fees if you’re sued and damage caused to other people’s property. It also covers your employees and products if they have been found to cause bodily harm to other people.

Every business needs insurance, no matter how small it is. If you are unsure which commercial insurance policies to buy, our experts at Rock Insurance Agency Inc. can help you select coverages based on your industry and type of business. Book your appointment with us today.

How commercial insurance can save your small business

Being a small business owner comes with risks. Different types of businesses have different risks. Commercial insurance is not one product but a combination of products designed to mitigate risks your particular business faces. A restaurant won’t have the same risks as a construction business or a small machine shop. At Rock Insurance Agency Inc. in Medford, NJ, we believe getting to know our commercial clients personally helps us to design the policy they need to save their small business from the results of all the risks out there. 

A peril hit your business.

It happens. There are so many perils out there. If one of them hits your business, it could cause your ability to function to cease. That would be very bad for a small business. With the correct commercial property insurance, you would be able to repair your business location. It can help repair the building and the other things you need to do business, replace machinery, inventory, and raw materials. It could certainly save your small business. 

You need to pay your bills.

When a covered peril hits your small business, your income will cease. Unfortunately, your bills won’t stop. Your business has financial obligations that must be met. Business interruption insurance can make the difference between closing your doors permanently and being able to survive. It can provide funds to pay bills, rent, payroll, and other necessary expenses you normally get from revenue. 

Legal action against you

Small businesses are easy targets for legal action. It can be from someone injured visiting your business, an unhappy client, or even a disgruntled employee. Commercial liability insurance can pay for a judgment and also for legal expenses. If you had to pay these fees out of pocket, your business might not survive. 

Contact Rock Insurance Agency Inc. in Medford, NJ for all your commercial insurance needs. 

Commercial Insurance Myths Small Business Owners In New Jersey Should Avoid While Researching Policies

For over 15 years, Rock Insurance Agency Inc. has served the Medford, NJ community by helping people find the insurance coverage they need to protect their assets. We try to help our clients find multiple solutions to their problems. As an independent agency, we can offer our clients flexible policies.

Commercial Insurance Myths

A big part of the Medford, NJ economy thrives on the success of small businesses. If you are a small business owner, commercial insurance can help you secure your business’s future. The policy protects you if your property suffers any damages or if your inventory is vandalized. Liability coverage protects you if a patron gets injured while they are visiting your business. Workers’ compensation helps you take care of your employees if they are injured in the workplace while also protecting your business. Avoid some of these common commercial insurance myths while you research different policies.

Giving Advice Is Harmless

In most situations, giving advice is harmless. However, commercial insurance can cover you if someone alleges slander or negligence based on the advice that you give them. So while giving advice is relatively harmless, you still need coverage in case something is misinterpreted.

I Can Rely On My Umbrella Policy

Your umbrella coverage does not fully protect you if a situation arises. Umbrella coverage acts as a safety net on top of traditional coverage. The only way to fully secure your business is through a commercial insurance policy.

I Don’t Have To Cover My Vehicle

Many people believe that any vehicle used for business-related purposes is fully covered through a traditional auto insurance policy. If you are involved in a collision while driving one of your business vehicles, you will not be protected unless you have a commercial auto policy.

Rock Insurance Agency Inc. Will Help You Protect Your Investment

Visit our website today to learn more information about commercial insurance.  

Do I Need Commercial Insurance for a Part-time Business?

A part-time business that you decided to start can be an exciting prospect. However, there is one common question that most part-time business owners ask themselves: "Do I need commercial insurance for it?". The answer is "Yes." Rock Insurance Agency, Inc., serving clients from Medford, NJ and other surrounding towns, has prepared the list of main reasons why commercial insurance is vital for part-time businesses: 

Your home insurance does not cover your part-time business.

If you decided to store your tools and equipment in your house, it would not be covered by home insurance because it is used commercially. Also, if they cause damage to your home, most likely, you will not be covered. 

Your car insurance does cover you. 

If you drive for business purposes, you should know that your auto insurance will not cover you. If you have a vehicle registered in your company’s name, you need to purchase commercial vehicle insurance to protect it. 

You need liability coverage for business operations.

Even though your auto and home insurance provide some personal liability protection, they will not cover anything related to your business. There are several types of liability insurance, and your choice depends on the products you sell or the services you offer. The most common types of liability insurance include commercial general liability insurance, professional liability insurance, cyber liability insurance, director and officers insurance, and product liability insurance. 

If you are starting your new part-time business in Medford, NJ, or surrounding areas and you have questions about part-time commercial insurance, the agents of Rock Insurance Agency, Inc. will be glad to provide you with all the necessary information. Visit our website or give us a call to discuss the options available.