Category: 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. 

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.

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.

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. 

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.  

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. 

Owning a business in the Medford, NJ area can be a great thing. Those that have a business here will benefit from the great local economy and steady population base. When you are going to start a business here, it is essential that you get a proper insurance policy. There are several reasons why you may need to have a full commercial insurance policy. 

Comply with Lenders and Investors

The first reason why you may need to have a commercial insurance policy in the Medford area is if you have taken out a loan or raised capital from an investor. A commercial insurance policy will offer you excellent insurance coverage, including protection for your assets or against liability. Due to this protection that it provides, having this form of insurance is appealing to your lenders and investors as it will protect their investment as well. 

Legal Requirement

Another reason to get a commercial insurance policy is that it could be a legal requirement for you. Those that own a business in New Jersey need to consider their worker’s compensation insurance requirements carefully. Depending on the type of business you have and the number of people you employ, you may need to carry this insurance at all times or face penalization. 

When you are in need of a commercial insurance policy in the Medford, NJ area, it is vital that you get a policy that is right for your organization. Picking a policy can be complicated. Fortunately, when you work with the team at Rock Insurance Agency Inc., you can receive the guidance that you need to pick a new policy. Rock Insurance Agency Inc. can do this by carefully assessing your organization. We can then build a policy for you that meets your needs. 

As a business owner, you want what’s best for your business future. One great way of securing its future is deciding on the maximum insurance protection for it. No business could survive without insurance. At Rock Insurance Agency, Inc., serving Medford, NJ, we help business owners decide on the best protection based on their needs. Here are some ways you can get this protection. 

Consider More than just Liability

No law in New Jersey requires businesses to obtain insurance. However, most of them generally apply for liability insurance. This protects your business against financial loss due to property damage, libel, or slander. Depending on your situation, you might want to consider additional options such as commercial auto insurance, worker’s compensation, or business property coverage. Worker’s compensation is especially vital if you have employees within your business. Commercial auto insurance is different from regular auto insurance in that it protects your company’s car in the event of an accident.

Reassess your Liabilities every year

Your business is bound to grow the more you work at marketing it. When it grows, your liabilities grow along with it. Reassess every new liability you get for your business growth. You can do this by contacting your agent to discuss any new changes that have occurred and how they affect your insurance coverage.

Contact us for your Business Insurance needs

Making sure you have enough protection is very important for your business future. Our agents at Rock Insurance Agency, Inc. are here for you in finding the right protection based on your situation.  If your business is in Medford, NJ, or anywhere in the Tri-state area, contact our office for more information on getting a commercial insurance policy quote today.