Insurance Blog

Written by: Molly Reynolds (Commercial Lines Protection Specialist)

We conduct so much business online in today’s world. Many things have become so integrated in our daily lives we hardly even stop to think about how much of our information is accessible by the “bad guys” out there. Whether it’s by utilizing credit card machines, or rewards cards that hold our personal information, a hacker can strike at any time.

Commercial insurance is among the most important things that every business should have. If you run a business that is not covered by a commercial policy, you expose your business to risks such as:

• Loss of property in case of theft or accident
• Inability to raise quick finances since most lenders deal with insured businesses
• Having to compensate any person who gets injured while on the premises

As exciting and scary as it is for a son or daughter to drive, it also does not come cheap. Besides the costs of a new or used vehicle, you can also expect your auto insurance premiums to balloon if they join your plan.

Because they are young and untested drivers, teens pay much more for insurance despite making far less money than almost any other demographic. While teens work their minimum wage jobs, often parents end up on the receiving end of these massive premiums.

Running a small business can be complex. There are many decisions to make and regulations to follow. As a business owner, it is up to you to ensure that your business is protected with the right level of insurance.

The insurance system can seem complex, so in this article, we will talk you through the basics of general liability insurance, what it covers, and how it differs from other types of insurance, and where to buy it.

Schumacher is the best insurance agency in Essex County, NJ. Since being established back in 1978, we’ve grown tremendously and learned a lot about the insurance industry over the years.

At Schumacher, we’re dedicated to finding insurance solutions to meet the unique needs of every client that comes through our doors.

Anyone who owns a property or makes a mortgage payment will be aware of home insurance. It’s the insurance you must take out if you want to finance a property – it’s a legal requirement.

If you’re like most people you just accept this as regulation and don’t think twice about it. But, there’s a reason it exists, a reason with a long history that reaches way back to 17th century England.

Starting your own business is exciting and will expand your professional capabilities, but it takes a lot of juggling.

There are so many aspects to starting a new business that it can be overwhelming at first.

You have to manage employees, payroll, marketing, production, and paying the bills, amongst other things.

If you are a contractor in New Jersey, you should know what you are liable for.

If you do not take the time to understand contractor insurance in NJ and why you need it, then you may find that you end up being liable for expenses that you never thought you would be, and this is the last thing that you need.

If you want to find out more, then take a look below.

In 2010, the misuse of alcohol cost around $249 billion in total and alcohol-related accidents are responsible for billions of dollars in damage every single year.

This includes the cost of medical care for anyone who is injured as a direct result of an alcohol-related incident as well as property damage and, as such, is why any business who wants to sell it needs liquor liability insurance.

Today, many of you were hit by Tropical Storm Isaias, and some of you have been left without power and potential property damage.

If you’ve experienced property damage, we want to provide you with what to do next. See below:

Workers’ compensation laws in NJ are designed to provide injured employees with a fixed monetary return.

Insurance coverage applied within this legal framework helps reduce the necessity for lawsuits following an injury, and also affords the employee easier access to necessary compensation.

This allows them to gain adequate medical treatment, wage replacement, or easier access to full-time disability compensation as is appropriate.

More than half of businesses in the US have cyber coverage, but many businesses still procrastinate on obtaining the coverage they need.

Many decision-makers make the mistake of thinking ‘it won’t happen to us’ – but cyber breaches can happen to businesses of all kinds.

As states begin to loosen restrictions and many businesses and individuals are getting back to work, or are at least planning to do so in the coming weeks, we wanted to make sure everyone is prepared as possible.

With that in mind, we compiled a bundle of re-opening information to benefit general workplaces, as well as several industry-specific resources for businesses in retail, hospitality, manufacturing, healthcare and more.

For information on each individual resource, continue reading below.

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Recently, Governor Murphy sketched out the benchmarks New Jersey will have to reach before the COVID-19 lockdown can be lifted. The stay at home order will remain in place until further notice, but the Governor said he expects the timeline for reopening to be measured in weeks, not months.

Condos have become one of the most common options among home buyers in New Jersey and across all the states. When compared to a single-family house, a condominium has various benefits.

First, a condo is a great option, regardless of whether you are starting a family or escaping loneliness. When you own a condominium in New Jersey, you will most likely worry more about the dangers of wild weather than anyone in the other states.

But, the good news is that there is always affordable condo insurance in New Jersey that will help cover the little maintenance.

As the COVID-19 pandemic continues, we wanted to provide some updates on what insurance carriers are doing to help their customers out.

Many carriers are now allowing customers to defer payments or pay in smaller installments, and some personal auto providers are even giving back credits on insurance premiums.

If you have any questions or concerns about your insurance policy, our team is here to help.

You may or may not have heard, but the Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep their staff employed during this difficult period we are all facing. The Paycheck Protection Program will provide 100% federally guaranteed loans to small businesses.

What does this mean for you? While details are still emerging, we do have some information. You can use any bank that offers Small Business Administration (SBA) loans, and these loans may be forgiven if you can maintain your payroll throughout the crisis.

The coronavirus is having a significant impact on the health of people and businesses around the world.

It’s quickly spreading and causing a lot of uncertainty in everyday life and how companies function.

Business owners must find ways to not only stay afloat but also connected during the coronavirus shutdown.

While your customers may be on self-quarantine, you still need to be available to answer their questions and provide excellent customer service.

If there is one thing that we are all subjected to, it’s insurance ads on television.

You’ll see commercial after commercial about car insurance, life insurance for the over-50’s, home insurance in case of fire or flood and car insurance that’s “cheaper than ever before.”

The variety of insurance coverages out there today are vast, and you may also see advertisements talking about insurance “bundling,” which for some people is an entirely foreign concept.

Insurance isn’t always cheap, especially if you have several types to pay for each month, which can add up.

Employment Practices Liability Insurance (EPLI)

As a small business or startup owner, you are in a highly vulnerable position when it comes to claims of wrongful termination, discrimination, harassment and other employment-related issues.

It is vital that you understand all the problems that can arise in such matters, get the appropriate coverage with employment practices liability insurance, and ensure that you have the practices, policies and processes in place that protect your business from allegations and lawsuits.

In this guide, we’re going to explain everything you need to know – let’s take a closer look.

Small businesses must work to tight budgets if they want to remain competitive.

Getting costs down, however, can be a challenge, especially if you pay for all employee benefits, such as health, life, dental, vision, and disability insurance, individually.

Fortunately, group benefits for small business offer a way for small-time entrepreneurs to reduce the cost of providing perks.

But what are group benefits? And how can they help you control costs? Continue reading to find out.

If you’ve asked yourself “Where is the best commercial auto insurance near me?”, well, you’ve come to the right place and you can end your search because the agents at Schumacher are ready to help you out.

Just kidding… or are we?

All jokes aside, finding the right commercial auto insurance for your needs is not an easy task. With so much noise and the power of the internet, agencies and companies that are not qualified can paint a picture of excellence to convince you to trust them for your insurance needs.

What is a data breach? A data breach occurs when hackers gain unauthorized access to personal customer information due to faulty transactions, technological malfunctions, human error and improperly stored or disposed of data.

According to Statista, in 2018 there were 1,244 documented data breaches with over 446.5 million records exposed. While there were more breaches in 2017 (1,632), this was by far the highest number of records exposed (2009 – 222.5 million).

Data breaches can cripple companies of all sizes, from small local businesses to large multinational corporations, particularly if they don’t have cyber liability coverage to protect them.

If you live in a large city or small town, chances are at some point throughout your day you come in contact with a crosswalk, whether it be as a passenger or pedestrian.

How do you react when you come in contact with a crosswalk? As a driver, do you stop and look both ways before continuing your journey? As a pedestrian, do you assume you have the right of way and that drivers are paying attention?

We’ve found that many people, particularly in our hometown of Montclair, New Jersey, don’t know the latest crosswalk laws.

Running a business comes with costs, which can affect your overall profit. Cutting some of these costs is essential to becoming a more successful business.

Commercial auto insurance is a cost that can be very expensive for business owners. Unlike some other business insurance policies, commercial auto insurance is compulsory if you use vehicles for business. On average, it’s a lot more expensive than personal auto insurance – especially if you have multiple drivers to insure.

Fortunately, there are many ways to reduce this cost. Here are a few methods to lower your commercial auto insurance rates, which could allow you to stay covered without spending a lot of money.

There are some fantastic nonprofit organizations in Montclair, New Jersey and they deserve recognition for the positive work they do in our community. That’s why we’re highlighting eight of our favorite nonprofits and describing what they do to help the citizens of Montclair and how they do it. Find out more about them by reading below or watch our video summary!

If you’re a renter in New Jersey, you need renters insurance.

This is a specific insurance that offers renters protection for unforeseen circumstances.

You may not understand who needs NJ renters insurance and what it covers, so allow us to explain everything for you.

There are many NJ homeowners insurance myths and misconceptions that will confuse you. Knowing what’s what in home insurance is a must if you own a home.

A home is likely to be the most expensive thing you’ll ever buy. Having the right insurance policy so you understand what you’re paying for is imperative.

Below, we’ll discuss the top New Jersey homeowners insurance myths and misconceptions to know:

You’ve likely heard the expression:

“April showers bring May flowers.”

While that’s true, April showers also cause flooding.

Is your home protected with personal flood insurance in NJ?

If you own a restaurant, bar, brewery, nightclub, event and show venue, or any space that serves or allows the consumption of alcoholic beverages, it’s important that you have a liquor liability insurance coverage.

This will protect your businesses if a patron harms themselves or others, or causes damages because of alcohol overconsumption.

There are two distinct policy types – Host Liquor Liability and Liquor Liability.

Are you ready to retire, but you’re not sure how to go about it?

You’re not alone.

Planning for retirement can feel overwhelming for both individuals and business owners.

That’s why we’ve put together this list of the most common retirement planning NJ questions (and answers) we receive:

With so many factors to consider, finding affordable auto insurance in NJ can be overwhelming.

Large corporations make it seem simple with their bottomless advertising budgets and catchy commercials, but how do you know if you’re really getting the best deal?

In this article, we’ll outline twelve things to consider to ensure that you get the best price on your auto coverage in New Jersey. If you’re pressed on time, watch our video summary:

Business Owner’s Policy

Business insurance can be complicated. From insuring against fire to employee injuries, it seems like the myriad of risks can be too much to shop for when you are shopping for business insurance. Itemizing these risks one by one and getting insurance for them is one way to go. In New Jersey, for example, you could shop for insurance at an insurance agency for one item and go out of a state of another. You can even go national for some insurances like fire and shop local to New Jersey for others like HIPPA insurance. But most people prefer combining their insurance policies into one convenient policy called Business Owner’s Policy.

There’s no denying that this crazy world has the potential to spring a surprise just when you least expect it. So, whether it’s in business or your personal life, it’s always better to be safe than sorry. Gaining suitable insurance coverage is the best way to provide that financial and emotional safety net. Unfortunately, with so many options out there, finding the right solution can prove to be a hugely daunting challenge. That’s where using an insurance agency comes into play.

When someone enters your retail establishment, there is an unspoken expectation that “common duty” has been taken and that they will be reasonably safe, but, despite the most careful procedures, accidents can happen. When it does, however, you need to be prepared. These are the top accidental claims made by patrons.

As a small business retailer, if someone told you that you needed to protect your business, your mind would likely venture to a number of different tasks. You’d think about ensuring you had the right alarm system installed, or whether your insurance would cover you in the event of a natural disaster— these are the essential protections that most retailers are aware that they need.

UPDATED on 11/30/2018: Business owners know that protecting your operations, building and contents are vital to your livelihood.

Businesses without commercial flood insurance coverage have three basic choices after flood disaster:

• Pay recovery costs out of pocket
• Incur debt (by borrowing money from the government)
• Close their doors

Getting insurance can feel like trying to choose the lesser of two evils.

Not having enough money available in the event of an emergency sounds TERRIFYING.

And paying some faceless corporation hundreds of dollars a month for coverage you won’t ever need doesn’t sound much better.

So what do you do?