Whether it’s a small enterprise run out of a basement or a large corporation, a business’s success is largely dependent on hard work and ingenuity. However, no matter how industrious you are, one disaster can wipe out all your profits and even destroy your business. The key to making sure that all the effort and money you have invested in a business doesn’t disappear when a disaster strikes is to protect it with the appropriate insurance.

Insurance companies selling business insurance offer policies that bundle protection from all major property and liability risks in one package. (They also sell coverages separately.) One package purchased by small and mid-sized businesses is the Business Owners Policy (BOP). Package policies are created for businesses that generally face the same kind and degree of risk. Larger companies might purchase a commercial package policy or customize their policies to meet the special risks they face.

BOPs include: (based on information provided by the Insurance Information Institute, Inc.)

Property insurance for buildings; and contents owned by the company: There are two different forms, standard and special, which provide more comprehensive coverage.

Business interruption insurance: This covers the loss of income resulting from a fire or other catastrophe that disrupts the operation of the business. It can also include the extra expense of operating out of a temporary location.

Liability protection: This covers your company’s legal responsibility for the harm it may cause to others.

BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance. You’ll need separate insurance policies to cover professional services, vehicles and your employees

Other coverages available:

Computer Equipment and Software: Provides coverage for  your computer hardware and software in the event that they are damaged due to a  covered loss.  In some cases a deductible  does not apply.

Boiler and Machinery: Provides coverage for heating and  cooling equipment. Losses due to wear and tear and age are not covered.

Earthquake: Provides coverage for damage due to earthquake.  This is a standard exclusion on all policies  and coverage must be purchased if available.

Flood: Provides coverage for rising water. This is a standard exclusion on all  policies and must be purchased as a separate policy.

Glass: Provides coverage for breakage of front glass windows that might be  included in your lease. A deductible applies to this coverage.

Restaurants – Products Liability: Covers you if someone  gets sick from the food in your restaurant.

Workers Compensation (separate policy): Provides lost wages and medical for an employee that gets hurt while working for you. The coverage  must be purchased as a separate policy and is based on the annual payroll.

Employee Dishonesty: Provides coverage in the event that an employee steals from you.

Discounts are available for:

Alarm Systems: Systems monitored to a central station.

Sprinkler Systems: Full sprinkler system with correct grading.

Multi-Locations: Insuring more than three locations on a policy.

Claims Free after 1^st, 2^nd, 4^th years.

At Muller Insurance in Hoboken, our certified professional insurance agents have the expertise to help you secure the best insurance coverage for your business. Our customer service is highly-rated and many of our customers have long-running relationships with us (see our customer reviews at www.MullerInsurance.com).

 

 

 

About Roger J. Muller, Jr.

Overseeing Muller Insurance’s day-to-day operations and always improving how the company can better serve its clients, Roger J. Muller, Jr. is a Certified Professional Insurance Agent (CPIA) with 32 years experience in the insurance industry. He’s a travel agent, Certified Real Estate Appraiser (CREA), Certified Environmental Inspector (CEI), licensed Real Estate Broker and licensed Insurance Agent in the following states: New Jersey, New York, Pennsylvania, Connecticut, North
Carolina, South Carolina, Florida, Maryland, Washington D.C., New Mexico, Arizona, Vermont, Ohio, Delaware, Maine, Georgia, Virginia and New Hampshire. Roger J. Muller, Jr. is a member of Sigma Xi, a lifetime member of the Hudson River Fishing Association, and Shriners-Salam Temple. A graduate of Ramapo College of New Jersey, Muller is a past board member of the Ramapo College Alumni. He has been a member of the Board of the Hoboken Chamber of Commerce Commerce  since 2000 and served as Vice President in 2010.  He is a New Jersey Notary Public and a member of the Young Insurance Agents, NJ. He is a certified member of  the Hoboken Community Emergency Response Team (CERT) that responds to emergencies like building collapses, flooding and acts of terrorism.