Business Insurance

You worked so hard to grow your business to what it is today. Why not protect one of your greatest investments and those you employ with the right business insurance policies?

Business Owners Insurance

Also known as a Business Owners Policy, or BOP, Business Owners Insurance includes liability and property coverage together. This type of coverage is often used by contractors, retailers, restaurants and other types of small businesses. If you are eligible for this type of policy, then it often provides the most cost effective way to purchase the most common coverages needed.

Loss of income if you are forced to shut down for listed reasons is typically also included with a BOP policy. As with most policies, endorsements are available for additional coverage, which may be important based on your type of business, location and other factors.

Commercial Property Insurance

Property insurance covers damage to the building that houses your business, as well as items inside, such as furniture and inventory.

Basic property insurance covers your business against unforeseen losses due to fire, lightning, vandalism and other mishaps. Optional coverage can also be obtained (at additional cost) to cover against less likely events such as earthquakes and floods.

Property policies essentially fall into two groups. A “named-peril” policy will cover certain losses resulting only from causes that the policy identifies. An “all-risk policy” covers any type of loss except for those specified in the policy. The difference is important – one policy specifies what it will cover, while the other identifies losses that it won’t.

Since it’s a good idea to buy insurance based on replacement value, it’s necessary to take stock of your business and list the items that you have, along with their replacement values. Make sure you look beyond the obvious, such as notebook PCs and signs not attached to a building. Once you have the list, decide exactly what items are worth insuring and make sure they are covered by the policy.

Commercial General Liability Insurance

If you want to keep your business safe in the event of claims of property damage or bodily injury, Commercial General Liability (CGL) Insurance is recommended. Common examples include if a patron slips and falls on your premises and they require medical care, or a contractor causes unintentional damage to a customer’s home and repairs are needed.

Other instances include reputational harm such as slander or libel, as well as advertising injuries and copyright infringement. General Liability coverage can help pay for legal defense costs, as well as to pay for settlements in the event you lose a lawsuit.

The Commercial General Liability (CGL) coverage part is used as either a stand-alone policy or as part of a package policy. It provides broad comprehensive liability coverage that eliminates coverage gaps. However, a CGL policy does not protect you against all liabilities. Some common exclusions are: Liability caused by an employee automobile accident while on the job; Liability related to sexual harassment or discrimination; Liability related to your acts as a professional; Liability insurance covered under workers’ compensation laws; Liability related to cyber/network security/data breach. For these, you’ll need additional insurance coverage. We can help you determine exactly what coverage you need.

Commercial Umbrella Insurance

A Commercial Umbrella Policy supplements your existing policies by providing an extra layer of liability protection for your business. This policy can be useful in a worst-case scenario that threatens to shut your business down for good. With the rise in settlement and jury awards in recent years, it is even more critical to review if your business might need an umbrella policy.

It can help cover legal fees and medical expenses once you have reached your standard policy limits. It’s important to speak with a qualified agent to assess your risks and get you the right umbrella coverage based on your type of business and needs.

Condo Association Insurance

Condominium Associations normally provide beautiful communities with a number of different amenities for their residents to enjoy. The management of these associations is many times undertaken by both a property manager and a board of directors made up of residents. To outline the duties and operations of the association, a set of governing documents is created which usually consists of the association’s bylaws and a master deed. No two condo associations are created equal, each has their own unique characteristics. While condo unit owners are normally responsible for insuring their interior space and property, condo associations are responsible for insuring all common areas via a condominium association master policy. Incorporating all these different characteristics into a complex insurance portfolio for the association takes specific experience and industry knowledge.

Our staff has over 100 years of combined experience working with condominium associations. Allen & Stults Co. has been serving the insurance needs of associations since their introduction in New Jersey in the mid-1960s. This experience has taught us that there must be a rigid combination of personal, professional service and an interactive partnership with management, elected leadership and residents of the communities we serve. This is a 24-7 activity.

Non-Profit Insurance

Our agency prides itself on not only our decades of experience in writing insurance for non-profit groups but also our individual employee’s volunteer efforts with local non-profit organizations. Our clientele ranges from small recreational hobby clubs to large corporations with multi-million dollar annual budgets. Each is unique and requires customized insurance solutions to manage their risk.

Fraternal Insurance

You may recognize some of these organizations: Masons, Shriners, American Legion, VFW, and Moose International. These are all examples of fraternal organizations which most of us can find right in our hometowns. All these groups vary differently from their physical assets to their operations. Our agency has been writing fraternal insurance for over 70 years and can help your order design an insurance program specific to your needs.

Automotive Service & Repair Insurance

Garage owners know that shifting gears from being on the shop floor to managing the office is a challenging endeavor. Whether you specialize in transmissions or collision work, our experienced staff will help you develop a portfolio of policies with your type of garage operations in mind. We are here to help you manage your risk so you can get your customers back on the road.

Cyber Insurance

Cyber Insurance is designed to protect your business from the risks it faces simply being connected to and interacting in a digital world. With the advent of ransomware and social engineering fraud, the financial risk to any size or type of business is real. Standard property and liability policies exclude cyber exposures, while some Business Owners Policies may include some limited coverage. A stand-alone Cyber Insurance policy can be tailored to cover your unique risks. That could include damage to your own computers/servers/data by hackers, loss of income resulting from downtime caused by a cyber event, theft of funds via fraud or deception, liability to third parties for failure to secure private information, and many more options. Unfortunately, the cyber criminals continue to evolve and try to find ways to prey on any vulnerable business. The good news is that there is coverage available to protect against most of these risks, and there are many simple tools available to prevent a breach in the first place.