Author: admin

What are the Differences Between Commercial and Personal Auto Insurance?

Posted on by admin

In New Jersey, it’s mandatory for drivers to purchase either a personal or commercial auto insurance policy for their vehicle. The minimum requirements for a standard policy include coverage for personal injury, bodily injury, and property damage. However, there are significant differences between commercial and personal auto insurance that you should understand before choosing a policy.

How Does Commercial Auto Insurance Differ from a Personal Policy?

Commercial auto insurance typically offers higher coverage limits than a personal policy. It also covers employees driving a company vehicle and accidents that occur when a vehicle is used for commercial purposes. Such purposes can include delivering orders to customers, transporting goods for sale at a local market, or visiting prospective clients. For instance, if you create custom T-shirts at home and have a traffic accident while delivering your shirts to a warehouse or local market, a personal auto insurance policy would not cover the accident as the vehicle was being used for commercial purposes. Conversely, commuting to and from your job is covered by a personal policy.

Learn More from Creative Risk Management LLC

It is crucial to ensure you have the right type of insurance coverage for your vehicle. If you’re unsure whether your coverage is adequate or if you want to purchase additional coverage not required by New Jersey law, contact the Creative Risk Management LLC team. We’ll help you navigate insurance policies and select the policy or policy bundle that meets your needs at an affordable cost.

Which Types of Commercial Insurance are Mandatory in New Jersey?

Posted on by admin

Almost all 50 states, including New Jersey, require business owners to purchase at least some form of commercial insurance. If you establish a business in the Garden State and hire one or more employees, you’ll need to secure a worker’s compensation insurance policy. This policy covers on-the-job injuries and compensating your employee for medical bills, lost wages, and other expenses. You also need to purchase a commercial auto insurance policy that includes personal injury protection, liability coverage, and property damage coverage. This policy protects you and any employees who drive your vehicle.

Additional Commercial Insurance Requirements

State law doesn’t mandate you to buy other types of commercial insurance. However, if you took out a loan to purchase a business property or have a mortgage loan on a home that also serves as your business base, you’ll need additional coverage. Lenders typically require you to buy liability coverage and commercial property insurance. If your property is at risk of flooding, you may need to purchase commercial flood insurance. Additionally, businesses that contract with individuals or business entities may need general liability insurance.

Contact Creative Risk Management LLC for Assistance with Commercial Business Insurance

At Creative Risk Management LLC, we specialize in helping New Jersey business owners navigate through commercial insurance options to find the best policies. Our team collaborates with multiple carriers and offers both standalone policies and policy bundles, enabling you to get the best deal at the most affordable price. Contact us to learn about our insurance coverage options or get policy quotes.

Renters Insurance for College Students: Is It Necessary?

Posted on by admin

Attending college in New Jersey can be an exciting experience. A significant part of this experience is living independently or with friends. When you plan to rent a home in this state during college, there are several important factors to consider, including renter’s insurance. There are several reasons why college students should consider getting renter’s insurance.

Liability Mitigation

One important reason to have renter’s insurance when renting a home is to mitigate your liability risks. When you rent a house during college, you risk liability for any guest visiting your property. Given the likelihood of having many visitors during your college years, ensuring you are covered is crucial. Renter’s insurance provides the liability risk support you need in these situations.

Personal Property Coverage

Renter’s insurance is also beneficial as it provides coverage for your personal property. When you rent a home while at college, you will bring many personal assets, including furniture, electronics, clothing, school materials, and other items. In the event of a fire or theft, you could incur a significant personal loss. However, with renter’s insurance, you will receive the support you need to replace or repair these personal assets.

In New Jersey, getting renter’s insurance is always a good idea for college renters. When looking for renter’s insurance during your college years, consider contacting us at Creative Risk Management LLC. Our professionals at Creative Risk Management LLC can provide the guidance you need to create your next renter’s insurance plan.

Benefits of Boat Insurance for Boat or Watercraft Owners in New Jersey

Posted on by admin

The Importance of Boat Insurance in New Jersey

Whether you’re using your boat for work or exploring New Jersey’s beautiful and natural coastline, investing in boat insurance as a boat owner is always recommended. While boating brings joy to outdoor enthusiasts, protecting your investment from diverse risks taken on at any time throughout the year is critical. If you’re a boat owner in New Jersey and looking to safeguard yourself anytime you venture out onto the water, Creative Risk Management LLC can assist you in finding the policy that’s just right for you.

Liability Protection

Boat insurance in New Jersey can offer the liability insurance you need, especially when it comes to property damage, accidents, and personal injuries that are more likely to occur on your boat. Boat insurance can save you from medical expenses and expensive lawsuits associated with boating accidents and injuries.

Damage Protection

A suitable boating insurance policy also protects your boat from damage caused by high winds, storms, and, in certain instances, natural disasters. If your current policy doesn’t cover specific natural disasters in your locality, consider an alternative policy or bundling existing policies with an umbrella insurance solution.

Theft Insurance

Boat insurance can also shield you from potential theft threats, which can affect any boat owner in the state, regardless of location. If your boat or watercraft is ever stolen, you’ll receive the reimbursement necessary to replace your lost or stolen vessel.

At Creative Risk Management LLC, we assist boat owners in New Jersey in maintaining peace of mind while enjoying the water for various activities, such as fishing, swimming, or entertaining. If you’re currently living in New Jersey and want to learn more about the benefits of boat insurance for your boat or watercraft, we’re here to help. Contact Creative Risk Management LLC for further details on the advantages of boat insurance and to find a policy that’s best for your coverage needs.

Who needs to have a full flood insurance policy in New Jersey?

Posted on by admin

When you live in the state of New Jersey and own a home, it will be vital that you get the right type of insurance. A type of coverage you may need to carry is flood insurance. There are a lot of situations when you will need a flood insurance plan when you own a home in this state. 

Those at Risk

In this state, you will need to have a full flood insurance policy when you are at risk of a flood. Being located along the coast and having several other waterways, many parts of the state are at risk of flood damage. Having insurance for the risk is a good idea when this is your situation. A full flood insurance policy will offer your support in these situations.

When Required

There are also situations when you may be required to carry a full flood insurance policy. If your home is located in a designated flood zone and you have a mortgage lender, the bank will likely require you to carry a full flood insurance policy as long as the loan is outstanding. Also, many home associations may require you to carry this insurance to ensure you are able to rebuild your home if it is damaged.

When looking to protect your home in New Jersey adequately, it would be a good idea to consider flood insurance. As you are looking for a new plan here, you can call our team with Creative Risk Management LLC to discuss your needs. Our professionals at Creative Risk Management LLC know the value of this coverage and will offer any support you need to build your policy. 

What is Condo Loss Assessment Coverage, and Why is It Important?

Posted on by admin

Those who live in a condo community share walls and much more with their neighbors. They also share risks and responsibilities, especially concerning insurance coverage. Hence, the importance of having loss assessment coverage in place plays a serious role. Agents at Creative Risk Management LLC in New Jersey explain this coverage here.

What Is Loss Assessment Coverage?

Essentially, loss assessment coverage offers condo owners a safety net when major expenses within the community arise. Damage to common areas like pools, clubhouses, gardens, and lobbies may cost more to repair than the condo association covers, resulting in a special assessment cost from the condo community association (COA) that’s passed onto owners. Loss assessment policies help pay for part or all of these bills.

Why Loss Assessment Coverage is Important

You’ll want this coverage in place to ensure you have the ability to deal with expenses that the COA’s master policy doesn’t or cannot fully fund. These are some common reasons you’d want to invest in loss assessment insurance.

  • Natural Disasters: Should a natural disaster result in common area damage that surpasses the HOA’s coverage limits, this policy can contribute to your part of any financial liability.
  • High Deductibles: If your HOA has a high deductible and should there be a need for expensive repairs, owners might be expected to split the amount among the community. A loss assessment policy helps pay for some or all of your share.
  • Liability Claims: Should the owner, renter, or visitor get injured in a common area and any legal or medical costs exceed the HOA’s policy limits, your loss assessment policy keeps you from getting caught off guard by unexpected expenses.

We’ll Get You Loss Assessment Coverage

Protect your financial interests with a condo loss assessment insurance policy from Creative Risk Management LLC in New Jersey. Contact us today for a quote.

Three Reasons to Update Your Life Insurance Policy

Posted on by admin

If you have people who rely on you for care, help, or support, you want to ensure they’re taken care of if something happens to you. That’s why having a good life insurance policy is crucial for protection and peace of mind. If you’re in the New Jersey area and looking for this kind of policy, Creative Risk Management LLC can help. Here are three of the most important reasons to update your policy.

1. You Have More People Relying on You

When you have additional people to provide for, you may want to make sure your coverage is adequate. Maybe you’ve had a child or need to care for a relative. No matter who’s added to the list or the reasons behind it, the goal is to make sure you can protect them adequately. Adjusting your life policy will increase the protection you can offer them, even if you can’t physically be there to help.

2. Your Career or Financial Situation Changed

Life coverage generally focuses on replacing the support you were providing to your family or others. If your situation changes and you have a different level of support to offer, it’s important to make sure your policy reflects that. That will help ensure that your policy grows and changes along with other areas of your life so you can feel confident in what you’re offering.

3. You Haven’t Updated Your Policy Recently

If you haven’t updated your life insurance policy in a while and are in New Jersey, contacting us at Creative Risk Management LLC is the right choice. Contact us today, and let’s talk about how we can help. Our dedicated agents will work with you on policy updates that increase your security and peace of mind.

What are the risks on not having proper auto insurance?

Posted on by admin

Auto insurance exists to protect drivers and their vehicles on the road. However, many people take a serious risk by skipping car insurance and driving without it. Keep reading this article to learn about the risks of uninsured drivers. 

What Are The Risks Of Driving With No Car Insurance?

  • If you cause an accident, you might be responsible for paying for all the damage and repairs. In some situations, the cost of repairs is higher than the cost of a car. 
  • The risk of losing your license. In most states, it is illegal to drive without proper insurance. There are also states where you can lose your license. New Jersey is one of them. In the Garden State, if you are convicted of driving without proper auto insurance, you will automatically lose your license for one year. 
  • It might be difficult for you to obtain auto insurance in the future. Insurance companies will refuse to sell insurance to anyone with a history of driving without insurance. 
  • Inability to access medical care. If you got involved in an accident and sustained injuries, you might not be able to get adequate medical help. This delay can cause worsening of health conditions and a longer recovery time. 

As you can see, driving without car insurance is dangerous and cause serious consequences. That is why it is better not to risk and buy auto insurance. If you are searching for insurance in New Jersey, Creative Risk Management LLC is here to help you. At Creative Risk Management LLC, we will answer all of your questions and help you find the best policy.

What Industries Need Errors and Omissions Insurance?

Posted on by admin

Most businesses in New Jersey have general liability insurance to cover their operating risks. However, some types of companies need more because of the type of work they do. Such additional coverage is called errors and omissions (E&O) insurance. Buying this type of policy can make the difference between remaining in business if someone sues you and having to fold. Creative Risk Management LLC can give entrepreneurs the advice they need on an E&O policy.

What is E&O Insurance?

E&O insurance is professional liability insurance designed to protect individuals and companies from negligence claims plus inadequate or insufficient work. Those who file claims against professionals indicate that these actions have somehow harmed them. No matter how baseless such claims are, they can cost a company financially and in terms of reputation.  A general liability or a business owner’s policy will not protect you from such events. Your best form of protection is errors and omissions, explicitly addressing these instances.

Who Should Get a Policy?

Anyone who provides advice to others should consider an E&O policy. New Jersey law doesn’t require anyone to buy this coverage.  However, if you are a professional or have a business in any of the following industries, you should consider this coverage:

  • Real estate agents
  • Accountants and financial advisors
  • Graphic designers
  • Advertising agencies
  • Tax professionals
  • Marketing professionals
  • Interior decorators
  • Information technology
  • Architecture and engineering
  • Hairdressers
  • Consultants and freelancers

In addition to defense costs, an E&O policy will help you with claims arising from past services, temporary or actual negligence, libel and slander, and copyright infringement. With a comprehensive E&O policy, you want to have out-of-pocket costs.

If you wonder whether your business will benefit from E&O insurance, contact Creative Risk Management LLC, serving New Jersey, to schedule a consultation.

Insurance Coverage for Appliances and Furnishings Within Your Rental

Posted on by admin

If you’ve recently leased a living space, you’ll likely furnish and accessorize it with items, appliances, and furniture that are significant to you. But what about safeguarding them? Handling theft, vandalism, or natural accidents can be daunting. Protecting the items you own in your rented space with insurance is vital. Let us walk you through the mechanisms of managing risk with our reliable renter’s insurance.

Step-by-step Inventory Management

Start with conducting an exhaustive inventory of your appliances and furnishings. Inspect each possession, noting its condition and value. Consider repairing any damaged items before purchasing an insurance policy. Inventory records act as the foundation for insurance coverage.

Insurance Coverage For Household Items

We recommend seeking insurance coverage for the following significant appliances and furnishings:

  • Washing Machine
  • Dryer
  • Couches and chairs
  • Dining room furnishings
  • Bedroom suite
  • Dishwasher
  • Air conditioners

Your renters’ insurance policy should reflect the current possessions you own. If any items are disposed of or sold, ensure they are removed from your renter’s insurance policy. Your policy will record the value of each insured item and detail your coverage terms.

Claims And Responsibilities

In unfortunate circumstances of theft or damage, you must file an insurance claim promptly. Doing this ensures an immediate start to the claim process and, thus, closer to your coverage payout.

Reach out to Our Team!

Life in a rented space in New Jersey doesn’t have to be daunting when you have Creative Risk Management LLC on your side. With us guiding you on renter’s insurance, you will gain a comprehensive understanding of how to secure your belongings in a leased property. Contact us to learn more about protecting your precious household items.