Why Umbrella Insurance Is An Asset

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Creative Risk Management LLC offers insurance coverage to New Jersey residents. We strive to make sure that our clients have the coverage they need to protect themselves regardless of the situation. We specialize in offering custom policies.

Why Umbrella Insurance Is An Asset

Umbrella insurance is supplemental coverage that assists you in emergencies. Accidents can happen at any time. In some cases, those accidents have serious consequences. While it’s great to have liability coverage, sometimes that isn’t enough. If you are responsible for a serious accident, your assets may be at risk if you don’t have enough coverage to deal with the charges. That’s why umbrella insurance is important.

Umbrella insurance adds an extra layer of protection if you are involved in a liability dispute. Imagine someone visits your New Jersey home, and they accidentally trip over your rug and hurt themselves. You may be held liable for their injury and responsible for their recovery. If your child and their best friend are in your backyard playing around on the trampoline and your child’s friend is seriously injured, you will be held responsible. During serious situations like these, traditional liability insurance may not be enough. You can rely on umbrella insurance.

Another common situation involves auto accidents. Perhaps you take your eye off the road for a split second. That split second is all it takes for you to end up swerving and hitting someone. If you injure someone with your vehicle or cause extensive property damage, umbrella insurance can help cover your assets if you are involved in litigation. If you have a family pet, umbrella insurance is also beneficial. Perhaps your pet is having a bad day and attacks someone or damages your neighbor’s property. If the injured party pursues litigation, umbrella insurance provides an extra layer of protection.

Creative Risk Management LLC Will Help You Protect Your Assets

Visit our website today to learn more information about umbrella insurance.

What Does Boat Insurance Cover?

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When you want to play, you have to pay, which is why you went ahead and purchased a boat. Boats don’t come cheap. As a matter of fact, some cost as much as your vehicle. That said, protecting your boat against potential mishaps should always be in the back of your mind. But how can you protect your boat? 

One way is to obtain watercraft insurance from Creative Risk Management LLC, serving New Jersey and the surrounding areas. This way, you, your passengers, and your boat will be covered, as shown below.

Bodily injury

Assume you are involved in a boating accident, and you injure a fellow boater or a swimmer. You can imagine the medical costs involved if it’s a severe accident. Fortunately, with boat insurance, medical expenses arising from boating accidents are covered regardless of who is at fault.

Property damage

Similarly, if you cause third-party damage during a boating accident, and you are at fault, your insurance covers for damages up to your policy limit. Additionally, if you are sued for negligence, boat insurance pays for legal costs.

Theft, fire, and some natural perils

Your comprehensive boat insurance protects against damage or loss to your boat. Suppose there is a fire outbreak in your boat. It can be devastating watching your precious investment going up in smoke. Fortunately, boat insurance can compensate for damages to your boat up to the policy limit.

Emergency assistance

When your boat is disabled in the water, boat insurance with an emergency assistance add-on can come to your rescue by providing the services below, depending on your policy.

  • Gas delivery
  • Battery loan
  • On-water towing
  • Minor mechanical repairs

Does boat insurance cover boats only? This is one of the questions often asked by our clients. And the simple answer is no. Boat /watercraft insurance covers several water vessels. Some include:

  • Jest Ski
  • Yacht
  • High-performance boats
  • Fishing boats
  • Sailboats

Boat insurance has been made easy by Creative Risk Management LLC, situated in New Jersey. If you want to purchase one or renew, contact our team, and we shall provide you with the right boat insurance coverage.

Flood Insurance Options in New Jersey

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If you want to know more about flood insurance in the state of New Jersey, you should definitely see what an insurance agency has to offer in terms of information. One place you can go is Creative Risk Management LLC.

If you are a homeowner in the state of New Jersey, flood insurance is not required. However, in some cases, it will be a requirement if you are trying to qualify for a mortgage in an area that is thought to be at a high risk of flooding. You may be near the Delaware River or the Atlantic Ocean, for example. It would be best if you kept in mind that homeowners and renters insurance coverage will not help you when it comes to flood damage. Additionally, costs associated with flooding disasters will hardly ever be reimbursed by the government. This means that if a flood damages your home and you do not have flood insurance, you will have to pay for all the damage out of pocket, which you may not be able to do.

If you happen to live in an area designated a Special Flood Hazard Area and have a mortgage on your home that is federally backed, you will have to purchase flood insurance. An SFHA is an area that has at least a one percent chance of flooding every year. One percent may not seem significant, but over the course of a standard 30-year mortgage, this would mean approximately a one in three chance of flood damage at some point. You should also keep in mind that if you live somewhere that poses a moderate risk of flooding, you may require certain mortgage lenders to purchase flood insurance.

Anyone interested in learning more about flood insurance and how it applies to them in New Jersey should feel free to contact the Creative Risk Management LLC professionals. They will be able to answer any questions that you might have and point you in the right direction regarding what policy might actually be right for you.

How to choose a beneficiary when buying life insurance

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Naming a life insurance beneficiary in New Jersey should be a straightforward process for most people, particularly those with dependents. However, several potential financial, legal, and tax-related problems could occur if you don’t name your beneficiaries correctly. Therefore, it’s critical to find out how you can avoid such potentially expensive mistakes. At Creative Risk Management LLC, we can help you find a policy that matches your needs. We also take you through the entire purchase process to your satisfaction.

Anyone Can Be Your Beneficiary

When it comes to life insurance, choosing who to be the primary beneficiary is entirely your choice. Insurance companies do not have specific regulations on who can be named and who cannot. Therefore, family, legal guardian, trust, charity, estate, or a friend can be named the primary beneficiary.

Have Several Options

When choosing your beneficiary, it is essential to look at the future and the bigger picture. Your options should, therefore, go beyond the kids or a spouse. You can decide who needs your money most and who may not need the money in the future. If you feel your business may need some boost in the next 20 years, you can name the company as the primary beneficiary. You can also name the needy or a nonprofit organization.

Know Why You Are Buying Life Insurance in the First Place

The purpose of your purchase should drive your choice. People buy life insurance for many reasons, such as providing for their families when they are gone, paying their debts, business continuation, and funeral expenses. If you are buying life insurance for your young family, it is wise to name the primary beneficiaries. If it is for improving your company, your partner or manager can be the primary beneficiary.

For more information about life insurance beneficiaries in New Jersey, contact Creative Risk Management LLC today!

What auto insurance do I need in New Jersey

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As a responsible driver in the state of New Jersey, you understand auto insurance is mandatory in New Jersey. If you drive without insurance coverage, you are breaking the law. You are risking fines, suspensions of your license or registration, and you could even spend time in jail. Why take the risk when you can satisfy the law with basic insurance coverage. At Creative Risk Management LLC in New Jersey, we are independent insurance agents, which means we represent many carriers, and we know our loyalty belongs to our customers. 

A standard insurance policy in New Jersey has 15/30/5 coverage. This means it covers $15,000 in bodily injury to someone hurt in an accident where you are responsible with a total of $30,000 per accident. It also includes $5,000 for property damage. It must also include a minimum of $15,000 for injuries to you. This is just the starting point. In fact, New Jersey offers a policy called the basic insurance policy, which offers no bodily injury and $5,000 property damage and personal injury of $15,000. This is intended for young drivers with no family obligations or personal assets. It gives them the insurance they must have to stay legal but not much more. 

If you have a car loan or lease your vehicle, you will need to have collision and comprehensive coverage to protect the vehicle.

For most people, standard insurance is not going to offer adequate protection. Liability is designed to protect you in the event you cause an accident. It doesn’t really protect much if it is only $5000 in property damage, and a car can cost over $20,000. Liability is available up to $100,000 for property damage and $250,000 for bodily injury. 

Contact us at Creative Risk Management LLC to discuss the amount of auto insurance you need to feel protected. We will be happy to answer any questions you may have. 

How will my employees benefit from commercial insurance?

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Starting a New Jersey business can be a lengthy process, particularly if you are not prepared with the paperwork involved. Employees are the most prominent players in your business, and whether you are starting a small business or a large company, you need to make sure you have workers’ compensation. The state of New Jersey also requires you to have commercial auto insurance with minimum coverages in property damage, bodily injury, and uninsured motorist. So how can your employees benefit from your commercial insurance? Creative Risk Management LLC helps you uncover a few ways your employees can benefit from your commercial insurance.

Liability coverages

Every business with employees requires some form of liability coverage. Depending on the type of business you are running or the tasks involved around your company, liability coverage can help you pay for medical bills, pay expensive lawsuits, or income to injured employees while working at your company. Liability coverage also helps protect other people who may visit the business, such as customers and other business people.

Workers compensation

This coverage provides financial support to employees who may become sick or get injured and cannot work. For instance, if an employee gets hit by a falling object at the workplace, workers’ compensation can help cover their medical costs.

Unemployment insurance

Sometimes, employees may need to stop working temporarily or permanently due to injuries they sustained at your business or an illness they acquired while working. If such people cannot work through no fault of their own, this insurance helps provide support to such employees.

There are many ways employers can benefit from your commercial insurance, including retirement accounts, health care plans, pension plans, and even profit sharing. Ensuring that your employees are well-protected is your responsibility.

For more information about commercial insurance, feel free to contact us at Creative Risk Management LLC today!

Will my home insurance policy cover my home if its vacant?

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If you just sold your house, own a vacation house that you stay in during summer, or travel a lot and may need to be away for more than 30 days, you may assume that your typical homeowners’ insurance policy covers you and your home, but does it?

Well, many homeowners are not aware that standard home insurance does not cover a home that has been vacant or unoccupied for more than 30 days. That’s why Creative Risk Management LLC recommends reading and understanding your policy before signing.

What is considered vacant, and what is the difference between vacant and unoccupied?

Insurance companies consider vacant homes as vulnerable to vandalism, fire, and other hazards. For this reason, they define a vacant house as an unfurnished or empty house that you may have moved out of and waiting to sell and an unoccupied home as a semi or a fully furnished home that no one is living in. This could be your summer home or your typical vacation house.

Are vacant homes covered?

Most home insurance policies do not provide coverage to homes that have been vacant or unoccupied for more than 30 days. If you have two houses in New Jersey, your first step is to go through your policy and find out exactly what your policy says about vacant dwellings. If it is 30 days, and you need to be away longer than that, you can always speak to your agent and sign up for an amendment or an add-on that will provide coverage for an extended period. If it is going to be a long time, a separate policy would be the best choice.

Vacant home insurance

If you are away for more than 30 days, say a year or more, you might want to buy vacant home insurance. This is a special type of coverage that protects your home from common perils that affect vacant houses. While it may be costly, it is always worth the peace of mind.

For more information about home insurance in New Jersey, feel free to reach us at Creative Risk Management LLC today!