What is a Business Owners Policy?

You’ve worked hard to grow your company and you want to ensure it is protected. At Five Star Insurance Agency, we want to help you get the right level of coverage at an affordable price. Here’s what you need to know about buying a business owner’s policy (BOP) for your Fords, NJ small business.

What is a Business Owners Policy?

A business owner’s policy (BOP) is a special type of commercial insurance that combines both business property and general liability coverage. This means you’re covered against situations such as theft of equipment or a guest becoming injured while visiting your location. The benefit of buying this type of insurance is that it is much more cost-effective than purchasing each one individually.

BOPs often feature the ability to add on specific riders to customize your policy, such as extended liability for certain industries or added coverage for advertising liability. It is a great commercial insurance option if you have minimal risk and a pretty standard business model, as most small ventures do.

However, you cannot combine certain types of other insurance into a BOP. Commercial flood, worker’s compensation insurance, commercial auto, and professional liability policies still need to be purchased separately.

Protect Your Business by Having Adequate Coverage

If you’re trying to protect your business and your customers, having the right level of commercial insurance coverage is a great start. While a BOP might not be the only type of policy you need, it is definitely a good start. To find out what other types of insurance you need to carry for your location and industry, talk directly to your trusted insurance agent.

Our team at Five Star Insurance Agency in Fords, NJ wants to help you protect your small business. Please contact our team today to schedule an appointment to discuss commercial insurance coverage.

Do I need condo insurance in New Jersey?

In the Fords, NJ area, the local economy can make it a great place for anyone to own a home. If you would like to purchase a property when you are here, owning a condo could be a good option. As you are shopping for a condo in this area of the state, you should also spend time assessing your condo insurance needs. 

Home Association Will Require Insurance

A reason that you will need to get a condo insurance policy is that it will be required by a home association. Anyone that would like to buy a condo will likely be part of a larger community that will be covered by association rules and documents. Most of the time, these documents are going to include rules and regulations surrounding insurance requirements. Without this coverage in place, you could be penalized.

Mortgage Lender Will Require Coverage

You will also need to get condo insurance because your mortgage lender will require that you get it. Anyone that is going to take out a mortgage when they want to purchase a condo will have to follow all of the rules and regulations that are set forth. For most mortgage borrowers, this means having proper insurance coverage at all times. It is also common for a mortgage lender to escrow your payments each month as it will ensure that you remain covered.

You will want to make sure that you get proper condo insurance when you are in the Fords, NJ area. As you are shopping for a new condo insurance policy here, it would be a good idea for you to call the Five Star Insurance Agency. Those that are going to call the Five Star Insurance Agency will get the support and guidance that is needed to build and choose a new policy. 

How to Choose a Life Insurance Beneficiary

How to Choose a Life Insurance Beneficiary

Let’s start with the basics – what is a life insurance beneficiary? A life insurance beneficiary is a person that receives the monetary payout from the insurance company if you die while the policy is active. Consequently, choosing your beneficiary is a pivotal step in having a life insurance policy because the person receiving the money is likely one of the top reasons that you even want a life insurance policy to begin with. Keep in mind that it may not be possible to choose as many beneficiaries as you want or the exact person that you want. Generally, a life insurance beneficiary can be a spouse, multiple people like your children, an estate, a trust, a charity, or a legal entity like a business that you own. Some insurance companies may place a maximum on the number of beneficiaries that can be named so if you are planning to list your children be sure that they can all be listed. 

Additionally, many policies allow you to also name a primary and contingent beneficiary. A contingent, or secondary beneficiary, receives the life insurance payout if the primary person passes away before you do. When deciding who to choose, it is important to consider factors like does anyone rely on you financially, would you rather have the policy go to a charity then a person, and much more. At Five Star Insurance Agency in Fords, NJ, we can walk you through all your life insurance options so that you find a policy that best supports your loved ones. Whether you have questions about who to name as a beneficiary or whether term life or whole life insurance policy is better, we are the experts to ask. Give us a call today and learn more about how we can support your insurance needs. 

Required Commercial Insurance in New Jersey

Commercial insurance is a type of insurance that covers business. There are some types that are required for businesses in the state of New Jersey. There are others that are smart choices for business owners to carry. If you need commercial insurance, call us at Five Star Insurance Agency in Fords, NJ to talk with an agent. 

Commercial Auto Insurance

Many businesses own vehicles that are used for business purposes. If your business owners one or more vehicles, it’s required that you get commercial auto insurance on them. Not only is it the legal way to protect your vehicles, but it also saves you from having personal insurance not pay for an accident because it’s a work vehicle. If you have a personal vehicle that you use for business but that is not owned by that business, you should get a hired and non-owned policy to cover it. Commercial auto coverage comes with its mandatory minimums of coverage, just like personal insurance does. 

Workers’ Compensation Coverage

This type of insurance pays the medical bills of workers who become sick or injured while they’re on the job. This type of insurance coverage is required by the state of New Jersey for any business that has any number of employees, even just one part-time employee. 

General Liability Insurance

This type is not required but is highly recommended for business owners. It handles a wide range of circumstances that you or your business could be liable for. It’s an extra bit of protection that can certainly come in handy someday. 

If your business needs insurance, don’t wait. Call us right away at Five Star Insurance Agency in Fords, NJ to make an appointment with an agent to talk about your insurance needs. 

Tax Insurance Defined

Owning a business provides an exciting challenge for many individuals, but it also can cause financial uncertainty. The thriving Fords, NJ area offers many opportunities for commercial ventures and Five Star Insurance Agency wants to help you get started. We address many methods and strategies of financial planning, including the vital product, tax insurance.

Tax insurance can help you alleviate financial uncertainty by providing a risk management tool that helps businesses and corporations protect themselves from an investment or property purchase that does not qualify for the tax break for which it was intended.

Think of it as tax credit insurance, but it covers much more. It really covers you for any potential shortfall in tax liability. You may have planned for a specific tax bill based upon historical data figures or used fiscal projections based upon projected sales. These may turn out completely inaccurate if you had great sales or poor sales. A business deal’s value may change, the internal restructuring may not work out as planned, you may not qualify for an investment tax credit, or you may end up the victim of poor tax planning.

A tax insurance policy provides your business the coverage to pay the actual tax including any interest, penalties, taxes payable, the gross-up amounts on insurance proceeds, and your attorney fees and court costs if you need to defend yourself in a tax-related court case such a tax evasion case.

Policies cost relatively little in premiums, so they provide an effective and affordable means of fiscal protection. The policy applies to tax at every government level including local, state, federal plus foreign taxes.

Tax insurance falls within the realm of commercial policies of which there exist more than 40. Many of these you probably have not heard of and tax insurance might be a new term to you. The policy type has existed for many years and many Fortune 500 countries use it as a means of corporate protection of fiscal risk.

While this product traditionally has been used by large corporations, your business can use it regardless of the operation’s size. A solopreneur can use this type of policy as a risk mitigation tool just as effectively as a Fortune 500 company can.

Contact Five Star Insurance Agency serving Fords, NJ to learn more about tax insurance. You can protect your business from unexpected tax liability with this business policy.

How umbrella insurance protects you at home

Umbrella insurance is a personal policy that protects you and your loved ones from financial loss in case of an accident that goes beyond the normal limits in the standard policies. Many people in Fords, NJ are considering this policy because it is all around. That means that you are protected wherever you go–which includes your home. At Five Star Insurance Agency, we understand the value of your home, and that is why we work to ensure that you have enough coverage. 

Here are a few ways umbrella can save the day at home


Umbrella insurance provides major coverages when it comes to lawsuits. Lawsuits in Fords NJ can be particularly expensive and mentally draining. A lot of money, time, and energy is lost, which may limit your power to earn like before. In case you are sued by your neighbor or guest for injuries sustained while at your house, umbrella insurance may help pay the rest of the amount required if your home insurance is not enough.

Property damage

Having children or pets around sometimes means dealing with constant fights with neighbors, which could easily lead to injuries, property damage, and lawsuits. Pets and kids can destroy other people’s property, such as breaking windows or damaging the garden.  When these unfortunate incidents happen, umbrella insurance can help you get things on track by providing extra coverage.


Injuries are common in every home. It is easy to get cut, scratched, hit, or bruised at home by various things. However, the situation can quickly get messy if these injuries are severe. Medical bills can quickly go up and blow your home insurance limits.

Umbrella insurance is designed to add extra coverage when your home insurance is insufficient. At Five Star Insurance Agency, we are all about keeping your finances safe when the unfortunate happens. Feel free to contact us for more information, questions quotes for new policy discussions.

Is Renters Insurance Really Necessary?

If you’re on a budget, you may be tempted to save money by skimping on insurance. Renters’ insurance, however, is essential to protecting your belongings. It also keeps you safe from liability issues that can deplete your finances. If you’re renting a home in Fords, NJ, renters insurance from Five Star Insurance Agency isn’t a luxury, it’s a need.

Understanding Renters Insurance Coverage

Renters’ policies in Fords, NJ offer various types of coverage to protect your interests. Here are just a few:  

Property coverage – protects your personal belongings to include clothing, furniture, electronics, artwork, sports gear, and other items. If any of your goods are stolen or damaged in a covered peril like fire, rainstorm, or tornado, your renter’s insurance will help pay to have them repaired or replaced.

Liability coverage – protects you against liability issues by paying the medical costs of anyone who’s accidentally injured on your rental property. Accidents happen, that’s a fact of life. With liability coverage, you don’t have to cover the cost of accidental injuries out of pocket.

Additional Living Expenses coverage – covers the costs of living elsewhere while your rental home is being repaired after a disaster. This could include hotel bills, dining out, travel expenses, and more.

Who Can Benefit from Renters Insurance?

Anyone that rents a home, condo, or apartment can benefit from the protection that renter’s insurance has to offer. If you own expensive goods, property insurance will protect these valuable investments so you don’t have to replace them on your own in the event of a disaster.

Where Can You Purchase Renters Coverage?

Renters insurance can be purchased at Five Star Insurance Agency. For your convenience, we serve residents in Fords, NJ, and surrounding communities. Call or visit us today for the renter’s policy you need.

Understanding Umbrella Insurance

Most people understand that insurance is necessary to protect you financially from the expenses of accidents or disaster. What many people do not realize, though, is that some accidents and disasters can exhaust an insurance policy. In those cases, the individual is still left financially vulnerable. At Five Star Insurance Agency serving Fords, NJ, we love taking the time to educate our clients on how they can better protect their financial health. Keep reading to learn about umbrella insurance. 

What is Umbrella Insurance?

Umbrella insurance is a type of insurance policy that can be purchased to supplement already existing policies. An umbrella policy can be very flexible and can be customized to each individual’s needs. Basically an umbrella policy is designed to kick in in the event that existing policies do not fully cover the expenses incurred during an incident. This could include auto accidents, liability cases, damage to your home or business as well as others. To best understand how an umbrella policy can protect you, you should sit down with an insurance representative to discuss your options.

Who Needs Umbrella Insurance?

Umbrella insurance can be a good investment for anyone, but individuals with a great number of assets to protect should definitely consider an umbrella policy. These individuals are more at risk of losing financially especially in a liability case. It is also a good idea to get an umbrella policy if you operate a high-risk business or if you use your property for large scale entertaining. Individuals with extensive medical issues may also benefit from this type of policy. 

If you would like to learn more about umbrella insurance, and how it can help protect your financial security, please contact our friendly staff at Five Star Insurance Agency, serving Fords, NJ. We will be happy to answer your questions. 

Is Flood Coverage for You?

As a homeowner in Fords, NJ, you’re aware of the importance of home insurance in protecting your home and goods against theft, fire, storm damage, and other disasters. But are you as concerned about the risk of flooding? Many NJ homeowners are still on the fence about flood coverage. If you’re not sure flood insurance is for you, these flood facts from Five Star Insurance Agency can help you make an informative decision.

Floods Can Occur Anywhere

Floods may occur more often in high flood zone areas, but they can (and have) happened almost anywhere, putting your Fords, NJ home at risk of flooding. Unless you have the financial means of repairing or replacing your home after a flood, you’d do well to protect it with flood insurance.

Home Insurance Doesn’t Cover Flooding  

Your homeowner’s policy may cover interior flooding due to faulty plumbing or a leaky roof. It doesn’t, however, cover flood damage from rising river waters or storm surges. If your NJ home floods due to a hurricane, you’ll be glad you have flood insurance to compensate you for damage.  

Flood Insurance Protects Your Home & Belongings

You can purchase flood coverage to protect your home and belongings. A standard flood policy can protect your home up to $250,000 and your goods up to $100,000 to facilitate your recovery after a flood disaster.

Flood Insurance is Reasonably Priced

If you live outside a flood zone, as many homeowners in NJ do, you can purchase flood coverage at a reasonable price, putting it well within your reach financially. This makes flood insurance a good investment in protecting your home and valuables.

For more information about flood insurance or to purchase a flood policy, contact us at Five Star Insurance Agency. For your convenience, we serve residents in Fords, NJ, and surrounding communities.

How can condo insurance protect me?

If you live in the Fords, NJ area, owning your own home can be a great option. Those that live and own in this area will have a stable place to live and can benefit from rising home prices over time. If you do decide to purchase a home in this area, one great option to consider is getting a condo as they often have fewer maintenance obligations. When buying a condo, it is important to get a full condo insurance policy as it can protect you in several different ways.

Provides Coverage for Liability

One advantage of getting a condo insurance policy is that it can provide you with coverage for liability. When you own your condo, there is a higher level of liability risk compared to other forms of housing. If you live in a condo building with other units below or adjacent to you, a leak or other issue caused by your unit could cause damage to other units. If this occurs, your liability insurance policy will give you coverage for the damage done.

Covers Asset

Another advantage of getting a condo insurance policy is that it can provide you with coverage for your asset. A condo is a valuable asset that will require a big upfront purchase and down payment. When you get a condo insurance policy, you will receive coverage to repair your dwelling if it is damaged. 

Having condo insurance is important for anyone in the Fords, NJ. When you are looking for insurance around here, you should call the Five Star Insurance Agency as soon as you can. When you call the Five Star Insurance Agency, you can learn a lot more about your options. This will help to ensure you get into a quality policy that provides the right protection.