Do I Need Commercial Insurance for My Small Business?

At Five Star Insurance Agency, we help businesses of all sizes in Fords, NJ, and the other areas we serve. From companies that have been expanding for years to small side businesses just starting, we take pride in offering commercial insurance policies that fit various business insurance needs. If you own a small business, you may wonder if your enterprise needs commercial insurance. While every situation and insurance policy is different, we can offer some general guidelines that may help determine whether it’s time to get commercial insurance. 

Does My Small Business Need Commercial Insurance?

If your small business is a one-person show that hasn’t started generating any income, you may be able to hold off on obtaining business insurance. On the other hand, if your small business has at least one employee, New Jersey requires you to have worker’s compensation insurance. This is a type of commercial insurance policy that provides coverage if your employee gets hurt on the job. Even if your business is small, it’s worth calling our office and asking our agents about commercial insurance options that may protect your small business from damage, liability, and more.

Of course, it’s never too early to start researching commercial insurance as a small business owner or even a prospective small business owner. The sooner you begin to nail down potential commercial insurance providers, the better prepared you will be for scaling your business to accommodate a burst of growth. If you want to know more about how our commercial insurance offerings can grow with your business, call our office or stop by Five Star Insurance Agency today. We gladly serve Fords, NJ, and some other areas.

What comes with hiring an income tax professional?

Filing state and federal income taxes is a requirement for all people in the Fords, NJ area. When you are looking to file your taxes, you can find that it is complicated, time-consuming, and stressful. For many, a great option would be to hire a tax professional to provide support. There are various reasons to hire an income tax professional to help. 

Maximize Tax Return

A primary reason to have a tax professional is to maximize your tax return. When you file taxes each year, several credits and deductions can be used to reduce your tax bill. Unfortunately, many people do not know about these and miss out when filling out. An income tax preparation professional will be aware of these and can help you take advantage, which will boost your return. 

Ensure Accuracy

More importantly, an income tax professional can ensure accuracy. The professional will be able to incorporate current tax laws and processes to use the right forms, claim the right items, and ensure all income sources are included. This can ensure you do not have any errors which could be caught in an audit and lead to serious penalization. 

Anyone in the Fords, NJ area will want to take their income tax preparation and filing needs seriously. One of your options is to work with a professional for income tax preparation. When you need support preparing and filing your taxes, calling our team with the Five Star Insurance Agency would be a great idea. Our team here can provide all of the support you need to prepare your taxes and receive the best tax return possible. Our team with the Five Star Insurance Agency can also offer any guidance you need for your personal or commercial insurance needs.

What You Need to Know About Umbrella Insurance

Umbrella insurance can offer greater personal liability coverage than you could get with a standard plan for homes, cars, or even boats. It provides additional protection if someone wants to sue you for damages or injuries. It also covers situations like libel, slander, false arrest, and landlord liability. And if you’re currently looking for umbrella insurance in or near Fords, NJ, contact our Five Star Insurance Agency experts as soon as possible.

In the meantime, here’s what you need to know about umbrella insurance:

  • How it works: Umbrella insurance starts once you’ve reached your standard liability limits or whenever a claim is not eligible for coverage. The claim will go against your primary insurance policy first, and if the primary insurance limit is reached, the umbrella insurance begins to pay out.
  • Who needs it: While anyone could benefit from umbrella insurance, it’s particularly beneficial for individuals who own property, has significant savings, or do things that can increase their chances of being sued, like being a landlord, volunteering, regularly posting reviews online, participating in sports where you could easily injure others, or owning a dog.
  • Coverage: Umbrella insurance generally covers personal injury, property damage, certain lawsuits, and personal liability situations. It can also cover you if an accident happens while traveling abroad or you’re sued for slander or libel. It’s essential to note that umbrella insurance does not cover your injuries or damage to your property.
  • Cost: The cost of umbrella insurance can vary greatly, depending on your personal risk factors (like ownership of homes, cars, boats, rental properties), your location, and the amount of coverage you want. However, in general, umbrella insurance is considered relatively affordable for the coverage it provides.
  • Coverage amount: Umbrella policies start in the million-dollar range and can go up from there. Most insurance companies offer umbrella insurance policies that start at $1 million in coverage, with higher limits available.
  • Underlying insurance requirements: Most insurers require a certain amount of liability insurance on your homeowners and auto policies before they issue an umbrella policy. This is typically around $300,000 or $500,000.
  • Exclusions: Like any insurance policy, umbrella policies have exclusions. Common exclusions might include damages resulting from intentional criminal acts or liability you agreed to assume under a contract.

And remember, if you’re currently looking for umbrella insurance in or near Fords, NJ, be sure to reach out to our experts at the Five Star Insurance Agency today!

Why You Need Renters’ Insurance

Everyone who rents their home must have a renters’ insurance policy at all times. Most landlords require these policies. They will want you to have renters’ insurance so that they won’t have liability for much that goes on in the home. Getting this insurance as soon as you rent your home is essential to protect yourself. There are many risks when renting a home, and this policy will help you prepare for them. Call us at Five Star Insurance Agency in Fords, NJ when you need renters’ insurance.

Protecting Your Belongings

Renters’ insurance doesn’t cover the actual building or portion of a building that you’re renting. That’s coverage for the landlord to have. Instead, it covers what’s inside the residence. When you have this coverage, it can pay for your items to be replaced if they’re damaged in a covered event. These policies cover many different risks. Replacing everything without renters’ insurance would be incredibly expensive. Many renters wouldn’t be able to do so if a serious accident or disaster happened to their things. 

Protecting Your Liability

When you have renters’ insurance, it also protects you against your liability in the home. If someone were injured in an accident in your home, this coverage would pay for the medical bills and other expenses that you would owe. This often includes lost wages and legal fees owed to the injured person. It’s essential to have this coverage in place, even if you don’t think about liability issues very much. This coverage should be there in case you need it. 

Get Your Renters’ Insurance 

To start with a renters’ policy, call us at Five Star Insurance Agency in Fords, NJ.


The Importance of Life Insurance

The Five Star Insurance Agency agents serving the Fords, NJ area offer various life insurance policies. We stress the importance of having a life insurance policy for yourself and others. It will give you the peace of mind and security you and your family deserve.

There are a variety of different types of life insurance policies that you can choose from, so if you pass away unexpectedly, your loved ones will be covered. This will mean they can grieve your death while not having the added stress and figuring out how they will pay the mortgage, car, funeral, or other bills.

Below are the three most common types of life insurance policies you can choose from:

Term Life Insurance

Term life insurance is only effective during the designated term that you decide with your agent when you take out the policy. This means it will only pay a death benefit to your beneficiary if you pass away during the active term. You can renew your policy after the term expires if you choose to do so.

Whole Life Insurance

Whole life insurance includes three different types of insurance: variable life insurance, whole life insurance, and universal life insurance. These types of insurance policies will pay out a certain amount of money to your loved ones when you pass away so that they can use it however they need to during their time of grief.

Universal Life Insurance

By far the most popular choice of the three main types of life insurance, universal life insurance will pay out a death benefit when you die to your beneficiaries. You can also borrow money from this type of policy while you are still alive to be able to pay off bills ahead of time so that your loved ones will not have to worry after you are gone. This will give you a great sense of peace of mind and give you a better quality of life, knowing that your bills are paid off.

Contact Five Star Insurance Agency

To choose the best type of life insurance policy for you and your family, contact the experienced and trusted agents at the Five Star Insurance Agency serving the Fords, NJ area today!

What Does Flood Insurance Cover?

Whether you live in a flood zone or not, flood insurance is vital to have in place if you are a homeowner. You never know when a downpour can cause water to enter your home or basement and cause enormous damage that can cost you hundreds or even thousands of dollars. With flood insurance in place, you will have help in covering any costs of damages to your home or business from a flood.

The flood insurance agents at the Five Star Insurance Agency serving the Fords, NJ area want you to be prepared if a flood does occur. Many people believe that flood insurance is included in their home insurance policy, but that is not usually true. Flood insurance is an amendment added to your homeowner’s insurance policy.

What Does Flood Insurance Cover?

A flood insurance policy can be obtained through your trusted insurance agent and the National Flood Insurance Program (NFIP). You will be able to choose one of two options when it comes to your flood insurance policy.

The first option for flood insurance will assist you with up to a certain amount of money for any repairs you need to make after a flood has caused damage to your home or business. The second option will help you replace your personal belongings lost in a flood due to water damage. This can include furniture, appliances, clothing, and other personal items. Most people opt to include both of these options in their flood insurance policies.

Contact Five Star Insurance Agency

To create the best flood insurance policy for you and your situation, contact the flood insurance agents at the Five Star Insurance Agency serving the Fords, NJ area today!

Do I need to reapply for condo insurance every year?

Wondering if you need to reapply for Fords, NJ condo insurance every year? The good news is that most insurance policies automatically renew each year. However, it’s important to check that your policy covers everything you need and update it as needed.

Stay Up To Date With Your Policy

It’s essential to stay up-to-date with your condo insurance policy to know exactly what is covered in an emergency. Confirming that the coverage and deductible amounts are correct for your current needs is a good idea. If there have been recent updates or upgrades within the building, such as new appliances, these may be included in your existing coverage. It’s also important to review any additions or changes made during the past year, so they are accurately reflected in the policy.

When You Should Update Your Policy

You may want additional riders to your condo insurance policy if you’ve purchased expensive jewelry or artwork. This will ensure that those items are adequately protected in case of theft or other damage. Suppose you rely on your condo insurance for more than just basic coverage (such as liability protection). In that case, it’s worth looking into more comprehensive packages from companies like Five Star Insurance Agency.

Whether you’re a first-time condo owner in Fords, NJ looking for basic coverage or already have an existing policy that needs updating, Five Star Insurance Agency has you covered! Our experienced team of agents will take the time to understand your needs and provide advice on what type of coverage is best for you based on your lifestyle and budget. Contact us today for more information about our range of condo insurance products!

Four Reasons Why Health Insurance is Important

What is Health Insurance?

The cost of in-office doctor visits, telehealth appointments, and preventative health care services can be reduced or eliminated with a health insurance policy from Five Star Insurance Agency in Fords, NJ.

Health insurance covers the cost of emergency and preventative care services for medical and surgical expenses.

Most states require individuals and families to have adequate health insurance to help them cover the cost of emergency health expenses and everyday health expenses.

Four Reasons Why Health Insurance is Important

Nothing is worse than having an unexpected health emergency that results in an exorbitant healthcare bill.

1. Health insurance can help cover the cost of unexpected medical expenses, which can be expensive.

Visiting your primary care physician for regular wellness checks can help improve your overall health and well-being. The best health insurance policies provide ample coverage for wellness checks and preventative health care services.

2. The costs of today’s health procedures, including hospital admission for routine and emergency room procedures, can increase quickly.

Some people have received medical bills for costs and inpatient services like checking for vital signs and taking x-rays that put a devastating strain on their finances.

3. Having health insurance may help you avoid financial ruin in the event of a serious illness or accident.

The introduction of the Affordable Care Act of 2010 changed the laws governing individual and group health insurance rules.

4. America’s ACA requires that most people have adequate health insurance to cover their medical expenses for emergency and preventative care.

New Jersey Health Insurance Quote

When you need a health insurance quote for yourself or your loved ones, the Five Star Insurance Agency insurance experts in Fords, NJ can help! 

What to Know About the Life Insurance Waiting Period

When purchasing life insurance, it is crucial to understand the waiting period in Fords, NJ. This period is an industry-standard that applies to most policies and is designed to protect the policyholder and the insurer. In this post, Five Star Insurance Agency explores what this waiting period is all about and how it may affect you. 

What is a Waiting Period? 

A life insurance waiting period is a specified amount of time that must pass before a policyholder can receive their death benefit. The waiting period usually begins when the policyholder pays their first premium and ends after the last required payment has been made. It typically lasts from 30 days to two years, depending on the type of policy purchased, such as term or whole life insurance. During this period, if your beneficiary were to pass away, they would not be eligible for any benefits related to the life insurance policy. 

Are There Any Exceptions? 

Yes, there are some exceptions where you may be able to receive your benefit early or not have a waiting period at all. These include accidental death policies, accelerated death benefits for terminal illnesses, and simplified issue policies with no medical exam required (which usually have shorter waiting periods).

Additionally, suppose you are purchasing a rider that provides coverage for certain events during your waiting period, such as accidental dismemberment. In that case, those benefits may be available immediately or shortly after purchase.          

If you have questions about the process or need help finding the right life insurance policy, Five Star Insurance Agency is here for Fords, NJ! Reach out today for more information on how we can help get you covered quickly and easily!

Four Most-forgotten basics about home insurance

When you have a business, you should purchase a commercial insurance policy that protects all the facets of your business. Unfortunately, most business owners forget or overlook the basics of commercial insurance. They end up buying a policy that covers them sub-optimally when disaster strikes. The Five Star Insurance Agency in Fords, NJ recounts common basics you should consider when purchasing commercial insurance. This way, you will have a policy that won’t let you down when the unexpected strikes.

Updating your commercial insurance

You should have a second look at your policy at least once a year. This ensures all your current needs are well-covered. However, sometimes you don’t have to wait a year to lapse. If you add assets, increase your workforce, or change your service offering, talk to your insurance agent to update your policy.

Understanding what your policy covers

You can only make the most of your commercial insurance policy if you understand what it covers. Read your policy document to understand the areas covered by your coverage. Also, consult with your insurance agent where you need clarification.

Having an asset list

Relying on your memory when filing a claim after a disaster can fail you. Instead, always keep an updated asset register to simplify your claim process. When a major disaster like hail or fire strikes, an asset list will compensate you for all your losses.

Understanding commercial insurance exclusions

It’s essential to understand what’s not covered by your commercial insurance. This knowledge helps you identify add-ons you can consider to boost your coverage.

Invest in business insurance today!

If you love your business, purchasing commercial insurance shouldn’t be an option. Commercial insurance saves the day when catastrophe knocks on your door. If you want to buy business insurance in Fords, NJ, please get in touch with Five Star Insurance Agency for an affordable quote.