IPA Risk Management, LLC, is a full-service brokerage that serves New Jersey, New York, and surrounding areas. Building lasting relationships with our clients is the goal from the minute we answer your call. We are available to take your calls, answer your questions, and provide you with the right policies for your coverage needs. Protect your interests and assets today with one of the many products offered by IPA Risk Management, LLC. Take a look at some of the insurance products we offer our clients below.
Personal lines are insurance policies that cover losses associated with personal injury, death, and property damage. These lines protect individuals and families from losses that they otherwise would be unable to afford without insurance. Personal lines make it possible to drive a car, own a home, rent an apartment, own a boat, or do just about anything else in life by reducing the risk of suffering a financial loss. Examples of personal lines of insurance include the following:
- Homeowners insurance
- Flood insurance
- Earthquake insurance
- Renters insurance
- Automobile insurance
- Life insurance
- Disability insurance
- Umbrella insurance
- Health insurance
General liability insurance is a policy we write for businesses. This insurance protects your business from claims made by others for personal injury, property damage, bodily injury, and others. General liability insurance also protects your business from claims filed against you for something that is written or said about the claimant.
Commercial property insurance helps to protect your company’s physical assets from fire, broken pipes, vandalism, theft, explosions, and other hazards. For the most part, you won’t see floods or earthquakes covered in this type of policy unless they are specifically added. The cost of a commercial property policy is based on the following factors:
- Construction (made with fireproof materials)
- Occupancy (what is your industry?)
- Fire and theft protection (closest fire hydrant or fire station? Is there a security system or fire suppression system?
Operating a business that utilizes a fleet of vehicles means that you will need commercial auto insurance to protect your company and its employees. This type of insurance provides damage protection for any type of vehicle that is used for commercial purposes. Commercial vehicles require a different form of auto insurance because they are exposed to many more risks than personally-owned vehicles.
Cyber liability insurance has become a popular policy option for businesses of all sizes. This coverage helps to pay the costs of recovering from a cyberattack, data breach, or virus. Cyber liability insurance also protects companies that could face claims as a result of a data breach or cyberattack. If your business stores data in the cloud or collects sensitive information, it is in your best interest to acquire cyber liability insurance.
Business Owners Policies
A business owner’s policy (BOP) combines the protection required for business from all major property and liability risks. Multiple insurance policies are offered in one package when you select BOP for your company. The most common policies rolled into this package include business interruption, property, and liability.
An umbrella insurance policy is common among homeowners and it can also protect commercial properties. An umbrella policy is a form of excess insurance that covers claims made against your business that exceed the limits of your underlying policy’s terms. An umbrella policy can also provide expanded coverage of items outside the terms of the original insurance policy.
If your company manufactures products, it’s vital that you acquire products liability insurance. This insurance protects your company from claims made by consumers who say that your product was defective, malfunctioned, or injured them in any way. Product liability insurance also protects your business from claims that a product caused property damage.
Commercial Package Products
Commercial package policies (CPP) help companies combine coverage for multiple hazards, for example, property risk and liability. This type of insurance policy permits a business to acquire insurance coverage in as flexible a manner as possible. One of the biggest benefits of a CPP is that the business might wind up paying a lower premium for the combined policy compared to multiple premiums when purchasing the policies individually.
Professional Liability/Errors & Omissions
Professional liability insurance (PLI) is a policy purchased most often by licensed professionals, such as doctors, lawyers, and accountants. PLI policies help protect these professionals from claims made by clients or patients based on negligence or malpractice. PLI covers risks that are considered to be abstract, such as errors & omissions in the services provided by your business.
Businesses that employ a specific amount of people are required to carry workers’ compensation coverage. This coverage provides payments to employees who are injured on the job performing an action that fits into the scope of their employment. This type of insurance coverage does not last forever for an employee. It is meant to help them pay their bills and maintain medical care until they are able to return to work.
Contact IPA Risk Management, LLC, Today
Owning a business is not easy. There’s plenty to worry about regarding the daily operations. Put your mind at ease by having IPA Risk Management, LLC, handle the various insurance needs of your company. Call our office at 201.797.1084 in Rochelle Park, New Jersey, to schedule a consultation with a member of our team.
If you didn’t see the type of insurance you need listed, don’t hesitate to reach out as we can write a policy for just about anything. The marketplace for insurance is always changing and very fluid with new coverage for things like cyber liability. Contact us today for more information.