Armored Car Insurance New Jersey Policy Information
Armored Car Insurance New Jersey. If you own and operate an armored car business, you have a lot riding on your vehicles and your staff.
Whether your business only transports cash or you move other valuable items, such as artwork, jewelry, gemstones, precious metals, or pricey electronics, you are responsible for making sure that whatever it is that you move safely arrives at their destinations.
Armored car services transport cash, currency, event tickets, food stamps, gems, jewelry, lottery tickets, stocks/bonds, and other high-valued items for clients. Armored cars are bulletproof, designed to resist robbery, and built to handle temperature extremes.
Drivers and guards are armed. The driver remains in the cab from the time it leaves the garage until its return. The guards are stationed in the rear. One leaves the vehicle to pick up or deliver the valuables as quickly as possible, while the other remains outside to identify possible threats.
The armored car has cameras so drivers can remain in visual contact with the main location at all times. There may be flashing lights, sirens, or heavy-duty bumpers.
Services may be limited to transporting items from one destination to another, or may include pickup and delivery, tally and deposit, and storage on the armored car premises when banking or deposit facilities are not open.
Needless to say, as the owner and operator of a NJ armored car business, you face a lot of risks. In order to protect yourself from those risks, making sure that you are properly insured is imperative. Read on to find out what type of armored car insurance New Jersey you'll need to carry in order to safeguard your armored car business.
Armored car insurance New Jersey protects your cash-in-transit business from lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Why Do Armored Car Services Need Insurance?
No matter what type of items you move, your clients trust you to safely deliver them to their intended destination. Unfortunately, however, no matter how many precautions you take, there is always a chance that something could go wrong.
Because armored trucks are known to carry valuable items, they are often targeted by criminals. In addition to the risk of theft, there's also the risk of accidents. A driver could get caught on a patch of ice, skid out, and damage someone else's property, as well as the property in the truck.
An employee could slip and fall while making a delivery and suffer an injury. A third-party could file a lawsuit against, citing property damage or a personal injury.
The above are just a few examples of the types of risks that the owners and operators of armored truck businesses face.
The costs that are associated with these risks can be astronomical. By investing in the right type of armored car insurance New Jersey coverage, if the unexpected does occur, instead of paying for the related damages yourself, your carrier will cover the expenses for you.
In other words, business insurance can help to prevent you from serious financial losses and possibly even losing your business.
What Type Of Insurance Do Armored Car Services Need?
While the specific type of coverage you'll need does depend on several factors - where your operation is located, the size of your business, the specific items you transport, etc. - there are key types of insurance coverage that all NJ armored car businesses will need. Examples of the most vital policies include:
- Commercial Auto: Whether you own a single vehicle or an entire fleet of trucks, you'll need to carry commercial auto insurance. In the event that one of your armored cars is involved in an accident, the carrier of your commercial auto insurance will help to pay for any related expenses; damages to someone else's property, damages to the property you are transporting, and even medical care that third parties affected by the accident may face.
- General Liability: You'll also need to invest in general liability insurance, which covers third-party accident and injury claims. If a vendor were to slip on a puddle while making a delivery to the office you run your operation out of, suffer an injury, and file a lawsuit against you, this insurance would help to pay for the related expenses.
- Workers' Compensation: Drivers, office staff, and anyone else that works for your company, as an employer, you are responsible for providing your staff with a safe work environment. If an employee is involved in a work-related accident, workers comp will help to pay for the medical care they may require. It will also cover any wages that they may lose if they are unable to work while they're healing.
- Commercial Property: You'll also need to carry commercial property insurance. If the office you make appointments out of or the garage where your armored cars are parked is damaged in a fire, a pipe burst, a storm, or by an act of vandalism or theft, commercial property would pay for the related losses. Not only this policy cover losses to the physical structure of your commercial spaces, but it also covers any items within the buildings that may be lost; office equipment, employee possessions, etc.
The above-mentioned policies are just a few examples of the type of armored car insurance New Jersey you'll need to carry as the owner and operator of an armored car company.
NJ Armored Car's Risks & Exposures
Premises liability exposure is limited because access to the public is very restricted. The off-premises exposure is very high due to the possibility of armed robbery during the pickup, delivery, or transport of cash and other valuables.
Innocent bystanders may be injured during a confrontation between armed robbers and employees. Real or personal property of others may be damaged. All guards must have background checks, licenses to carry firearms, and regular recertification of firearm training.
Guards may be deployed to fill ATM machines, which could result in downtime to the client in the event of improper loading.
Personal injury exposures may include allegations of assault or battery or invasion of privacy.
Workers compensation exposure is severe due to the handling of valuables, which can be heavy and can be targeted by robbers. To prevent back injuries, guards must be trained in proper lifting techniques and provided with hand trucks.
Guards who pickup and deliver money and other valuable items and employees who count money at a central facility must be protected against armed robbery. Due to the potential for injury during attempted robberies, all drivers and guards should have body armor for protection.
Driving and time-schedule pressures increase the exposure to injuries from road accidents. Coin handling and wrapping can result in repetitive motion injury. Guards may suffer from stress due to the possibility of armed conflict and being confined in the back of the armored truck for much of the day.
Pre-employment physicals, including psychological evaluation, should be required. Slips, trips, and falls at the main location can be prevented by excellent housekeeping.
Repair facilities can result in cuts from auto repair tools, burns from welding, and respiratory ailments from inhalation of fuels and other contaminants. Proper safety equipment should be provided.
Property exposure is limited to electrical, heating and cooling systems at the office. Garages used for storing vehicles increase the exposure, particularly if the vehicles are serviced and fueled on premises. Smoking should be prohibited.
Inland marine exposure is from accounts receivable for billings to customers, bailees for the property of others in the service's care, communication equipment, computers, goods in transit, gun floater, and valuable papers and records. Adequate coverage for the high values of cash and other valuable items is generally available only through specialty markets.
Background checks on employees, proper procedures for handling customers' goods, and security during transport and while loading and unloading are all vital in preventing loss. Any storage of cash or valuable items on the premises should be in fireproof and burglar-resistant safes or vaults.
An escort vehicle may be needed if the value of items being transported is extremely high. Guards should verify amounts picked up and delivered with a signature from the client.
Crime exposure is from employee dishonesty, burglary, and robbery. Customers' goods normally will be covered under inland marine forms rather than crime. All vehicles transporting valuable items should be equipped with alarms, cameras, GPS, and two-way communication devices.
Background checks, including criminal history, should be performed on all employees handling money or other valuable items. There must be a separation of duties between persons handling deposits, billing, ordering, disbursements, and reconciling bank statements.
Outside audits should be conducted on a regular basis. If clients' property is kept on premises, security is critical and should include physical barriers such as steel doors and reinforced walls, surveillance cameras, and an alarm system that reports directly to a central station or the police department.
Commercial auto exposure is high. A heavy armored vehicle can inflict extensive damage to another vehicle and its passengers in the event of a collision. Drivers must have appropriate licenses and undergo special training in evasive maneuvering and the handling of the vehicle in heavy traffic and inclement weather.
Vehicles must be equipped with alarms, cameras, GPS, and two-way communication devices. Vehicles must be maintained on a regular basis, with records maintained at a central location. Should a vehicle be damaged in an accident, obtaining a replacement vehicle is expensive.
Armored Car Insurance - The Bottom Line
For more information on armored car insurance New Jersey, speak with an experienced broker who specializes in commercial insurance and understands the unique exposures and high risks that NJ armored car services face.
New Jersey Economic Data & Business Insurance Requirements
If you are considering opening a business in NJ, it is important to be aware of the economic status of that location. It is also important that you are aware of the regulations related to the commercial insurance that you are required to carry.
If you are thinking about starting a business in the State of New Jersey, keep on reading to find out some key information about the economic status of the state, as well as the rules for commercial insurance. With this information, you will be able to put your best foot forward so that you can make the best choices in the Garden State.
Economic Trends In New Jersey
Currently, New Jersey is ranked 46th in the country in terms of its economic position as compared to other state. While the economic growth may be slower in this state than in other locations, this is largely due to the high taxes. Nevertheless, there are still opportunities for entrepreneurs.
There are several industries that are expected to see growth in NJ in the 2022 calendar year. Some of these industries include:
- Information Technology
- Service Industries
New Jersey Commercial Insurance Requirements
The New Jersey Department of Banking and Insurance regulates the insurance industry In NJ. Just like most states in the country, New Jersey business owners are legally required to carry workers comp insurance. If you employ any type of staff, whether it's full-time or part-time, or hourly or salaries, you must carry this type of coverage. You must also provide your employees with disability coverage in the event that they are injured or become ill on the job. Additionally, New Jersey business owners are legally required to carry commercial auto insurance if they use a vehicle to conduct any type of business.
Commercial liability insurance and commercial property insurance are not required in this state; however, it is still a wise idea for business owners to invest in these types of policies. They can offset the costs that are associated with property loss or with any lawsuits that may arise as a result of doing business.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
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