The New Jersey Society of Optometric Physicians (NJSOP)
Benefits
The Gandelman Agency is the endorsed insurance agency of The New Jersey Society of Optometric Physicians.
The Gandelman Agency offers NJSOP members the following insurance coverages:
Professional Liability (Errors & Omissions) Insurance
Professional liability insurance, also sometimes referred to as Errors and Omissions, is insurance to protect you and your company in the event a client alleges they have suffered a financial loss as a result of an error or an omission committed by you in the delivery of your professional services.
Professional liability coverage is separate from a General Liability (GL) policy which would cover you mainly for bodily injury or property damage liability.
BOP (Business Owners Package) Insurance
Business Owners Package policy, commonly called a "BOP" contains
many of the insurance coverages needed by most small businesses.
While these policies are not standard, there is great variation
from insurance company to insurance company; there are
certain common elements. The basic BOP offers business
property for both building and contents, and liability
insurance protection for the operation of your business.
This liability protection will generally include both the
operation of your business, at its established location,
and the liability from your products or completed operations.
Some, but not all of the policies, will also offer business
income and extra expense protection after an insured loss.
BOP policies do not contain all of the coverages needed
by a small business. Notably they do not cover any workers'
compensation, professional liability, or business vehicle
coverage.
Workers' Compensation Insurance
Workers' compensation insurance protects employers from claims resulting from injuries to employees. It protects your business from lawsuits and provides employees with compensation for on-the-job injuries.
By law, most employers are required to provide coverage for lost wages and medical bills incurred as a result of on-the-job accidents or illnesses. For many businesses, this coverage is the largest part of its insurance expense.
Auto Insurance
This coverage has two parts. The first is the liability section of the
policy. It covers your financial responsibility for injuring others and
some coverage is required by most states.
The second part covers the car itself: comprehensive coverage
reimburses losses from fire, theft or other perils; collision coverage
pays to repair losses caused by an accident. Often this coverage is mandated
by leasing companies or banks. There are also ancillary medical, car rental
and other coverages which vary by state.
Utilizing high deductibles on the physical damage coverages
can help reduce premiums. If you carry umbrella insurance, you must be
sure that you carry the required amount of basic liability insurance to
avoid a gap in coverage for a serious accident.
Homeowners Insurance
If you have tangible assets, you need the protection of a homeowners
policy. These policies cover you in a home or an apartment, whether you
are an owner or a renter. A well-written homeowners policy will pay to
replace any of your personal property that is destroyed in a fire or other
disaster. The policy will also be your first line of defense against a
lawsuit from someone injured at your home.
The cost of this coverage is determined by many rating
factors. The quality of the coverage, however, is determined by the quality
of the insurer and whether the policy is written on a named perils or
all-risk basis. A named-perils policy covers only those losses specifically
cited in the contract. The all-risk policy works the opposite way -- unless
a peril is specifically excluded, coverage is provided. The all-risk policy
is broader and the burden of proof is on the carrier, not you, in the
event of a loss.
Disability Insurance
Individual Disability Income Protection is a must for a business owner, and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible. As an executive, you should be sure to obtain group coverage if it is available. Only forty three percent of large companies provide group long term disability insurance.
Your chances are even less likely to get long term disability insurance if you work for a small company. The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to qualify medically. If your employer doesn't provide disability insurance then you may want to consider an individual disability policy.
Or, you may need a personal disability insurance policy to supplement an employer group plan. Be sure to check the group provisions carefully: How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?
A typical Individual Disability Income Protection plan starts to pay benefits after you have been off work for 1 to 6 months, and pays benefits for several years or until age, depending on the policy.
Long-Term Care (LTC) Insurance
Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to "spend down" most of your assets on health care.
Life Insurance
Life insurance from The Gandelman Agency can help you secure
your family's financial future by providing the funds they need to:
cover burial expenses, uninsured medical bills, pay off your mortgage
and other outstanding debts, and maintain a comfortable standard
of living.
There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs:
Term Life
Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.
Universal Life
Universal Life is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments - i.e., the more you pay, the less time you will need to pay. Your premiums cover the insurance part also the savings or investment element and the expense part. The stated interest on the investment portion changes along with movement in interest rates; moves in 1/4 % interest steps are typical as banks and other financial institutions make similar moves.
Whole Life
Whole Life Insurance provides permanent protection for the whole of life - from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever cancelled.
These products are continually changing and we can provide you with the latest information and policies available!
Health Insurance
Individual health insurance programs are designed for individuals
and families who cannot obtain health insurance through an employer.
Due to the continually rising cost of medical care, it has become
more important to provide health insurance for you and your families.
The Gandelman Agency offers health insurance programs to individuals
which offer extensive coverage as well as high-deductible programs
which are designed to protect against catastrophic financial losses.
As an independent agency, The Gandelman Agency can provide insurance plans from numerous health insurance companies. With the health insurance market changing frequently, we are always on the lookout for quality, service-oriented insurance companies for our clients.
