Our Blog

Posted on June 10th, 2025 by admin

If you’ve had damage to your home, filing a claim can feel overwhelming. At Risk Strategies ICNJ, we’re here to make the process as simple and clear as possible. Here’s what you can expect. 1. Start by Reporting the Claim You can report your claim directly through our office or the insurance company’s claims department. If you need your insurance company’s claims department phone number, visit our website at https://www.icnj.com/client-services/.  Once it’s filed, you’ll receive a claim number and be assigned a claims adjuster who will walk you through the next steps. You’ll also get a summary of the process…Read More

Posted on April 14th, 2025 by admin

Commercial property insurance is still available—even in tough markets—but there are more challenges than ever. While location remains a big factor, the story doesn’t end there. The age of the building, how it was constructed, and the materials used also play a major role in both insurance cost and availability. Below are some key questions we hear regularly, along with insights to help navigate the market: What is a catastrophe (CAT) zone? A catastrophe (CAT) zone refers to an area that’s known for frequent natural disasters. Think of places like Florida (hurricanes) or California (earthquakes and wildfires), the Midwest (tornadoes)…Read More

Posted on March 14th, 2025 by admin

Technology plays a vital role in nearly every small business today. Yet, many business owners don’t consider themselves tech experts. You’ve likely heard of major data breaches and cyberattacks, but you may assume hackers wouldn’t be interested in a small business like yours. Unfortunately, cybercriminals specifically target small and midsize businesses because they often lack strong cybersecurity measures. The good news? There are proactive steps you can take to protect your business. Here are five key cybersecurity precautions every small business should implement. 1. Keep Your Website Secure and Updated Many small businesses build their own websites using platforms like…Read More

Posted on February 26th, 2025 by admin

With the increasing reliance on digital devices and online transactions, personal cyber insurance has become more important than ever. Cyber threats are constantly evolving, targeting individuals and families with sophisticated scams, identity theft, ransomware, and other cybercrimes. While businesses have long understood the need for cyber insurance, individuals—especially highly connected and high-net-worth consumers—are now at greater risk and need stronger protection. Why High-Net-Worth and Highly Connected Individuals Are Prime Targets Cybercriminals often focus on individuals who have significant wealth, digital assets, or a high level of online activity. Wealthy individuals, executives, and public figures are more likely to have multiple…Read More

Posted on February 18th, 2025 by admin

Ensuring your commercial property insurance reflects current replacement costs is essential to protecting your investment. Outdated valuations can lead to reduced claim payouts due to certain policy provisions. Here’s what you need to know: Understanding Coinsurance Clauses Coinsurance clauses in commercial property insurance require you to insure your property to a specified percentage of its replacement value, typically 80%, 90%, or 100%. If your property’s insured value falls below this threshold, your insurer may reduce claim payments accordingly. Given recent increases in construction costs due to inflation, many property owners may unknowingly be underinsured. Calculating Coinsurance and the Importance of…Read More

Posted on January 6th, 2025 by admin

Renewing your workers’ compensation policy is an essential part of protecting your business and ensuring compliance with state laws. It’s not just a routine process – it’s an opportunity to review your coverage, make adjustments for any business changes, and potentially reduce your premiums. 1. Start Early and Gather Necessary Information The key to a smooth renewal is preparation. Begin the process at least 60 days before your policy expires to allow sufficient time to evaluate your current coverage, explore other options, and address any discrepancies. Key documents to have on hand include: Payroll records Job classifications for employees Details…Read More

Posted on November 14th, 2024 by admin

For landlords, protecting rental properties goes beyond maintaining the physical structure. Requiring property & liability insurance for tenants is one effective way to add an extra layer of security. But can landlords legally require it, and what are the advantages of doing so? Why Landlords Should Require Tenants Insurance 1. Property Protection Liability insurance provides coverage for a tenant’s personal property in cases of loss or damage due to fire, theft, or other events. This coverage can help tenants handle their losses without looking to the landlord for compensation, ultimately protecting the landlord’s investment. 2. Liability Protection Tenants insurance policies…Read More

Posted on November 5th, 2024 by admin

It’s easy for medical professionals to feel overwhelmed by the jargon and conflicting advice surrounding malpractice insurance. In particular, there’s confusion and misinformation regarding the terms “claims-made” and “occurrence.” Which policy language will best meet your needs? Both claims-made and occurrence coverage have their pros and cons. While some may swear by one over the other, they’re relatively equal. Depending on your role and future plans, one form may be more beneficial to you than the other. A practice owner has different insurance needs than an independent contractor working at multiple locations. The key to wading through the varying opinions…Read More

Posted on September 6th, 2024 by admin

If you haven’t updated the replacement cost values in your commercial property insurance policies, you risk jeopardizing your bottom line if a claim occurs. Here’s why: some policies contain provisions that reduce your claim payout if you have an out-of-date, too-low valuation. To protect your investment, here’s what you need to consider. The coinsurance fine print As you know, coinsurance is a provision in a commercial property insurance policy obliging you to share in the cost of a claim after meeting the deductible. The policy specifies the coinsurance formula and requires you to insure your property to a specified percentage…Read More

Posted on July 17th, 2024 by admin

Lead-based paint in buildings poses serious health risks, particularly for children who may ingest paint chips or inhale lead-contaminated dust. With the New Jersey Lead Remediation and Abatement Program (LRAP), funded by a $180 million federal grant, support is available for removing lead-based hazards from low- to moderate-income households. Here’s what building owners need to know to comply with the new Lead-Based Paint Inspection Law. New Lead-Based Paint Inspection Law As of August 2024, New Jersey’s new Lead-Based Paint Inspection Law mandates that all rental units must be lead-safe before being rented out. This law applies to 1-4 unit residential…Read More