JGS Insurance - Professional Profile
101 Crawfords Corner Road
Holmdel, NJ 07733
Phone (732) 834-9800
Toll Free (877) 547-4671
• Commercial Insurance
• Personal Insurance
• Risk Management
• Preferred Property Program
• Identity Theft
BIO: Jacobson, Goldfarb & Scott, Inc. (JGS Insurance) is an independent, privately owned insurance agency that has provided commercial and personal insurance services to clients in the Metropolitan area since 1919. The two principal owners, Kenneth Hager and Vincent Hager, represent a carefully selected group of reputable and financially sound Insurance Companies. Their goal is to assure that you are receiving the most comprehensive and competitive programs in terms of cost, coverage and service.
You recently relocated and expanded your offices to the new Bell Works complex in Holmdel. What prompted the move?
My brother Ken and I grew up in Holmdel, and when we heard that the iconic Bell Labs building was being re-purposed to create a new and vibrant workplace environment, we wanted JGS employees and clients to benefit from this dynamic “metro-burb” trademark concept. It’s an exciting vision that includes offices, tech and financial companies, restaurants, retail, a day-care center, preschool and a gym, in an interactive indoor campus. Employees are very happy, and it’s an atmosphere that will help us attract new talent. It has been a great move for us.
In view of all the uncertainty over healthcare coverage these days, what are your recommendations for clients?
The healthcare market right now is very fluid, with Congress trying if not to repeal outright, then to dismantle the Affordable Care Act (ACA) piece by piece. A lot of the elements of the ACA are still in place, so it’s important for companies to be in compliance with all the regulations and changes. Our benefits folks are very involved in that, sending out timely notifications and updates so our clients can stay on top of the ever-changing health insurance marketplace.
Can a business owner call you for a review of their current policy? What is the process?
Our normal process would be to do an audit of the existing client’s insurance program, take a look at their exposures, do a gap analysis as far as what they have and what may need to be updated and make recommendations to the owner. We do a really deep dive to look at their program to make sure we’re not leaving anything exposed, and to determine whether they are over-insured or under-insured.
What advice can you give to business owners when it comes to making insurance decisions?
Right now, the message needs to be that in the last quarter we’ve had four Category IV hurricanes impact the United States and territories, making it the costliest insurance quarter in history. We’ve been hearing that the price of coverage will be going up and there will be new coverage limitations put in place. Particularly for coastal exposure, coastal properties could be seeing percentage increases in the double-digits. It’s important for people to look at their programs and decide if they may need to make some cuts in order to stay within their budgets in 2018.
What industry trends do you predict for 2018?
These days security breaches and cyber-crime are happening on the local level, not just with the national companies. Most people do not realize that when an employee leaves their laptop unattended in a public place, or loses a portable USB drive that has customer data on it, this is considered a breach. The company may be legally liable to monitor customer credit reports for a year or two going forward. This can be very costly, but there is cyber-liability insurance available to protect against these losses.
There are also “social engineering” scams like phishing emails through which people voluntarily give their personal data to a scammer. Resulting financial losses are typically not covered under insurance contracts. A social engineering endorsement is a protection that both individuals and businesses may want to consider going forward.