Who Needs Errors and Omissions Insurance?

Business owners in Oakland Park, FL, can face a lawsuit anytime. Yet, if your business gives any advice to customers, you have an additional risk if those individuals to whom you provided consultations are unhappy with the results of your expertise. While general liability can protect you somewhat, eAdvisorPro Property & Casualty LLC can explain how errors and omissions insurance can provide an additional layer of protection.

Protections Provided by Errors and Omissions Insurance

E&O insurance is also called professional liability insurance. It helps pay legal costs if a customer sues you. Even frivolous lawsuits can become expensive. It can also pay for losses your company may incur from a claim. Errors and omissions cover the following:

  • Negligence
  • Misrepresentation
  • Errors or omissions in service provided
  • Faulty advice
  • Violation of good faith or fair dealing

Although Florida doesn’t require this coverage, experts strongly recommend considering a policy.

What Industries Benefit from E&O Insurance?

If you advise customers and regularly handle confidential information, you should consider an errors and omissions policy. Professionals who can benefit from a policy include:

  • Real estate professionals
  • Accountants, tax preparers, and financial advisors
  • Graphic artists and designers
  • IT professionals
  • Interior decorators
  • Advertising agents
  • Marketing professionals

Independent consultants and freelancers may also want to consider a policy as, most likely, the company they work for will not protect their mistakes.

How Much Errors and Omissions Coverage Do I Need?

The amount of your coverage depends on several factors, including the types of risks you face, any claims history, your business size, and your daily operations. Most E&O policies have economic premiums.

Let eAdvisorPro Property & Casualty LLC, serving Oakland Park, FL, and surrounding areas, help you determine how much E&O your company needs. Contact our office to get started on a policy.

Ensuring Production Continuity: Commercial Insurance for Manufacturers

Manufacturers are the backbone of many industries in and around Oakland Park, FL, producing the goods and products that drive economies and meet consumer demands. Commercial insurance tailored to the needs of manufacturers is crucial for ensuring production continuity and mitigating potential setbacks.

The Significance of Commercial Insurance

Commercial insurance is there for the protection of businesses from various risks specific to their operations. For manufacturers, it is not merely a financial safeguard but a strategic asset that safeguards investments, assets, and production continuity.

Key Benefits of Commercial Insurance for Manufacturers

  • Property Coverage: Manufacturing facilities are equipped with expensive machinery and equipment. Commercial insurance protects against losses due to fire, theft, vandalism, or natural disasters. This coverage ensures that manufacturers can repair or replace essential assets swiftly.
  • Liability Protection: Manufacturers interact with suppliers, employees, and consumers daily. Liability insurance covers potential claims related to accidents, injuries, or property damage that may occur on-site or due to products. It safeguards manufacturers from costly legal actions and settlements.
  • Business Interruption Coverage: Unexpected disruptions, such as machinery breakdowns or supply chain interruptions, can halt production. Business interruption coverage compensates manufacturers for lost income and additional expenses incurred during downtime, ensuring the business remains financially stable.
  • Product Liability Coverage: Manufacturers are responsible for the safety and quality of their products. Product liability insurance protects against legal claims from defective products, design flaws, or inadequate warnings. 
  • Customized Policies: Commercial insurance policies can be tailored to the risks manufacturers face. This customization allows manufacturers to select the appropriate coverage levels and endorsements to address their vulnerabilities effectively.

eAdvisorPro Property & Casualty LLC Can Help You

At eAdvisorPro Property & Casualty LLC, we can help answer questions concerning commercial insurance. We serve the Oakland Park, FL area. Contact us today. 

Does commercial insurance cover hurricane damage?

At eAdvisorPro Property & Casualty LLC, we want you to understand what your commercial insurance covers and what it does not. Your Oakland Park, FL, business receives some pretty wide-ranging protection from a standard commercial building insurance policy, but it doesn’t cover all of the damage a hurricane causes.

Flood Damage

Hurricane storm surge and heavy rains cause flooding, but commercial insurance does not cover that damage. Only flood insurance covers flood damage. You can add a commercial flood insurance policy to ensure that you have full insurance.

Wind Damage

Typically, a commercial building insurance policy does cover wind damage. Strong winds, even hurricane-strength winds, remain covered.

What about water damage caused by wind damage? This falls in a different category than rising water flood damage. With this type of water damage, the standard commercial building policy does cover. If the wind ripped off your roof and water gets in the hole in the roof, the policy covers that.

Damage to Glass

Your business’s lovely plate glass windows do not receive coverage under your building insurance. You’ll need a glass policy to cover damage to windows. The same policy covers mirrors and glass windows in doors inside your building.

Covering When You Can’t Operate Your Business

You need to add a business interruption insurance rider to cover your business’s inability to operate during a business interruption. A business interruption refers to any event that precludes you from running your business. It includes hurricanes, tornadoes, derechos, fires, and other unexpected events. The rider provides coverage for typical business expenses.

Contact eAdvisorPro Today

Contact eAdvisorPro Property & Casualty LLC to review your commercial insurance policy to ensure your Oakland Park, FL business has all the coverage it needs.

With More than Twenty Five Types of Commercial Insurance, What Type Do You Need?

At eAdvisorPro Property & Casualty LLC, we understand wanting to protect your Oakland Park, FL business. It would be best if you did so with the right insurance, which takes consultation with an expert.

Types of Commercial Insurance

When we say commercial insurance, we’re referring to a category of insurance that includes more than twenty-five policy types. Your business won’t need every one of them but will need specific policies. You’ll discover which ones your business needs by meeting with an insurance agent.

Most small businesses start with a business owners policy (BOP), which includes the four most common types of business insurance. These policies address liability, property damage, and business interruptions, such as tornados and fires.

Those businesses that don’t qualify for a BOP typically purchase all four policies separately. Depending on the type of business, you’d add to that with other, more specialized policies.

  • Medical personnel: Doctors, nurses, and other medical professionals typically add malpractice insurance. If they build medical devices, such as neural implants, dental implants, or prosthetics, they add errors and omissions (E&O) coverage.
  • Delivery businesses: Whether you ferry people or deliver pizzas, flowers, or something else, your company needs commercial auto insurance. It protects you with liability and property damage insurance.
  • Building owners: If you own a building and lease space in it to other businesses or maintain your business there, you’ll need boiler insurance. Even if the building has a modern heat pump instead of a boiler, you’ll still need this insurance. It reimburses you for repairing and replacing the heat and air systems, water heater, etc., in a building you own.

Contact Us for an Appointment

Those three examples illustrate the diverse landscape of commercial insurance. Contact eAdvisorPro Property & Casualty LLC, serving Oakland Park, FL, to find out which of the twenty-five types of commercial insurance your business requires.

Required Commercial Insurance in Florida

In every state, there are laws about which types of commercial insurance businesses within that state are required to have. In Florida, there are two that are mandated for certain companies. Knowing whether your unique business is necessary to have this coverage under state law is important. If you want to protect your business with commercial insurance, call us at eAdvisorPro Property & Casualty LLC in Oakland Park, FL.

Workers’ Compensation Insurance

Workers’ compensation insurance is a policy that pays for certain expenses after an employee has an accident at work and becomes injured. The policy will pay for the injured party’s medical bills, so there should be no reason to sue you for the damages. The policy can also pay for the worker’s lost wages due to the injury. If your business has at least four employees, you are required to have this insurance coverage. The employees may be part or full-time. 

Commercial Auto Insurance

When you have a business vehicle, a vehicle the company owns, that vehicle must be insured with a commercial auto policy. There are specific coverage requirements for these policies to cover different expenses. A coverage amount is required for your property damage liability for property damage that happens during an accident, and another specific amount is mandated for personal injury protection to pay for your medical bills from injuries incurred in an accident. These amounts are tiny, however, and it’s generally advised to get more coverage than the state minimum. This will mean better coverage in case an accident is severe. 

Get Your Commercial Insurance

It’s important to have the coverage you need for your business, especially when the state mandates it. When you need this protection in Oakland Park, FL, call us at eAdvisorPro Property & Casualty LLC.

How Much Coverage Do You Need?

No matter what kind of business you have, adequate commercial insurance is essential. This type of insurance protects your company from lawsuits or other financial damages that could result from accidents, injuries, or property damage. But with so many different types of coverage available, it can be challenging to determine how much protection you need. Here are a few factors that can affect the amount of commercial insurance coverage you should carry.

The Size and Scope of Your Business

The size and scope of your business are important factors to consider when purchasing commercial insurance. A small business with limited assets and a low liability risk will need less coverage than a larger company with more liabilities.

Your Business Activities

Your business activities can also affect the amount of coverage you need. If your company is in a high-risk industry, such as construction or transportation, you will likely need more insurance than a company that doesn’t have as much risk.

The Type of Property You Own

The type of property you own is another important consideration. If you have high-value items, such as vehicles or equipment, you must ensure they are adequately covered. It would help if you also considered the value of your building and any inventory you may have.

Your Liability Risk

Your liability risk is another crucial factor when determining how much commercial insurance coverage you need. If your business could be held liable for injuries or damages, you must ensure you have adequate protection.

When it comes to commercial insurance, there is no one-size-fits-all solution. The amount of coverage you need will vary depending on the size and scope of your business, the activities you engage in, and the type of property you own. If you are a business owner in Oakland Park, FL, contact eAdvisorPro Property & Casualty LLC for a free consultation. We can help you determine the right level of protection for your business.

Three Things to Consider When Buying Commercial Insurance

From locating a property for your business to investing in equipment and products, starting a brand-new business can be quite the endeavor that you take on. Although your plate may be full at the moment, you won’t want to overlook the importance of investing in commercial insurance. There are several different things that Oakland Park, FL business owners should take into consideration when purchasing commercial insurance, and the team at eAdvisorPro Property & Casualty LLC have taken the liberty of putting today a brief guide for you.

Legal Requirements

Depending on your exact location, you may be bound by law to obtain a specified amount of insurance coverage. This is specifically true for workers’ compensation insurance, as you may be required to obtain this type of coverage if you have a certain number of employees. We can help you determine what type of coverage is required by law for your Florida business.

Products and Services Offered

Whether you are a plumber or a lawyer, small businesses that offer a product, service, or advice to individuals or other businesses will require general liability insurance coverage. This type of coverage offers protection for your clients from financial loss in the event of property damage, third-party injuries, and even advertising-related injuries.

Professional liability insurance can also provide coverage in the event that a lawsuit comes up as a result of oversight, a mistake, or negligence. Product liability coverage should be considered if you sell products or food to consumers, as this will provide protection for you in the event a customer suffers an injury or becomes ill as a result of one of your products.

Insurance Coverage Needs

It can be tempting to select the business insurance policy that has the least expensive premiums in order to save money. After all, owning a business isn’t cheap. However, if you choose a policy that doesn’t offer sufficient coverage for your business, you may find that you’re paying significantly more in the event someone is injured on the premises, you make a mistake that injuries a client, or the property of a customer is damaged. We can help in determining the best amount of insurance coverage needed for your business while staying as close to your budget as possible.

If you’re ready to get commercial insurance for your Oakland Park, FL business, or if you have any questions, give us a call today at eAdvisorPro Property & Casualty LLC so we can help you protect your business from potential risks.

Should you get commercial insurance for your company?

Anyone that wants to be their own boss should consider starting their own company. As you are looking for a place to start your business, Fort Lauderdale, FL continues to be a good option. This part of Florida has a great economy and always a lot of people between local residents and regular visitors. If you are going to start a company here, you should get insurance. This coverage is a good idea for a few reasons.

Protect Against Liability

Businesses in this area of Florida need to make sure they recognize and prepare for their liability risk. A business can be held liable if a customer is injured through the use of a product or service sold by the company. As the damages in these situations can be significant, having a commercial insurance plan to help mitigate this risk will be helpful. 

Protect Company Assets

You should also get a commercial insurance plan so you can have protection for your business assets. Anyone that runs a business will need to invest in various business assets to operate their organization. These assets are very important and ensuring they are covered is necessary. With commercial insurance, you can ensure your assets remain properly covered at all times. This will offer support if you incur an asset loss due to fire, theft, or other forms of loss. 

If you are in the Fort Lauderdale, FL area and would like to get proper insurance, it would be a good idea for you to call eAdvisorPro Property & Casualty, LLC. There are a lot of important choices to make when looking for this coverage and eAdvisorPro Property & Casualty, LLC can make the process easier for you. This will ensure you choose a plan that adequately protects your organization. 

Florida auto insurance laws every driver needs to know

Florida Auto Insurance Laws Every Driver Needs to Know

Did you know that 26.7 % of Florida drivers are uninsured despite auto insurance being mandatory in the state? The Florida auto insurance laws are unique, and being caught uninsured can get you into serious trouble with the law. If you just moved into Fort Lauderdale, FL, Coastal wealth insurance LLC recommends knowing the Florida car insurance laws, penalties, and coverage options. To get you started, here is what you need to know.

Minimum Insurance Requirements in Florida

The law requires that all drivers carry auto insurance with personal injury protection (PIP) not less than $10,000 and Property damage liability not less than $10,000. The two coverages are designed to cover for your injuries and other people’s property. Coastal wealth Insurance LLC also recommends buying bodily injury liability to pay for medical bills of injured parties in the event of an accident.

Florida is a No-Fault State

Being a no-fault state means that every driver is responsible for their own injuries—it doesn’t matter who was at fault. That’s why you are required to have Personal Injury Protection (PIP). However, if you cause an accident that causes more damage or injuries than your policy can cover, the person can sue you for the injuries or damage—another reason why you need bodily injury liability.

Insurance Laws in Florida

Like any other state, Florida has clearly explained insurance laws for all drivers. The law requires all licensed drivers to buy policies from licensed insurance companies in Florida before registering or legally operating the vehicle in the state. If you choose to move out of the state, you must turn in your vehicle registration and license plate before canceling the policy.

Not sure where to buy auto insurance in Fort Lauderdale FL? Worry no more because Coastal Wealth Insurance LLC professionals can help you find the type of policy you’re looking for. Try us today.

Is commercial insurance in Fort Lauderdale a good investment?

If you would like to be a business owner, starting one in the Fort Lauderdale, FL area is a good idea. Those that choose to start a company here will enjoy the consistent permanent and tourist population base, the strong economy and support for small businesses in the area. To protect your business, you should invest in a commercial insurance plan. 

Insurance Gives Protection Against Liability Risk

A business that is in this area of Florida will take on liability risk on a consistent basis. Those that are responsible for damages could be held liable and will be required to pay for any related restitution. As these expenses can add up quickly, you will want to know that you are properly covered. A commercial insurance plan will include a provision for liability risk protection. 

Insurance Protects Company Assets

You should also get a commercial insurance plan to cover the assets owned by the company. When you are a business owner, there is a good chance that you will need to invest heavily in assets that will be used to build and grow your company. To ensure that these investments are protected, you should get a commercial insurance plan. With this coverage, you are going to receive the protection needed to repair or replace your key assets if they are damaged, stolen or destroyed. 

The Fort Lauderdale, FL area continues to be a good place to start and run a business. For those that are here and are looking for commercial insurance, a good company to call is Coastal Wealth Insurance LLC. If you do call Coastal Wealth Insurance LLC you can learn a lot about the different insurance options that you have. This will help ensure that you remain properly covered and protected at all times.