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. 

How to Better Understand Your Auto Insurance Policy in Fort Lauderdale

An auto insurance policy in Fort Lauderdale, FL can sometimes look like it’s written in a different language. From the confusing jargon to the vague outcome, it’s not hard to see why many people are confused by the time they file a claim. Coastal Wealth Insurance LLC wants you to know how you can use your policy to your advantage rather than shying away from the long contract. 

Your Policy Is for You 

You can’t look to your neighbor, friends, or family members when you’re trying to understand your auto insurance policy. Their policies are written based on their needs and habits, and yours is written based on you. So if they filed a claim because they hit a deer and were rewarded with full coverage, this does not mean that you can do the same. 

Policies Are Based on Generalities 

There are so many reasons why you might file a claim, and every possible situation can’t be covered in a policy. Your auto insurance can cover a number of common events, but there are certain things that can’t be listed. You need to understand the basic outline of your policy to get a better idea of how your carrier will handle your claim. 

The Carrier Matters 

Who you choose as a carrier can have a lot to do with whether you understand your auto insurance policy. It comes down to how the staff communicates with you and whether you feel comfortable going to them with your questions. Coastal Wealth Insurance LLC wants you to have everything you need in Fort Lauderdale, FL to feel comfortable with your coverage. So even if you exclude certain events, you understand exactly what you’re signing up for. Give us a ring and let us start filling you in.  

Why do I need commercial insurance in Florida?

For people that are looking for a great place to start a small business, the Fort Lauderdale, FL area is a great option. Those that start a business here will benefit a lot from the high population of both residents and tourists. If you do start a company here, you need to make sure that you get proper insurance for it. There are several reasons you will need commercial insurance here. 

Insurance Protects Business

The main reason that you need to get commercial insurance for your Florida business is that it can protect your business. A small business in this state will have assets that are vital for the ongoing success and operation of a business. Additionally, a small business owner will take on liability risk regularly. To ensure that you are protected against a liability claim or some situations that result in an asset loss, you will need to carry commercial insurance at all times.

Insurance is Required for Many

Another reason that a lot of businesses need to get commercial insurance in Florida is that it is often a requirement. A small business owner that raises capital takes out a bank loan or leases a space in a property should pay attention to their insurance requirements. In many cases, these parties will have specific commercial insurance requirements that you need to meet.

As you are shopping for a new commercial insurance policy in the Fort Lauderdale, FL area, you should contact the team at Coastal Wealth Insurance LLC. When you call Coastal Wealth Insurance LLC you are going to have the guidance you need to choose a new policy. This will include a personalized approach to determining your business risks, which the company will then work hard to mitigate by helping you get into a new policy. 

What Will Happen if I Drive Without Auto Insurance in Florida

It could be tempting for some people to neglect getting auto insurance. These people may feel like they could get away for a month or two without having car insurance to try to catch up on their other bills and needs especially in challenging economic times. And if you are encountering similar thoughts, you should know the penalties if you get caught without auto insurance. 

All states require drivers to have auto insurance. And even though every state has similar regulations, there are some differences. Thus, the penalties for getting caught with no insurance in Florida include the following: 

  • The first offense includes a reinstatement fee. There is also a suspension of your registration and license for up to three years if you do not meet the deadline required to show proof of insurance.
  • The second offense is a higher reinstatement fee if there is a lapse in three years of your first offense. Suspension of your registration and license for up to three years will also happen if you do not meet the required deadline to show proof of insurance.
  • Subsequent offenses occurring after that and within a three-year period of your first offense will result in a significantly higher reinstatement fee than the second offense. Also, suspension of your registration and license for up to three years will also happen if you do not meet the required deadline to show proof of insurance.

Important Note: Insurance companies are required by Florida state law to report when their policyholders lapse on their auto insurance. So, it will behoove you to get and keep at least the minimum auto insurance required. 

You will be taking a great risk in not having auto insurance. so don’t put you and your loved ones’ livelihood at risk. For more information on auto insurance in the state of 

Florida, contact Coastal Wealth Insurance LLC today.  Located in Fort Lauderdale, FL, Coastal Wealth Insurance LLC has been serving the area for several years. They are licensed and experienced agents in Fort Lauderdale, FL who will lead in the right direction. Contact them now. 

When Should I Upgrade My Home Insurance in Fort Lauderdale?

Upgrading your home insurance in Fort Lauderdale, FL is probably necessary for far more people than you realize. In fact, the vast majority of people are underinsured and they don’t even know it. The last thing you need is to find out that your policy doesn’t cover something after it’s too late, which is why Coastal Wealth Insurance LLC is here to give you a few reminders. 

When Your Home Has Changed 

Your home doesn’t stay the same after you move in. You might replace the roof, you buy more furniture for it. Whether you’ve changed the fixtures in the bathroom or purchased an engagement ring, it may make a difference in terms of your coverage. Each home insurance policy will have its own limits placed within the fine print, and those limits are based on the original information that your carrier had at the time you opened the policy. So if you’ve made major adjustments, your policy might need a rewrite.

When You Want More 

Sometimes homeowners just want more coverage based on what they know about the world. If you live in Fort Lauderdale FL, you might choose to get a rider added on to your policy, so you can rest easy about whatever’s ahead. For instance, if you want flood insurance or if you decide that you want more coverage on your personal belongings. 

Call Today 

If you have questions about whether your insurance could use an upgrade, Coastal Wealth Insurance LLC is here to help you figure it out. We base our advice on not only what’s listed in your current policy, but also what’s important to you Give us a call today and we can start working for you and your family.