When starting a new small business or deciding if the insurance protection for the business is adequate, there are quite a few considerations about the different types of commercial insurance for a business owner to think about. Work with your agent at Coastal Wealth Insurance LLC, serving Fort Lauderdale, FL, and the surrounding area to get guidance about commercial insurance coverage.

Workers’ compensation insurance is a state-mandated program that covers workers for on-the-job injuries or death. In the state of Florida, all businesses in construction, with one or more employees, need workers’ compensations insurance. For non-construction businesses, the requirement for workers’ compensation insurance is four or more employees. For the farming business, it is six or more full-time employees or 12 or more temporary agricultural workers.

Small professional services businesses such as hair salons, accountants, lawyers, doctors, dentists and so forth need to have professional liability insurance. Manufacturers that make products, and the wholesalers or retailers that sell them, need product liability insurance. Any company that uses vehicles for commercial purposes needs to have commercial vehicle insurance.

Most businesses need property & casualty insurance to protect property, inventory, and equipment. Even home-based businesses need commercial insurance, especially if there are clients/customers that visit the home. Other things to consider are business interruption insurance that covers catastrophic events that stop the business from operating and umbrella insurance protection. Umbrella insurance may extend commercial insurance policy limits and may offer protection for things not covered by other policies such as libel and slander lawsuits.

Another contemporary commercial insurance category that most businesses now need is cyber security insurance. Retailers that process credit cards, online sales companies, and businesses that handle digital records of customers’ personal information are especially vulnerable to damage from cyber attacks.

Make an appointment with your agent at Coastal Wealth Insurance LLC in Fort Lauderdale, FL to discuss all your commercial insurance needs and make sure your coverage is adequate.

As a small business owner, you’re responsible for the daily operations of your enterprise. Interruptions in your business flow can reduce your bottom line. If your business had to close down due to an unexpected catastrophe, you could suffer substantial financial loss. With business interruption coverage, however, your business can be protected against unforeseen disasters.

Here are a few ways business interruption insurance from Coastal Wealth Insurance, LLC in Fort Lauderdale, FL can work for you:

• Lost Revenue and Wages: If your small business were to close temporarily due to a tropical storm or fire damage, the business interruption would help cover the loss of income while you are making repairs. It also covers employee wages, so you don’t lose valuable personnel while your business is closed.
• Rent/Lease: Despite damage to your office or warehouse from a catastrophe, you’re still responsible for rent or lease payments. Business interruption insurance provides funds to help you continue making these payments until you can get back on your feet.
• Loan Payments: Business interruption also covers outstanding business loan payments until you can get your business back in operation. This saves you from having to make these payments out of pocket.
• Relocation: If you choose to relocate temporarily to keep your business open while your primary office or warehouse is being repaired, business interruption insurance will help cover moving and rental costs of your temporary location. Opening your business in a new location enables you to continue generating income while your permanent office is being repaired.

With business interruption coverage, you need not worry that your small business in Fort Lauderdale, FL will go under if an unforeseen disaster causes you to shut down temporarily. To learn more about business interruption coverage and costs, contact a local agent from Coastal Wealth Insurance, LLC.

Nurturing a business from startup to a successful multinational isn’t an easy job. Running a business comes with a wide variety of inherent risks. A disaster can strike anytime, and you stand to lose lots money. That is why your firm in Tampa or Fort Lauderdale, FL needs a commercial insurance policy from Coastal Wealth Insurance, LLC to safeguard it from unforeseen damage.

Here are some of the reasons why every business needs a commercial insurance policy.

It’s a Legal Requirement

Florida state law requires all commercial enterprises with employees to provide specific types of insurance including but not limited to unemployment and disability and employee compensation. Some of these policies are obtained under a comprehensive commercial insurance policy. Failure to acquire the legally required insurance policy could lead to hefty fines, exclusion from the public contracts orders, and other criminal penalties.

Protects Your Workers

Most of the business owners think that their most valuable asset is the products, equipment, and services offered. However, as a business owner, you should know that your employees are the most important asset you have and it pays to cover them in the event of unforeseen circumstances such as accidents occurring.

Your employees make sure that your customers are well served and maintain a friendly environment for your business to thrive. Have you ever asked yourself what might happen if your most skilled employee is injured? Commercial insurance will safeguard you from such uncertainties and guarantee business continuity even when the worst happens.

Having a Commercial Insurance Policy Makes Your Business Look Credible

This might be surprising but having a commercial insurance policy will make your enterprise look authentic and credible since it shows your prospective and existing clients that you are a safe bet. If anything goes wrong with the products or services that you offer, there is a way they can be compensated. This is the primary reason why all businesses tend to carry the label of "insured" on their signage. Commercial insurance helps build trust and attracts more clients to your business.

Do you own a business in Tampa or Fort Lauderdale, FL? Contact Coastal Wealth Insurance, LLC today for comprehensive commercial insurance and to speak with an agent about getting started.

The Various Types of Commercial Insurance in Florida

Business owners and managers can be excused for being confused about the various amounts of different insurance coverage types. While some insurance policies cover the product or service sold to a customer to defend against warranty issues or damage caused by what was sold, other policies cover property loss from the theft while other coverage options only offer coverage when an employee gets injured on the job. It is common for a company to have at least four or five different policies for the operation of a business and then need a custom short-term policy for one-off special projects that come along from time to time.

When a property fire occurs for a Fort Lauderdale, FL company or business, the first thing to do is make sure anyone involved is safe and unharmed. After the initial risk has subsided, the issue involving property damage and loss assessment can be addressed.

According to Coastal Wealth Insurance, LLC, this type of financial impact typically falls under the property loss casualty category, protecting a business from unplanned risk. It’s the same kind of protection that would apply to a structural accident, weather, theft, and other similar incidents. Business/commercial insurance, on the other hand, focuses more on the activity of the business and how it impacts a customer or client. It is not intended for property damage or loss associated with an unplanned destructive event or natural disaster. This difference can be confusing for new business owners looking for a one-stop, comprehensive type coverage.

To make sense of the above, Fort Lauderdale, FL businesses can contact the staff at Coastal Wealth Insurance, LLC for advice and answers. Business protection can be confusing, but there is clear guidance available to help make sense of it all.

 

If you own a business in Fort Lauderdale, FL or other parts of Florida, you need commercial insurance. This type of insurance protects your business against scenarios that you are not likely to foresee, such as liability, theft, property damage, or employee or customer injuries. 

Are you getting the most out of your current policy? Are you looking for a new policy or do you want to change an existing commercial insurance policy? If so, here are three tips for getting great commercial insurance in Florida.  

Bundle Your Policies

When it comes to owning a business, you want to protect it and save money. You can do this when you bundle your commercial insurance with other insurance policies, such as auto insurance.

Compare Quotes

Taking the time to compare quotes from different insurance agencies pays off in the long run. Pay attention to the details, such as exactly what is covered and for how much. A reputable agent can help you compare quotes to choose the best policy.  

Work With a Reputable Agent

Your business is your livelihood, and whether it is a start-up or has been in your family for years, you need to make sure that no matter what happens, it is protected. To do this, work with a reputable agent who has the experience and positive feedback you desire. Beyond that, collaborate with an agent who is friendly, personable, and who returns your calls.  

At Coastal Wealth Insurance, LLC, we understand commercial insurance and our friendly agents are standing by to answer all of your questions, help you compare quotes, and help you save money. To speak to an agent at Coastal Wealth Insurance, LLC contact us today or visit our offices in Fort Lauderdale, FL.

 

 

 

Before you head out on the road with your vehicle in Tampa or Fort Lauderdale, FL, purchasing auto insurance is required by law to avoid potential fines, tickets, and penalties (whether you are pulled over or involved in an automobile crash). Understanding why auto insurance is required for the state of Florida is necessary to avoid issues whenever you are driving with others on the road. 

Limited Liability Auto Insurance Coverage

The most important type of auto insurance that is legally required in Florida is a limited liability policy. Both bodily injury and property damage are covered for any drivers of your vehicle when on the road. When you are involved in an accident, limited liability coverage protects you from becoming personally responsible for any potential damage or injuries you have caused.

Collision/Comprehensive Insurance

With collision insurance, cover any damage done to your vehicle when in an accident. Comprehensive coverage is more extensive, protecting you against everything from weather damage to theft and road accidents. 

Medical Payment Coverage

When you want to protect yourself, and other drivers from medical bills and fees, obtaining medical payment coverage is highly advisable. Anyone involved in an auto accident while in your vehicle is eligible to have their medical bills (and in some cases, funeral expenses) covered with the policy you have in place. 

With Coastal Wealth Insurance, LLC, get the auto coverage you need and can afford with any budget to ensure you are driving safely and legally at all times. Comparing types of auto insurance coverage and your options is a way to move forward with the right solution for your needs and the needs of your entire household. 

For more information about auto insurance available to you in Tampa or Fort Lauderdale, FL, contact Coastal Wealth Insurance, LLC for a quote today.

As a business owner in Fort Lauderdale, FL, you deserve to keep your business inventory safe from theft. If you don’t have commercial insurance to cover your losses, we at Coastal Wealth Insurance, LLC are here to show you why it is necessary to get it as soon as possible.

Commercial Insurance Covers Inventory Loss

When you take out commercial insurance on your business, it covers all forms of inventory loss. This includes damage from fires, floods, earthquakes, and other natural disasters. However, it also covers a variety of different types of theft. There are two main theft losses you’re likely to suffer from as a business owner: theft from your employees and theft from outside forces.

Employee Theft May Occur

One thing that business owners may not be ready for is when employees steal from their inventory. This unfortunate situation is actually more likely to occur than any other type of robbery. Thankfully, your commercial insurance will cover it.

That said, you need to make sure you follow a variety of steps to get this theft covered. For example, you are likely to need to fill out a very detailed claim notice and provide documentation that shows your employees stole from you.

Outside Theft Is Also Covered

What about if customers or thieves break into your business and steal your inventory? Don’t worry, your business insurance should have you covered. Commercial insurance is designed to cover the cost of replacing your inventory if outside forces steal it.

Your rates are likely to go down if you install cameras and other security devices in your facility. In fact, your payouts from the company could increase if you take these security measures.

Please contact us at Coastal Wealth Insurance, LLC if you need commercial insurance in the Fort Lauderdale, FL area. We will get you the coverage you need to protect your inventory.