Should You Get Business Interruption Coverage for Your Small Business?

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.

What Does Auto Insurance Cover if You’re At Fault?

If you’re at fault in an auto accident and you have the right coverage options in place, your insurance can provide a wide spectrum of protection. However, basic coverage may not be enough to pay for all the property damage and medical expenses. To understand what auto insurance will cover, it’s critical to know the features of your policy.  

The basic coverage required in Florida includes personal injury protection and property damage liability. Regardless if you’re at fault in an accident, personal injury protection will help you pay your medical expenses. Property damage coverage will pay for repairs, or replacement costs, to someone else’s property. However, the required basic coverage payouts are minimal. Working with an insurance specialist at Coastal Wealth Insurance, LLC in Fort Lauderdale, FL is key for discerning the right coverage limits for you.

In addition to basic insurance, bodily injury coverage will help pay for someone else’s medical expenses, if you’re at fault in an accident. This is a popular coverage option that can have immense benefits for you, your family, and for those hurt in an accident. The risk of financial hardship and ruin is mitigated when the appropriate coverage is in place. Additional insurance coverage, such as general liability and collision, are important to have because they can increase your protection, even if you’re at fault.

To learn more about auto insurance and how to protect yourself if you’re at fault in an accident, please contact Coastal Wealth Insurance, LLC in Fort Lauderdale, FL. Having the right auto insurance policy can protect you and your families assets while assisting you and others in recovering from an accident. Being underinsured is a risk that can be mitigated with the help of an insurance specialist.

Home Insurance for Multiple Homes

Homeowners insurance is usually written for one home and one homeowner. The same way you can’t insure various homes in Fort Lauderdale, FL using the same insurance plan, you cannot buy several policies for one home. Duplicate policies will create legal confusion when you are filing a claim on your property.

Even if you have multiple policies for your home in effect, it would be impossible to get coverage from all insurers, and it will become a chore to get any of the companies to settle a claim. When you have two homeowners insurance plans at the same time, you will be giving the insurers a legal loophole whereby they can deny that the claimed responsibility rests with another company. What’s more, if you try filing a single claim with the companies, you may end up losing both policies, and they can charge you with insurance fraud, a severe crime.

What should you do if you have more than one home? 

You need to get a separate insurance policy for every home you own. In this case, you will have as many policies as the homes you have. Coastal Wealth Insurance, LLC is one of the companies you can rely on when you need insurance coverage for your various homes. Remember that there are some insurance options you can explore to reduce coverage rates, for instance, declaring one of your homes to be a vacation house. Additionally, your home insurance can be reduced to landlords insurance if you choose to rent out any of your homes. Keep in mind that the landlord insurance doesn’t cover liability for residents and their personal properties. Although it’s impossible to combine the insurance policies for all your Fort Lauderdale, FL homes in one single policy, you can get different home policies from one insurer.

Would you like to get homeowners insurance policies for your multiple homes?  Contact Coastal Wealth Insurance, LLC for more information. We can get you a quote and answer your questions.

Why Is Commercial Insurance Important to Your Business?

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.

Why Do Auto Insurance Rates Decrease When You Turn 25?

Auto insurance policies are typically more expensive for younger, inexperienced drivers than they are for those who are older. Most policies will decrease your insurance rate when you turn 25 years old. At Coastal Wealth Insurance, LLC, serving the greater Fort Lauderdale, FL area, we are often asked why this is. Here are a couple of the reasons why auto insurers decrease insurance rates when drivers turn 25. 

Studies Have Shown This is When Fewer Accidents Occur

One of the reasons why many auto insurance companies reduce their rates when drivers turn 25 is because studies have routinely shown that drivers under the age of 25 are more likely to be involved in an automobile accident. But this risk decreases when drivers are over the age of 25. When the risk of an accident decreases, your auto insurance rate also decreases. 

This is When Most Drivers Have a Complete Driving Record

The second reason why many auto insurance companies reduce their rates when drivers turn 25 is because most drivers have a full or complete driving record by the time they turn 25. Driving records typically go back seven years. When you are a new driver, the insurance company doesn’t have enough data on you to determine whether you are a safe driver or whether you like to speed. As such, they charge all young drivers higher rates. But when you reach the age of 25, you typically have a complete driving record so that they can base your rates on your excellent driving record. 

When you are looking to obtain an auto insurance policy, it is important to get quotes from a variety of different companies to effectively compare policies, regardless of what your age is. When you are looking to obtain a quote for a new auto insurance policy in the greater Fort Lauderdale, FL area, call Coastal Wealth Insurance, LLC and let us help you get started on an auto policy. 

Four Questions You Should Ask Your Agent About Home Insurance

We all know home insurance in the Tampa and Fort Lauderdale, FL areas is essential and often even required by your lender, but finding the right insurance can be a challenge as many don’t know what to ask a Coastal Wealth Insurance, LLC agent to make sure they can find the right insurance policy for you.

What does this policy cover and what doesn’t cover?

Homeowners insurance covers a vast area of potential claims, but not all of them are covered by a policy. This is why it is crucial to ask your agent what is covered and, maybe even more importantly, what is not covered in the policy.

What are the limits protecting my stuff?

It is a good idea to make an inventory of the things in your home, from furniture to artwork, to make sure that you come up with an accurate value of the contents of your home before you decide on a policy. Ask your agent if the value of your possessions is covered by the standard policy or if you need extra riders to cover the full value.

How much does it cost to replace my house?

Nobody wants to think about the destruction of their home, but accidents do happen. A kitchen fire can spread through the home and render it unrecoverable or a tornado can destroy your home in the event of a storm. Our agent will estimate how much it costs to rebuild your home, but it is up to you to make sure that these assumptions are correct.

How reliable is the company you are suggesting?

Many agents represent many insurance carriers, and often the lowest priced ones are not the most reliable. The last thing you need after a catastrophic event is to argue with your insurance company or learn that your carrier is going out of business.

If you are in need of home insurance coverage in Tampa or Fort Lauderdale, FL, contact Coastal Wealth Insurance, LLC for more information.

 

Which Type of Commercial Insurance Helps with an Office Fire?

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.

 

Will My Auto Insurance Cover Medical Bills?

If you are a Tampa or Fort Lauderdale, FL resident who has recently been in a car accident, you may be wondering how you are going to pay the remaining medical bills you may incur. Often, serious car accidents can result in thousands of dollars in bills, and you may lose wages or your job completely if you can’t work.

Below, we will discuss how auto insurance coverage may help pay for your medical bills and what you need to know after a car accident.

Auto Insurance and Accident Medical Bills: What You Need to Know

Unfortunately, this article is not going to explain in detail how your medical bills will be affected by auto insurance. This is because every auto insurance plan is different. We can give you some idea of what you will encounter, however.

Many auto insurance plans will offer payments for medical bills if you are named on your auto insurance policy and you are making a no-fault claim. This applies to most personal injury protection coverage plans (PIP).

Also, in the state of Florida, you can pay for additional medical coverage called “MedPay.” This is a form of optional coverage that can be purchased for most any auto insurance policy.

It’s important to remember that these types of payments for your medical bills are no-fault claims. It doesn’t matter who was at fault in the accident. In many cases, this coverage will not pay for all of your medical bills, and this is when many people decide to sue the other driver if they were not at fault in the accident. Again, you will need to consider your situation on a case-by-case basis as all accidents and insurance policies are different.

Contact Coastal Wealth Insurance, LLC Today

If you are a Tampa or Fort Lauderdale, FL resident who has recently been in an auto accident, Coastal Wealth Insurance, LLC can help you decipher what your policy offers. We can also help you sign up for new auto insurance if you don’t currently have a plan. If you are looking for a quote, try our online rating tool for auto and home insurance. Stop by our office or call us today.

How to File a Claim on Your Home Insurance after the Hurricane Passes

Now that the winds have died down, it is time to get the clean up underway on your Tampa or Fort Lauderdale, FL property. At Coastal Wealth Insurance, LLC, we are here to help you recover from the latest devastating weather. Like many of your neighbors, you may have damage to your roof, windows, trees, and landscaping.  Here’s a short checklist to help you on your road back to normal.

  • Ensure Your Personal Safety: Before you start worrying about filing a claim on your home insurance, make sure that your home is safe. Water can damage electrical and gas connections and standing water is a breeding colony for bacteria. If you think there is an active hazard in your home, evacuate to a shelter until a contractor can declare it is safe.
  • Secure Your Home: Board up any broken windows and fix your doors so that you are able to lock your home. Discourage looters from taking advantage and preserve your possessions.
  • Call Your Coastal Wealth Insurance, LLC Agent: Don’t hesitate to place a call with your agent ASAP if you feel there is an emergency. Even if you don’t have a complete picture of all the damage, they can start the paperwork and can expedite emergency funds to help you defray the costs of hotels, meals, and other expenses. Now is definitely the time to take advantage of every service your insurance company has to offer.
  • Start Snapping Pictures: Use your phone or your kid’s smartphone to document all the damage to your home and yard. You can email the images to your Fort Lauderdale, FL insurance company to speed along the claim process.
  • File a Claim with FEMA: While your home insurance policy is going to help you rebuild, filing a claim with FEMA at a local community center can open up additional options and services available to everybody in the region.

It is important to make all the stops when it comes to flood recovery. We are proud of our community’s efforts to help each other rebuild and lend a helping hand. Reach out to us for more information on a flood insurance policy. 

3 Tips for Getting Commercial Insurance in Florida

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.