Is Commercial Insurance in Florida Needed for Home Based Business?

If you have a home-based business in Fort Lauderdale, FL, you may want to look into an insurance policy regarding your business. Several options exist for business owners depending on the type of business that they are running from their home. Coastal Wealth Insurance LLC can help guide you to the appropriate insurance for the business that you own. 

It is not unusual for businesses to be based from home. In fact, the U.S. Small Business Administration estimates that 50% of small businesses are located from the business owner’s home. 

Things to Consider if You Operate Your Business from Home

If you provide any type of services directly to customers in your home, you may require liability coverage. Good examples of this would be tax preparations, hair services, or counseling. 

If you have over $5,000 worth of business property located in your home, you may want to consider a home-based business. 

These are just a few examples. The main point is that understanding your business liabilities is important. During hours of operation, you cannot simply depend on your homeowner’s insurance to cover business-related incidents. 

Types of Insurance to Consider for a Home Based Business

  • Workers Compensation Coverage – If you have employees, the state requires workers compensation coverage. You are responsible for the safety of your employees while on the job. This policy will limit your company’s exposure to potential financial devastation. 

  • General Liability Insurance – If you have a guest in your home during business hours, your homeowner’s policy won’t cover any injuries that may occur. This type of policy will cover visitors during business hours. 

  • Commercial Property Insurance – This will protect your business property inside of your home if you are burglarized or have damage to business property. Homeowner’s insurance will not cover these damages. 

  • Professional Liability – This type of insurance will protect you from individuals working in your industry. Known risks exist for every business, but this will ensure that errors or omissions are protected. 

Call Coastal Wealth Insurance LLC in Fort Lauderdale, FL Today

Coastal Wealth Insurance LLC in Fort Lauderdale, FL has extensive business policies for home-based businesses. It’s important to know what is the right protection for you. Give us a call  at 800.320.4180, and we will guide you through the process.

 

What Sort of Disasters Are Covered Under Renters Insurance?

Fort Lauderdale, FL residents are not required by law to purchase a renters insurance policy, but many are compelled to do so by their landlords. It is commonly thought that landlords are responsible for property damage, but this only extends to the walls and permanent fixtures in the structure. Their insurance likely does not apply to your items, and this is where renters insurance comes in. 

What Disasters are Covered?

Policies can vary, but overall, they will tend to cover broken items from hailstorms, and they will provide indemnification if your unit should be affected due to a fire. Smoke can also create staining on carpets and curtains and can ruin clothing, all of which should be safeguarded through your insurance. 

Damages due to rain and subsequent leaking are generally included, though issues pertaining to flooding is usually excluded. Renters would need to purchase a flood insurance plan from FEMA as provided through your insurance provider. Overflowing water, for example, from a washing machine that destroys your possessions is often covered, though it does have to be accidental. 

Windstorms can also fall under your policy plan, however, issues pertaining to earthquakes will generally be covered separately under their own plan. Your policy may protect against broken windows and vandalism, and renters personal liability protection can pay for expenses related to falls or other injuries inflicted accidentally on guests in your home. This can extend to lost wages while recovering and to costs incurred if your pet should bite someone. 

Let Coastal Wealth Insurance LLC Be of Assistance to You

Coastal Wealth Insurance LLC serves the Fort Lauderdale FL area and would be happy to answer any questions you may have about renters insurance. We encourage you to reach out to us today. 

Let’s Get Hitched: Does My Motor Home Insurance Cover The Vehicles That Are Hitched To My Motor Home?

To answer the titular question accurately it is imperative that you speak with an insurance agent. Your motor vehicle is not automatically insured while it is hitched to your motor home. An agent can add certain circumstances of liability to your recreational vehicle policy as it concerns your motor vehicle. Your concerns about what may happen to your car as you travel with it hitched to your motor home comes into play. Consider the value of the motor vehicle, what level of auto insurance is currently on the motor vehicle through your separate auto insurance policy and to what extent will be you be hitching your vehicle to your motor home (is this a cross-country trip, are you planning to travel locally with your vehicle attached to your motor home on a frequent basis?). Think your plans through thoroughly with your family.    

Enjoying the beautiful weather of Fort Lauderdale FL is always more scenic in a motor home. Our name – Coastal Wealth Insurance LLC is our statement of pride in the region we serve. Fort Lauderdale, FL is a treasure trove of beauty for everyone and especially those who love the outdoors. We are wealthy indeed with the lushness of this area and also with knowledge about the products we serve our customers with. Come in today to further explore what your insurance needs are and how we can best meet them satisfactorily. Coastal Wealth Insurance LLC is located at 2400 E. Commercial Blvd. 11th Floor Fort Lauderdale, FL 33308. Our telephone number for direct contact is 954-331-5046. We also provide insurance products for the following parts of your life:

  • auto
  • home
  • commercial
  • flood
  • condo
  • umbrella
  • classic car
  • renters
  • boat / watercraft 

  

How many commercial insurance policies does a small business need?

You need to start protecting your small business before the first time you open your doors. But it is important to have enough protection without getting unnecessary coverage that will cost your company extra money.

At Coastal Wealth Insurance LLC, we regularly assist small business owners in Fort Lauderdale, FL who want to be able to spend their days on important work. They know that if there is an accident or another unfortunate event, they don’t need to worry.

Minimal Coverage

Every business needs at least General Liability and Property Insurance. The property insurance will cover the physical building and the items contained within and may be either for a property owner or renter, depending on the situation. Liability insurance will protect your business in case of an accident, like if someone falls while on the premises.

This basic coverage can usually be combined to save money, in a Business Owner’s Policy. You may be able to save money by having all your insurance through one provider, too.

Other Kinds of Coverage You May Need

Professional Liability insurance will cover mistakes caused by errors or omissions in your services or products. A Commercial Auto Insurance policy may be necessary if you use vehicles for work purposes.

You may need Workers’ Compensation Insurance if you have employees so that they will be taken care of if they become ill or injured while in your employ. To ensure that you have protection if your business is ever temporarily shut down, you can obtain a Business Income Insurance policy.

If you are unsure about how much insurance you need, call Coastal Wealth Insurance LLC and let us know what your Fort Lauderdale, FL needs. We can help find the coverage that best meets your needs.

Auto Insurance for Multiple Vehicles

You can’t drive legally in the state of Florida without car insurance. The no-fault auto insurance law in the state requires all registrants or owners of automobiles with four wheels or more to carry a minimum property damage liability as well as Personal Injury Protection to operate a motor vehicle in the state. Therefore, make sure that you’ve met auto insurance requirements before you hit the road in the Sunshine State.

Coastal Wealth Insurance LLC, based in Fort Lauderdale, FL can help you stay insured as you drive around the state. But, what if you have more than one vehicle to insure? Well, you know how you can just add a driver to your auto insurance policy to ensure that he/she is covered every time he/she gets behind the wheel of your car? You can add a car or multiple cars to an existing auto insurance policy in a similar manner. It’s pretty easy to add a vehicle to an existing auto insurance policy as long as it is registered under the same name.

Adding a New Vehicle to your Policy

Adding a new vehicle to your existing car insurance policy is a simple process. All you have to do is notify the insurance provider and they’ll add the vehicle or vehicles to your policy. Therefore, you don’t have to ensure your new car separately every time you purchase a new one – you can keep using the same policy as long as you notify the insurance company in good time so that they can do the necessary adjustments.

It similar to bundling your policies, but just for your vehicles. You can get all the coverage you need for your cars. You can even drop some coverages on the older cars, such as collision and comprehensive coverage, and add them for your new car. If you are looking to ensure multiple vehicles in Fort Lauderdale, FL, Coastal Wealth Insurance LLC can help you out. Call us for more information.

Commercial Insurance for Small Businesses

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.

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.

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.

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.

 

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.