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First Florida Underwriters Insurance blog

Does Your Business Need A Commercial Insurance?

Lately, we have been expounding on other types of insurance and some insurance terms. Today, we are focusing on commercial insurance. If you are planning on starting a new business, or maybe you already own a business for the past few or many years, then commercial insurance should be part of your business investment. Operating a business without getting worried of any financial loss as a result of unpredicted incidences is stress relieving. The commercial insurance protects you from some of the losses experienced by businesses such as theft, liabilities, worker injuries, property damage etc. Procuring the right commercial insurance cover makes the difference between going out of business interruption and financial damage to your company operations in Orange Park, FL.

What is commercial Insurance?

Simply, this is an insurance that protects your business. It covers any losses, property damages etc. The First Florida Underwriters Inc. offers different types of commercial insurance to its customers.

What type of Commercial Insurance does First Florida Underwriters Inc. offer?

  • Commercial Auto Insurance

This type of insurance is recommended for people who own vehicles. It caters for vehicles that participate in activities related to your business or personal use.

  • Commercial General Liability Insurance

The advantage of this type of insurance is the fact that it covers a wide range of items in your business. With CGL insurance, your business is well covered when any injuries such as personal, advertising and property injuries occur.

  • Commercial Property Insurance

This category caters for any property damages that might occur in case of theft or even fire. Basically, this type of insurance covers anything related to your business physical location or physical structure.

Which is the best agency to partner with?

It is far much easy for any business owner located in Orange Park, FL. This is because one can use an independent agency such as the First Florida Underwriters to obtain a commercial insurance. You can also undergo the same process through the internet at the First Florida Underwriters website. Ensure you fully understand the policies before registering for any type of insurance.

 

Valuing the Invaluable: Choosing the right homeowners Insurance

It is important to protect yourself with homeowners insurance since owning a home is one of the most valuable investments. In as much as the price is important when choosing the right cover, it is necessary to look at the insurance providers’ overall quality before consideration in order to get the most out of your money. The four main factors to consider include:

  • Claims processing

In the event of damages in your home, battling with an insurance company that you have been making payments to can be a nightmare considering the conditions surrounding the entire process of filing a home insurance claim. It is of significance to get an insurance company which you can easily contact the agent who will ensure timely payments.

  • Customer Service

Customer satisfaction is another important factor to consider. As a policyholder, it is comforting to know you can simply contact an agent who will treat you fairly and expedite the process of reimbursement without any hustles and inconveniences.

  • Coverage options

Most home policies cover damages for personal property, dwelling coverage, and liability insurance. Nevertheless, natural disasters like floods and earthquakes are in most cases deemed to be added as an additional policy. Apart from the standard home coverage options, an insurance provider that has other catastrophic coverage options to complement the basic options should be considered before making a purchase. We at First Florida Underwriters Inc. in Orange Park FL, offer additional policies.

  • Financial stability

It is important to investigate the financial stability of an insurance company before buying a home insurance policy because there have been rising cases of insurance companies failing to pay claims and policyholders losing their policies. This can be done by getting the company’s current financial statement and look at their growth rate and profitability or searching online resources in order to get a clear insight of the company’s financial strength.

In case you are a homeowner, visit Orange Park, FL agents with First Florida Underwriters Inc., to help you get the right policy that suits your needs.

How Does Your Workers Compensation Insurance Save You Money?

While every business in Orange Park, FL is required to carry workers compensation insurance, the folks at First Florida Underwriters Inc want you to know that it offers more fulfilling a legal obligation. When managed correctly, your policy can end up saving you cash in the long run.

Employees Fully Complete Treatment Before Returning to Work

When a workers comp claim is opened due to a verified injury at work, your insurance company will work with your human resources department and the medical professionals to come up with a complete plan to return your employee to health.  After completing any treatment in the hospital and all rehabilitation that is prescribed they can return to work.  Meanwhile, the employee is also provided with a steady income that minimizes the financial impact of the injury to their family.  There is a much smaller chance that they will come back before they are able, which can result in a more severe injury and cost even more in treatments.

Transitional Duty Eases the Return

You will also participate in a transitional duty program as part of returning the injured worker back to the job. Whether they only work a few hours a week at first or are completing some administrative tasks, it helps to maintain a positive relationship.  Happy employees will stay longer, which lowers the cost of hiring and training new staff.

Helps You Improve Safety to Prevent a Recurrence

Finally, when you encourage your employees to utilize the worker’s compensation insurance in Orange Park, FL, it is an opportunity for you to document any unsafe conditions in the workplace and address any deficiencies. You will have a lower rate of injuries in the future, which translates into more savings on insurance premiums and hiring temporary staff.

If you would like to learn more, give the folks a call at First Florida Underwriters Inc to set up an appointment today.

Does Workers Compensation Cover Freelance Employees You Use?

Many business owners do not understand the complexities involved with workers compensation insurance. Workers compensation insurance is complex and there are a lot of different rules and laws that come into play. One of the areas that many business owners do not understand is in regards to freelance employees and workers compensation insurance. Many business owners ask us at First Florida Underwriters Inc, serving Orange Park, FL, whether freelance employees are covered under their workers compensation insurance. Here is the answer.   

Workers compensation insurance does not cover the freelance employees that you hire for projects or work. Freelance employees are not real employees, and as such, they are not covered as an employee would be under workers compensation insurance.

However, this does not mean that a freelance employee cannot sue you if they are injured at your business. This is where commercial liability insurance would come in. If the freelancer slips and falls and injures themselves while visiting your business, or injures themselves some other way while at your business, they can file a lawsuit against your commercial liability insurance, not your workers compensation insurance, which is designed to only cover employees. 

If you have employees, you must carry workers compensation insurance. If you do not yet have a policy or are looking for a new policy in the greater Orange Park, FL area, First Florida Underwriters Inc would love to assist you. Contact us today to schedule an appointment for us to sit down and discuss your business and insurance needs. From there, we can put together a comprehensive insurance package that will fully protect you and your employees. Call us now to get started. 

Who Does Commercial Insurance Protect?

It might seem like that when you are shopping for commercial insurance from First Florida Underwriters Inc in the Orange Park, FL area, you just thinking about the physical building and equipment that keeps your business up and running.  However in reality, a supportive insurance agent will help you build a group of commercial insurance products that protect so much more.

Your Investment

You can’t keep making money when Mother Nature shuts down your business after a major storm.  Make sure you can keep paying your vendors, suppliers, and payroll even when you can’t deliver a shipment on time with gap insurance.  Instead of losing value during downtime, your investment and bank accounts will remain intact.

Your Customers

Talk to your agent about proper liability coverage. Even if a customer receives a defective product or is injured in some way by your business, a good insurance policy will take care of their concerns without putting a huge hole in your operating budget. Addressing customer issues promptly helps to build and protect your reputation as you maintain more goodwill in the public sector.

Your Employees

Finally, through commercial auto insurance and workman’s compensation insurance, your employees are able to maintain their personal wealth and lifestyle even if they get injured on the job. When you provide the right level of protection, your employee turnover goes down and productivity increases as their confidence in their employer and workplace grows.

In the end, your commercial insurance policy from First Florida Underwriters Inc not only helps you recover from severe physical damage to your company, it can help you grow as you, your staff, and your customers know they can rely upon your business to do the right thing when the going gets rough.  If you are in the Orange Park, FL area, give their agents a call today for more details on rates and coverage. 

 

 

Is Buying a Workers Comp Policy or Becoming Self Insured Right for Your Business?

At First Florida Underwriters Inc, serving the greater Orange Park, FL area, we often have employers come to us wondering whether they should purchase a workers compensation insurance policy or whether they should become self-insured. Here are a few factors to consider that can help you make your decision. 

The Amount of Money You Have

One of the biggest factors that affect whether you should be self-insured or not is how much money your business has available to it. In order to become self-insured, you have to post a huge bond with the state your business operates in. The amount of the bond varies based on the type of industry your business is in and the number of employees you have. But if you are a smaller business, you may not have the reserves to become self-insured. 

The Number of Employees You Have

The other major factor that should influence your decision on whether to buy a workers compensation policy or become self-insured is the number of employees you have. Self-insuring is a good choice for a large business that has numerous employees. Smaller businesses simply do not have enough employees that wind up getting hurt and needing to utilize workers comp insurance. As such, dedicated employees to handling your claims, as is required to become self-insured, does not make much sense. 

If you are in the market for a workers compensation insurance policy in the Orange Park, FL area, First Florida Underwriters Inc would be happy to assist you. Give us a call today and let’s discuss your worker’s compensation insurance needs and put together a policy that best fits your needs and your budget. 

How Long Do you Have to File a Home Insurance Claim?

Filing a homeowner’s insurance claim is not something that many of us want to deal with. Sadly, more people than you may imagine deal with homeowner’s claims each and every day. For those that live in the area, the agents with First Florida Underwriters in Orange Park, FL can help you determine how long you have to file your home insurance claim.

For the most part, the time limit when it comes to filing a home insurance claim is going to vary between agencies. Some allow up to a year while others require you file within a few months. Some agencies even set the time limit at 30 days requiring that the incident be reported and a claim filed within 30 days of the occurrence.

It is very important that when you have a homeowner’s claim that you want to file, that you take the time to gather your proof and file as quickly as you can. This is going to reduce the likelihood that your agent or agency is going to be able to or want to reject the claim and leave the burden of repair on you. When you take on a new policy you should read the policy to find out just how long you have and how to go about filing.

When preparing to file a claim you first want to make sure you take the time to gather proof in the form of photos so that you can show them to the adjuster when they come to assess the damage. Though they will take their own photos, it can take up to a week for an adjuster to come and things are bound to look different in the span of a week. No matter how you go about filing your claim, the agents with First Florida Underwriters in Orange Park, FL can help.  

The Importance of Changing Your Home Insurance Policy After Home Renovations

Here at First Florida Underwriters Inc, one of the questions that we are often asked is whether your home insurance policy should be changed after home renovations are made. Here is how we answer this question. 

Following home renovations, we strongly encourage those insured by us to consider changing their policy. First, you should have an appraisal done on your home to determine the estimate value of your home. Following renovations, you may have significantly increased the value of your home. If your policy is not updated, it may not reflect these changes and you could be paid out less than your home is worth. Home insurance does not pay what your home is worth if your home is worth more than the limits on your policy. 

Secondly, we strongly suggest letting your insurer know what renovations you have made. If you have replaced old carpet with new carpet, there may not be a huge discrepancy with the insurance company as long as you retain the receipt. But if you ripped out old carpet and laid down slate tiles, you have changed the materials used in the home, which may cause affect any money you receive if something were to happen to your home. As such, you want to ensure that the insurance company knows what materials are used in your home so you can be properly compensated if the flooring is damaged, the countertops are damaged or if your home winds up being a total loss. 

If you have made renovations to your home, now may be a great time to look into changing your home insurance policy. If you are looking to obtain a new policy, contact First Florida Underwriters Inc today for a free quote for home insurance. 

Why Commercial Insurance is Vital to your Small Business?

For many businesses who are just getting started or in the first years of operations, it is easy to skip purchasing a comprehensive insurance package and put resources into growing the business. However, business owners often learn this is a costly mistake once they are hit with a loss that they are not able to recover from financially.

If a business does not have have a liability policy, it is left exposed to lawsuits if a customer is injured on premises. The legal costs alone to defend your business in a lawsuit can be enough to destroy a business let alone any damages the business many need to pay. A liability policy offers peace of mind that you will not be caught covering the cost of a legal battle.

A business interruption policy can help pay the bills and compensate the business for lost income in the event of a fire, flood or other disasters. No company can predict the future, but you can protect against losses from delays in operations. If you are a business in the Orange Park, FL area make sure to ask your agent at First Florida Underwriters Inc about BI coverage in the event of a hurricane.

When a small business can actively show potential clients that they have a comprehensive insurance package in place, you will be able to compete with the larger competition. There clients out there who will not do business with an entity that cannot show proof of insurance.

In addition to attracting clients, a comprehensive insurance package will help you recruit top talent. Top job seekers are going to look for employers who offer insurance packages that include disability and health insurance options.

If you would like to learn more about commercial insurance, please reach out to First Florida Underwriters Inc. We proudly serve the Orange Park, FL area.

 

Who Benefits From My Life Insurance Policy?

In your younger days, the only person you needed to worry about was yourself. You bought auto insurance for your car in case of an accident. You got renter’s insurance for your tiny one bedroom apartment in case a thief broke in and stole the TV. When you decided to start putting down some roots and buy a new house in Orange Park, FL, you purchased a home insurance policy from First Florida Underwriters Inc. Now that you are a bit older with a growing family, it is time to start thinking of someone else for a change. Should anything happen to you, a life insurance policy will take care of the people we cherish most in this world.

Who Benefits From My Life Insurance Policy?

According to Florida state law, you can name any person as a beneficiary as long as it is a contract on your own life. If you wanted to procure a life insurance contract on another individual, the law states that the person must be an insurable interest. This used to be the case for your own life as well, but the law was changed in 2008. That means that now you can choose anyone to receive benefits from your life insurance whether it be an insurable interest (i.e. one individual, a group of people, a trust you have established, your favorite charity, not-for-profit organization, your estate, etc.) or not. The important thing is to provide financial security for those you care about. With a life insurance policy, you can rest easy knowing that your loved ones’ best interests will be looked after in your absence.

If you would like more details on the various life insurance options in Orange Park, FL, be sure to reach out to First Florida Underwriters Inc for a consultation.