Quick Tips on Orlando General Liability Insurance

Quick Tips on Orlando General Liability InsuranceOrlando General Business Liability coverage goes by many names, but is one of the most basic strategies for protecting any operation against the financial burdens that accompany certain types of liability lawsuits. This coverage is designed to cover the cost of a business’s legal defense and any settlement or award should the operation be successfully sued. Typically these include compensatory damages, non-monetary losses suffered by the injured party, and punitive damages.

While general liability coverage won’t protect an operation from all the liability exposures they face, it does provide coverage in four key areas:

  • Third party injury: One of the primary reasons all businesses should attain general liability coverage is that these policies protect Orlando businesses from claims of causing direct or direct injury or bodily harm to a third party. This coverage kicks in if a client, consumer, or other third party gets hurt on or by business property general. An Orlando business’s general liability policy will provide for the necessary medical expenses.
  • Third-party property damage: General liability insurance can also protect businesses from the financial repercussions of property damage that is the result of the business, business owned property or employees. It will also protect tenants should they cause damage, such as fire or water damage, to a rented or leased property.
  • Slander, false advertising and other claims: General liability will often provide some level of protection against claims of some wrongful business practices such as false or misleading advertising, including libel, slander, and copyright infringement. However, the limits are often low and in most cases Orlando businesses will need to secure additional liability coverage to bolster their protection in this area as these lawsuits frequently get costly.

Orlando general liability insurance can be purchased on its own or included as part of a Business Owner’s Policy (BOP) or other package policy, which bundle liability and property insurance into one policy for ease. However, when bundled together liability coverage limits tend to be quite low, which often leaves businesses unknowingly exposed financial losses. According to the U.S. Small Business Administration, when purchased as a stand alone policy the annual premiums for general liability insurance range from $750 to $2,000 depending on your line of business and coverage needs, making this coverage one of the most affordable insurance options for many small businesses.

At Newman Crane, we specialize in helping Florida business owners find the Orlando small business insurance and risk management solutions they need to protect their employees and their assets. If you are looking for quality commercial insurance programs at affordable rates, contact us today at (407) 859-3691 to learn more how our Central Florida Insurance Agency can help you.

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Strong First Quarter Good For Orlando Homeowners

Strong First Quarter Good For Orlando HomeownersThe Orlando housing market started 2015 strong with rising home prices that will likely continue throughout the year, according to CoreLogic’s first quarter Home Price Index report. The data shows that home prices in the Orlando-Kissimmee-Sanford area rose 4 percent in January compared to the year-ago period, and year-over-year prices increased by 5.8 percent in January compare to the same time in 2014. Month-over-month, home prices in the area, including distressed sales, increased by 0.4 percent in January compared to December. Furthermore, foreclosures among outstanding mortgage loans has remained steady of the last few months, and was reported at 3.1 percent in February 2015, down 3 percentage points from February 2014.

What does this mean for Orlando homeowners and home buyers?

Housing market health is often looked at as a representation of the overall economic stability. Fewer bank repossessions indicate a stronger homeowner market, meaning that residents are able to keep up with mortgage payments. In response, the lower foreclosure rate indicates that the market is improving and helps boost property values so homeowners can feel more secure and see more of a return on their investment. When foreclosures and repossessions are low, it is a strong sign that the overall economy is moving in a strong direction.

A strong housing market also provides property owners with a greater flexibility in regards to handling their property assets. Economic stability stimulates buyers to enter the housing market which can drive up demand for new housing, thus rousing the economy as well. When the market is strong, it can also present the perfect opportunity for Central Florida property owners to sell off extraneous properties for top prices, making a profit on their initial investment. Furthermore, many homeowners choose to invest more in home improvement projects and renovations when the housing market is up in order to improve the functionality and value of their property for future sale.

Whether you are looking to buy, sell or renovate your property, it is important that your personal insurance portfolio is able to adapt to your changing needs. At Newman Crane, we specialize in helping Central Florida property owners create policies and strategies that will help keep all their assets protected. Our specialists can help fulfill all your Home Insurance Orlando needs. To learn more about our Central Florida Insurance Agency, contact us today at (407) 859-3691.

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Florida Economy Bodes Well for Orlando Small Businesses

Florida Economy Bodes Well for Orlando Small BusinessesAccording to the monthly ADP Regional Employment Report, private sector employment increased in all four major regions of the U.S. and all nine U.S. Census Bureau Divisions during the month of March 2015. The reported shows that total U.S. private sector employment increased by a total of 189,000 jobs from February to March. Growth was strongest in the West and South regions, specifically throughout California and Florida. In all, the South saw an increase of 56,000 jobs, the Northeast saw 28,000 jobs, the Midwest saw 31,000, and the West saw the most job growth with 74,000.

The Sunshine State reportedly added 14,400 private sector, non-farm jobs last month, with strong growth across multiple sectors. The trade, transportation and utilities sector saw the largest amount of growth of 3,800 jobs. The professional and business service sector also saw strong growth, with 2,200 jobs last month, while the Natural Resources, Mining and Construction sector saw only a slight uptick in jobs with 1,300 reported in March.

This is a strong sign for Florida’s economy, especially small business owners. According to reports, 77 percent of business owners in Florida have a positive view of the economy, compared to fall 2014 where only 59 percent of business owners felt optimistic about business growth. What’s more encouraging is that 66 percent of Florida small business owners expect to make capital investments over the next six months, up 20 precent from spring 2014. However, hiring remains a sluggish process. According to new data, only 10 percent of business owners surveyed said they plan to add full-time employees, as opposed to 85 percent of business owners who are looking to keep their staffing unchanged over the next six months.

As the Florida economy continues to progress, and Orlando small businesses continue to expand, it is important to secure adaptable business insurance and risk management solutions. At Newman Crane Orlando Insurance Agency, we specialize in helping Florida business owners find the Orlando small business insurance and risk management solutions they need to protect their employees and their assets. If you are looking for quality commercial insurance programs at affordable rates, contact us today at (407) 859-3691 to learn more how we can help your operation.

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Court Decision Could Change Orlando Workers Comp System

Court Decision Could Change Orlando Workers Comp SystemAccording to a report in the South Florida Business Journal, the severity of workers’ compensation claims are increasing at a higher rate in Florida than the rest of the country. The report cites a study from Aon Risk Solutions, which looked at trends in frequency, severity and overall loss rates related to workers’ compensation. Research shows that the severity of Florida workers comp claims is rising at roughly 3 percent each year, while the severity of claims on average in the United States is rising roughly 2 percent. Furthermore, experts say that the severity and cost of worker’s comp claims could continue to increase dramatically in the near future, especially as legislators await the decisions from the Florida Supreme court that could affect the entire worker’s compensation system.

Industry experts believe that the disparity in the severity of Florida’s worker’s comp claims as opposed to the national average may by the result of increased costs of medical treatment and prescription drugs. Others cite an aging workforce as a large contributing factor. However, while claim severity is increasing more rapidly in the Sunshine State, it seems that claim frequency is dropping in Florida and the rest of the nation.

The Florida workers compensation system has been making a lot of headlines lately as the entire Florida workers’ compensation system is on the brink of change as the Florida Supreme Court is expected to rule on three pivotal Workers’ Comp related cases. The court is hearing arguments regarding the constitutionality of the state’s workers-compensation insurance system, which involves cases being handled through the workers-compensation insurance system instead of through civil lawsuits. The pending outcome of this case and others could have serious implications on the workers comp system, different types of benefits and limits available to employers and employees.

As Florida business owners await the outcome of these decisions, Worker’s Compensation will always remain a necessity for Florida businesses. At Newman Crane Orlando Insurance Agency, we specialize in helping Florida contractors find the business insurance and risk management solutions they need to protect their employees and their assets. Our Orlando Workers Comp coverage will cover your employees in the event of a workplace injury or illness for lost wages, medical expenses, rehabilitation and more. If you are looking for quality Workers Compensation programs at affordable rates, contact us today at (407) 859-3691 to learn more how we can help your operation.

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Small Orlando Manufacturers Could Be Industry’s Future

Small Orlando Manufacturers Could Be Industry's FutureAccording to recent reports, the U.S. Department of Commerce (DOC) says that the future of American manufacturing lies in the hands of small businesses. The department’s recently released Supply Chain Innovation: Strengthening American’s Small Manufacturers report identifies potential barriers and solutions for manufacturing growth both in the U.S. and abroad. The report indicates that small businesses could offer more innovative solutions for manufacturing growth. DOC officials are calling for improved collaboration between the government and larger corporations to help aid small businesses in the pursuit of new innovation.

Accounting for nearly half of all American manufacturers, small firms play an increasingly important role in U.S. manufacturing industry. Data indicates that the U.S. has added 877,000 jobs since February 2010, many of which have been created by new small and medium sized operations. However, the industry wide employment growth continues to struggle. Federal data indicates that from 1960 to 2000 Americans held between 15 to 17 million jobs in manufacturing, but in 2000 and 2001 workers lost roughly one-third of those jobs, and the industry has been s low to recover ever since.

According to the DOC’s assessment, small firms face barriers to innovation with lack of access to adequate funding and little ability to test their research and product development. As such, small firms are reportedly 60 percent less productive than their larger peers. However, these small firms often yield the most significant breakthroughs in technological and product development. The report acknowledges that small firms more often develop cutting edge processes for advanced materials like carbon fiber and lightweight metals, new sensors and digital controls.

The report asserts that the government can play a bigger role in improving supply chain efficiencies by building more networks nationwide. Their primary goal is to help improve access to resources needed for innovation and discussion about common problems and opportunities. The DOC proposed funding such projects with a mixture of government and private sector funds.

Manufacturers play a significant role in local, state and federal economic success. As such, it is vital that Orlando manufacturers take the proper precautions when it comes to protecting their physical and intellectual property, employees and other assets. At Newman Crane, we specialize in helping Orlando manufacturers large and small find the Florida business insurance solutions they need. To learn how our Orlando Insurance Agency can help your operation, contact us today (407) 859-3691.

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Do Orlando Businesses Need Commercial Auto Insurance?

Do Orlando Businesses Need Commercial Auto Insurance?Many Orlando operations mistakenly believe that a basic Business Owner’s Policy (BOP) or general business property insurance policy will cover all their assets. In reality, there are a number of limits to the types of property these policies are designed to protect. For example, neither a BOP nor a commercial property insurance policie will protect business vehicles, their owner or their operators. Instead, Orlando business owners must secure additional business auto insurance coverage from their Orlando insurance agencies.

Orlando business auto policies are similarly structured to a personal insurance policy, however there are often more parties involved. As with Orlando car insurance, a business auto policy will offer financial protection to the policy holder and endorsed drivers in the event of an accident. Florida law requires that vehicle owners secure liability insurance for bodily injury and property damage that may result from a vehicle accident. State laws also require motorists cary Personal Injury Protection (PIP) coverage which is designed to cover medical expenses. With a business auto policy, this coverage can be extended to employees of an organization utilizing the vehicle for business purposes or on business time. Business auto policies can also be secured for business owned, rented, leased or hired vehicles.

Your operation’s commercial auto insurance needs will fluctuate depending on the number of vehicle your operations utilizes. Each vehicle you use in your business can be separately listed on your business auto policy. This afford’s business officials the opportunity to choose different coverage inclusions and limits for each vehicle. These needs will be determined by each vehicle’s role in the business, as well as its characteristics, value, ownership status and many other factors.

When it comes to breaking down your business’s insurance needs, it helps to have a knowledgeable advisor on your side. At Newman Crane, we specialize in helping Central Florida businesses find the commercial insurance solutions they need. Our commercial auto insurance specialists can help find the products necessity to cover all company vehicles including autos, vans, and trucks against liability and physical damage risks. To learn more about our operation and our offerings, contact us today at (407) 859-3691.

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