Insurance 1-2-3: Essential Orlando Business Insurance Coverages

Insurance 1-2-3: Essential Orlando Business Insurance Coverages

Insurance coverage might not be the first thing you think about as an entrepreneur, but it is one of the most important business strategies you will ever encounter. Just as a strong business plan and mission statement can help keep your business focused and on track, the right risk management strategy can help protect Orlando businesses from the various hazards they may encounter along the road to success.

Orlando financial planningThe sad truth is that most small businesses fail not for lack of effort, but for lack of proper planning and experiences. According to the U.S. Small Business Administration, only about half of all small business start-ups survive the first five years or more and roughly one-third survive 10 years or more. Poor financial planning and management are two of the largest factors in business failure. There is a lot that can go wrong for a small business and many business owners are financially and tactically ill-equipped to navigate unexpected challenges as they emerge.

That’s where a strong business insurance portfolio comes in to play. The essential function of business insurance is to help protect Orlando companies from various risk exposures they may encounter. For insurance purposes, a risk exposure can be described as the quantified potential for financial loss that might occur as the result of a business activity or related event. It takes into account both the likelihood and the consequences of a specific action, to help measure the potential negative impact.

Any endeavor is accompanied by risk; some are simply more dangerous than others. Even the smallest of business functions have some risk involved. For example, even hiring a new employee comes with a certain set of risks to which a business is now subject. The new addition brings a slightly greater likelihood of a workplace injury and other concerns, which could cause challenges for the employer. It is also important to note that not all risk exposures are in the business owner’s control, many outside factors can dramatically affect a business, such as weather and natural disasters.

There are a few basic commercial insurance coverage options that every Central Florida business should acquire to mitigate the risks of business operation.

Workers Compensation

Central Florida Workers Comp

Workers compensation coverage is designed to help protect businesses from the financial consequences of workplace injuries. Workplace accidents account for thousands of injuries and fatalities a year and can have devastating effect for small businesses. One small accident can result in medical expenses, legal fees and a host of other complications which can put small businesses in financial ruin without the proper protection. According to Florida state law, all businesses with four or more employees, full-time or part-time, are required to carry workers compensation insurance. Corporate officers do count as employees unless specifically exempt under the owner exemption policies. Additionally, all construction operations must carry workers compensation unless the business owners have exemptions and there are no additional employees.

General Liability Insurance

General Liability insurance is designed to protect business owners from the financial impact of legal complications. Lawsuits have become so commonplace in American that businesses can be held accountable for everything from bodily injury and property damage to allegations of defamation and false advertising. These policies typically protect against settlements, judgments, defense and other fees amassed as a result of a legal complaint.

Commercial Property Coverage

In order to protect business property from damages, theft, breakdown and a host of other threats, businesses should acquire a commercial property policy designed specifically to fit the nuances of their business. Property insurance covers everything related to the loss and damage of a company’s property due to a wide-variety of events such as fire, wind, storms, and even vandalism. Depending on how a policy is written, the definition of property can be pretty broadened to incorporate buildings, electronics, documents, even cyber data and more. There are a wide variety of property inclusions such as commercial auto and equipment breakdown coverage that are available to ensure that all of your businesses physical assets are properly accounted for in any situation.

Professional Liability

Orlando Professional LiabiltyAlso known as errors and omissions insurance, professional liability coverage is designed to protect professionals from risk exposures that may arise through the performance of their regular job functions. Allegations of malpractice, professional error, and negligence are increasingly common, especially in service related industries and can be extremely costly. This coverage is particularly relevant to consultant, freelance, and contracting operations that offer specialty professional expertise and services.

Understanding all the risks you and your business face can be overwhelming and finding the right protection takes intimate knowledge of the risks you face. Most small businesses don’t have the expertise to fully evaluate these risks on their own. Working with a local Orlando insurance agency to better understand the exposures faced by your specific industry can be a huge advantage for any small business. For help planning or improving your risk management strategy, give us a call today at (407) 859-3691. 

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Are You Looking for Cheap Car Insurance in Orlando?

Are You Looking for Cheap Car Insurance in Orlando?
Finding Cheap Car Insurance in Orlando

While the importance of auto insurance is widely recognized, finding affordable car insurance in Orlando can be challenging. With many rates far about the national average of $1,561, Florida residents pay an average of $130 a month to protect themselves and their vehicles. According to many industry reports, Miami and South Florida residents often pay auto insurance premiums around $1,750.10, which are among the highest in the country. Luckily for many drivers, there are a number of discounts offered to help Orlando them find the best coverage at the best rates. Discounts are often based on a driver’s performance, the type of vehicle being insured and various other affiliation factors.

Performance-based discounts are the most common ways to get cheaper car insurance in Orlando. Motorists with good driving history and short commutes are statistically perceived to be lower risk drivers and therefore will usually be offered reduced rates. In contrast, drivers with a history of traffic violations or accidents are thought of as high-risk. As such they are ineligible for the “good driver” discounts and often pay higher premiums.

The actual vehicle itself being insured can also help motorists snag discounted rates. Oftentimes if you have a newer vehicle, green vehicle or a vehicle with various safety features, you will be offered a discount. If your vehicle has anti-lock brakes, full vehicle air bag systems, motorized restraint systems or other safety features you may qualify for such a discount. These features are designed to help prevent accidents and reduce the severity of injuries suffered by a vehicle’s occupants which make vehicles equipped with such features less of a risk to insure.

Good student discounts, multiple line discounts and organizational affiliation discounts are also common. At Newman Crane, we can help secure you the best Orlando auto insurance rates without compromising coverage. Our personal and commercial auto insurance can help protect drives and their assets across Southern Florida. To find out more about finding cheap car insurance in Orlando, give us a call today at (407) 859-3691. 

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Insurance 1-2-3: Understanding Homeowners Insurance in Orlando

Insurance 1-2-3: Understanding Homeowners Insurance in Orlando

Homeowners insurance is one of the two most essential personal insurance policies for Floridians, the other being auto insurance of course, so it is important for consumers to have a good grasp of all the benefits this coverage has to offer.

What is Homeowners Insurance? What is Homeowners Insurance

Orlando Homeowners Insurance is a risk management strategy designed to help the policy holder protect their homes, possessions and occupants by securing financial support should unfavorable circumstances arise. As a package policy, homeowners insurance protects policy holders from both damage to their property and legal responsibility for any injuries or property damage caused by members of your household or the physical structure itself.

The standard homeowners policy in Orlando will help provide coverage for the structure of your home and for your personal belongings, up to a certain limits. These policies secure renters the funds to replace lost, stolen, damaged and broken possessions taking into account the current market conditions. When choosing your homeowners insurance coverage, it is essential to understand that there are two ways to set up how any property claims will be repaid should your home or its contents suffer damages from covered circumstances.

  • Actual cash value reimbursement is the less expensive of the two options; however the policy holder will not be able to recover the full amount they paid for their items. Instead, insurance providers will distribute what they consider the actual cash value of the item. This figure essentially factors out to the amount it would cost to replace the item minus a depreciation value, or a decrease in value do to wear and tear. This will increase the amount of out-of-pocket expenses for the policyholder.
  • With replacement cost coverage the insurance provider will provide reimbursement for the full retail value of the items in the current market. While this coverage can lead to slightly higher premiums for policy holders, it can also relieve the financial burden of replacing all your belongings. This coverage can also be extended to the value of your home should an unforeseen event render it uninhabitable.

Standard homeowners coverage do have limits which even at their highest may leave some of your home’s contents exposed. Additional coverage options are available for high-value, antique, and collectible items, to ensure that the full value of specialty property items are secured.  An Orlando home insurance policy will also help homeowners recover living expenses such as hotel fees, in the event you are temporarily unable to live in your home because of an insured disaster.

What Types of Damages are Covered

What Types of Damages are Covered?

Typical homeowners policies will cover property damages from a range of risk exposures from natural disaster to deviant social acts. Weather related hazards such as hail, severe winds, lightning, fire and even volcanic eruption are all provided for. Damages to property that result from riots, vandalism and home invasion are also recoverable. This will often include damages to household amenities, such as a swimming pool, landscaping and other features.

Florida homeowners insurance does not however, protect against natural flood, mudslide and sinkholes which will require additional Flood Insurance. Many areas of the Sunshine State require homeowners to obtain flood insurance, as it can be a great asset to property owners in any location.

How does Homeowners Liability Coverage Work?

How does Homeowners Liability Coverage Work

The liability insurance section of your homeowners policy is designed to protect the policy holder from the financial burden of an accident involving their property or family. This coverage actually affords the policy holder coverage from bodily injury and property damage suffered by others in connection with their property. The liability coverage included in a homeowners insurance policy covers the policy holder, and those dwelling in the home, at the insured premises and away.

There are two types of liability coverage: personal liability coverage and medical payment coverage.

  • Personal Liability- Should any insured party under the homeowners insurance policy be found responsible for inflicting bodily injury or property damage upon another, personal liability coverage will help reimburse the policy holder for legal fees, awards, settlements and other related compensation.
  • Medical Liability- Should any injury induced by the policy holder or their household require medical care, the medical liability inclusions will allocate funds to compensate the treatment and care of the injured party. The benefits of this coverage only apply to non-household members, and working staff injured in a way not associated with the performance of their duties.

Orlando homeowners liability coverage doesn’t apply to injuries or damages arising from business or professional activities, to intentional injuries or damages, or to injuries sustained by members of your own household. There are however, additional excess liability and umbrella liability coverage options to Floridians who feel they may need a little extra financial protection for their assets.

How can you get the best rates?

On average Florida Homeowners insurance rates are roughly $1160 and prices fluctuate widely based on location and the type of coverage you desire. Finding the best deals can be tricky, especially for homeowner living in high risk areas, and requires a shrewd understanding of the nuances of the market and industry. Working closely with local insurance providers throughout Central Florida can help secure homeowners the perfect coverage to fit their needs and risk exposures.  If you would like more information about working with local agents to better understand which Orlando Homeowners insurance policy is right for you, give us a call at (407) 859-3691.

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The Advantages of Orlando Renters Insurance

The Advantages of Orlando Renters Insurance The Advantages of Orlando Renters Insurance

The National Hurricane Center has been tracking a compilation of thunderstorms off the Florida coastline, which researchers claim have a high probability of forming into a tropical storm. Should a tropical storm system develop, the majority of the eastern seaboard could be facing a soggy Fourth of July weekend. As tropical storms threaten the east coast and the Sunshine State this summer preparation and safety are on the forefront of everyone’s mind.

Floridians are no strangers to the threats and devastation effects of tropical storm systems. Florida has been affected by seven of the ten most severe storm systems in recent history culminating in billions of dollars in damages and injuries. While not every storm is a hurricane, even seasonally heavy rains, strong winds and high tides can cause terrible property damage and complications for Floridians.

As an Orlando renter, your landlord’s insurance will not protect your personal property in the event of any incident, let alone a tropical storm. Landlord insurance is designed to protect the physical structures of a dwelling, such as windows, walls and the fixtures within. Even if the damage to your personal property is the result of a pipe burst or ceiling collapse, your landlord’s policy is unlikely to repay you for any damages to your personal belongings. The right renters insurance policy is one of the most strategic means of protecting the contents of your home. Unlike homeowners insurance, renters insurance often has built in safeguards to reimburse you for damaged and destroyed property from natural disasters. Orlando renters insurance can help replace items damaged by wind, hurricanes and earthquakes, theft and other unforeseen circumstances.

When choosing the right coverage, it is essential to understand that there are two ways in which to set up your policy, actual cash value and replacement cost coverage. A policy which stipulates actual cash value will reimburse the policy holder a depreciated value for their possession. This means that neither the full retail value of the product nor the cost to replace the item in the current market would be awarded to the policyholder. While these policies are less expensive, they offer less monetary compensation in the event of an emergency. Replacement cost coverage will often yield higher premiums for policy holders; however many believe the benefits outweigh the upfront costs. These policies secure Orlando renters the funds to replace lost, stolen, damaged and broken possessions taking into account the current market conditions.

Newman Crane is a local insurance provides who specialize in assessing the local risk exposures Central Florida residents face. If you have any questions about the best way to protect your belongings or are interesting in learning more about the benefits of renters insurance you should contact the Orlando renters insurance specialist today at (407) 859-3691.

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Insurance 1-2-3: The Basics of Orlando Auto Insurance

Insurance 1-2-3: The Basics of Orlando Auto Insurance

When it comes down to it, Orlando auto insurance is essentially just a contract between the Insurance 1-2-3 The Basics of Orlando Auto Insuranceproviders and a policy holder which ensures that financial protection is provided to the policy holder in the event of an incident involving a specific vehicle. It is important to understand that auto insurance is designed to cover a specific vehicle and its drivers; however the policy is taken out for a specific vehicle not the drivers themselves. This means that you are permitted to add additional drivers onto an auto policy if they are regular users of that vehicle, and the allotted coverage will be extended to that motorist. Coverage is also extended to any legally eligible driver, such as friends or family members, who may not be named on the policy for the time they operate the vehicle with the policy holder’s permission. Most auto policies are secured every six months to a year at which point they are reevaluated based on the motorist’s driving performance, location and other additional factors to adjust to changing market and client demands.

Like all insurance policies, premiums are based on the amount and type of coverage you wish to attain to protect your property. Most Orlando auto insurance policies can be comprised of six typical coverage inclusions, however there are supplemental various inclusions which can be written into a policy to provide extra security.

Standard Vehicle Coverage Inclusions

Standard Vehicle Coverage InclusionsProperty Damage Liability coverage is designed to help consumers bear the financial responsibility of paying for damages caused by you, your family members or other persons driving the insured vehicle with your permission. Typical property damage includes impairment and destruction caused to another vehicle, but this type of security also includes damage inflicted upon public property such as lamp posts, telephone poles, fences, buildings or other structures.

 Collision Coverage is an inclusion that policy holders often have the most control over. Collision, often paired with comprehensive coverage, is designed to benefit the owner a vehicle. This coverage is generally sold with a deductible of between $250 and $1,000, which the policy holder will contribute if a vehicle needs repairs resulting from an accident. Think of a deductible as the out-of-pocket expense you as the policy holder will pay to restore your vehicle. A high deductible will result in a lower policy premium because you are electing to assume more financial responsibility when the time comes to make a claim. Regardless of who is determined to be at fault for an accident, collision coverage will reimburse the claimant for the costs of repairing the vehicle, sans the amount of the deductible. In the event that you, the claimant, are not at fault for an accident, your insurance provider will likely try to attain reimbursement from the party determined to be at fault. If successful, you will likely be compensated the full amount for repairs of the determined market value of the vehicle should it be deemed a total loss.

While collision coverage is designed specifically for vehicle crashes, Comprehensive Coverage is offered by most Florida auto insurance providers to help policy holders cover the cost of damages that are not the result of an auto accident. Comprehensive coverage, as its name would suggest, is designed to reimburse policy holders for destruction cause by a host of “other” factors for example, natural events such as fire, flood, earthquake, hail and other natural events. This coverage is commonly used to help consumers pay for the replacement or repair of windows and windshields after damage from falling objects and projectiles. Financial consequences of vandalism, riots, and contact with animals, such as deer, can also be recovered through comprehensive coverage.

As liability coverage, Bodily Injury Liability is a required coverage in most states, typically with minimum mandatory compensation limits. This coverage is designed to help the policy holder and others listed on the policy pay for injuries, including fatalities, inflicted by the insured vehicle onto other drivers, passengers or individuals involved in an accident. The policy holders and any family members listed on the policy are also covered when operating another vehicle if permission is granted by the owner.

Personal Injury Protection (PIP): Also known as Medical Liability coverage within the insurance industry and Florida No Fault Insurance to Orlando drivers, PIP coverage can help the policy holder pay for their own injuries or injuries sustained by their passengers of the insured vehicle. Depending on the limits and policy stipulations PIP can cover medical payments, lost wages for injury or disfigurement and the “cost of replacing services normally performed by someone injured in an auto accident.” In some cases funeral costs can also be rewarded by this coverage. The state of Florida requires that all state licensed drivers hold a minimum of $10,000 in Personal Injury Protection coverage, to ensure that all parties involved in an accident receive the proper medical care regardless of fault.

Uninsured/ Underinsured Motorist coverage comes into play when an at-fault driver has insufficient on nonexistent insurance to pay for the affected party’s total loss or in a hit-and-run occurrence. Hit-and-run incidents remain a huge problem across all regions of Florida, according to Florida Highway Patrol statistics there were 69,994 of these cases in 2012 alone and similar reports from 2013. Uninsured motorist coverage can not only help cover injuries sustained from an underinsured motorist, but will also help supplement the costs of repairs needed from the collision. This coverage will also protect injuries sustained from a crash where the policy holder is a pedestrian.

Are there car insurance requirements in Orlando?

Most states require all drivers to hold some amount of property damage and Car insurance requirements in Orlandopersonal injury coverage. As previously mentioned, the state of Florida requires drivers to carry a minimum coverage of $10,000 in PIP, as well as $10,000 in property damage liability coverage in order to legally register a vehicle with the state. While these are the basic coverage necessities, acquiring the right additional coverage can be to the benefit of any auto owner. Those financing a car are often subject to additional requirements dictated by the lender to protect their investment as well.

According to state law, the minimum required insurance must be issued through a licensed Florida agent who operates in conjunction with an insurance company which is licensed to sell insurance in Florida as well. While large insurance carriers are often licensed across many states, working with a local agency can often provide a nuanced level of expertise to help obtain the comprehensive auto insurance coverage that Orlando residents need. Domestic agencies are more accustomed to dealing with the specific insurance needs of Floridians and their assets. If you would like more information about working with local agents to better understand what Orlando auto insurance policy is right for you, give us a call at (407) 859-3691.

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Orlando Homeowners Insurance: Tips to Trick Burglars

Orlando Homeowners Insurance: Tips to Trick Burglars Orlando Homeowners Insurance Tips to Trick Burglars

As an Orlando homeowner, the safety of your family and your property is a high priority. There are many strategies when approaching home security. Many individuals choose to put personal home security systems in place in addition to surveillance technology to protect your property boundaries. However, those tactics are specifically designed to respond to a home invasion, not to prevent one. There are many tactics Orlando residents can utilize, to help deter deviant behavior towards their property and to stop criminals from even considering a property to begin with. One of the most successful tips for protecting your assets from theft and vandalism require thinking as a criminal would and understanding what they look for when planning a strike.

The Miami-Dade Police Department offers some helpful home security tips as well as a home security assessment checklist for homeowners to help residents address their residential safety concerns. Many of the suggestions are common safety precautions which have been successful in deterring crime for years, including doors and windows lock specifications and other structural safeguards.

If you are a little extra cautious, there are many lifestyle and domestic habits that can help protect your residence as well. Here are a few practical tips to make your home less appealing to burglars.

  • Don’t get flashy. While every homeowner wants to differentiate their home from their neighbors, be mindful of the types of items you leave exposed to the public such as outdoor furnishings, embellishments and other decorations. Showing off your luxury vehicle to the neighborhood by parking it in the driveway, or placing high-value items easily visible through windows are often signals to onlookers that your residence contains pricey items. To a criminal, this could indicate that your home is a potential lucrative destination.
  • Visibility is safety. Property owners often have a tendency to conceal windows, doorways and paths in the pursuit of privacy. While high fences and hedges can shield your property from snooping neighbors, they can also provide cover to criminals lurking around your home. Utilizing motion censored and timed lighting can also improve visibility around the exterior of your property and alert you of passers-by.
  • Someone is always home. There will inevitably be times when your home is unoccupied, and those moments are generally when burglars will look to strike. Using timed lighting and noise making electronics indoors can help give the appearance that your house is occupied even when it is not, thus deterring mischief around your property.

As Orlando homeowners insurance specialist we understand how important your property is to you. At Newman Crane we work hard to assess the full scope of your coverage needs by taking into account all of your assets, from each personal artifact to real-estate holdings and vehicle investments.  Our Orlando Personal Insurance plans are fully customizable with a variety of inclusions and specialty policies. For more information about our Central Florida Homeowners Insurance plans, or any of our offerings, give us a call today at (407) 859-3691.

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