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Commercial Insurance: Essential for Businesses of All Sizes

Commercial insurance is an essential tool for businesses of all sizes. It provides protection against a variety of risks and helps companies recover from financial losses in case of accidents, natural disasters, lawsuits, and other unexpected events. Whether you own a small business or manage a large corporation, having the right insurance coverage is critical to your success.

There are several types of commercial insurance that you should consider when creating your insurance plan. In this blog post, we’ll go over some of the most common types of commercial insurance, explain what they cover, and highlight why they are important. Businesses should review their insurance coverage annually since coverage terms can vary depending on many factors. Standard policy coverage terms serve as the basis for the following examples.

Property Insurance

Property insurance is designed to protect your business’s physical assets, such as buildings, equipment, inventory, and other property. This type of insurance typically covers losses due to fire, theft, vandalism, natural disasters, and other events. Property insurance can also cover the cost of rebuilding or repairing your property if it is damaged.

Liability Insurance

Liability insurance protects your business from financial losses in case you are sued for damages or injuries caused by your products, services, or operations. This type of insurance covers the cost of defending against lawsuits, as well as any settlements or judgments that may be awarded. Liability insurance is essential for businesses of all sizes, as lawsuits can be costly and disruptive.

Business Interruption Insurance

Business interruption insurance covers the loss of income that your business may suffer due to a temporary shutdown caused by an insured event, such as a fire, natural disaster, or other unforeseen event. This type of insurance can help keep your business running by covering expenses such as rent, employee salaries, and other operating costs while your business is closed.

Workers’ Compensation Insurance

Workers’ compensation insurance is required by law in many countries, including the United States. This type of insurance provides financial and medical benefits to employees who are injured or become ill as a result of their job. Workers’ compensation insurance covers the cost of medical treatment, rehabilitation, and lost wages for affected employees.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance, protects your business against lawsuits related to professional services. This type of insurance is important for businesses that provide professional services, such as consultants, accountants, and lawyers. Professional liability insurance covers the cost of defending against lawsuits, as well as any settlements or judgments that may be awarded.

Product Liability Insurance

Product liability insurance protects your business against lawsuits related to the products you sell. This type of insurance covers the cost of defending against lawsuits, as well as any settlements or judgments that may be awarded. Product liability insurance is especially important for businesses that manufacture, distribute, or sell products, as lawsuits related to products can be costly and disruptive.

Cyber Liability Insurance

Cyber liability insurance provides protection against losses due to cyber attacks, data breaches, and other types of cybercrime. This type of insurance covers the cost of responding to a cyber attack, as well as the cost of notifying affected customers and repairing any damage to your business’s reputation. With the increasing number of cyber attacks, cyber liability insurance has become an essential type of insurance for businesses of all sizes.

Transportation Insurance

Transportation insurance protects your business against losses related to the transportation of goods and products. This type of insurance covers the cost of replacing lost or damaged goods, as well as any legal costs associated with transporting the goods. Transportation insurance is important for businesses that rely on the transportation of goods to deliver products to customers.

In conclusion, it’s important for businesses of all sizes to have the right insurance coverage. Without it, they may be exposed to significant financial risks that can jeopardize their ability to continue operating. However, with the right insurance coverage in place, businesses can protect themselves and their assets, and have peace of mind knowing that they are prepared for unexpected events. It’s also important for businesses to work with experienced insurance professionals who can help them understand their coverage options and make informed decisions about their insurance needs. By taking a proactive approach to insurance, businesses can help ensure their long-term success and financial stability.

This article contains information which was generated by artificial intelligence and has been professionally reviewed before release to the public.

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Tips to Save Money on Homeowners Insurance

Here are some basic questions and answers which you should consider when looking at the cost of homeowners insurance and your home or home improvements.

How can comparing quotes help homeowners save money on expensive endorsements or additional coverage like flood insurance?

Comparative shopping is always prudent. Certain carriers have appetite for risks that other carriers do not and the premiums are commensurate with that appetite. The current Florida insurance marketplace does not offer a wide variety of choice in that many carriers are not freely writing insurance, but for those that are, it is a good idea to see what they have to offer to optimize coverage for the best possible premium.

Is it possible and wise for a homeowner to compare insurance companies based on more than just cost, such as the percentage of claims that are denied?

It is always prudent to seek multiple offers of insurance. Comparing factors such as financial solvency, coverage terms, conditions, and limitations is smart but not always easy to do. A good agent with knowledge of these things can make this easier for a client to understand as the layman may find this very challenging without a deep knowledge of the issues. This information for comparison is not always readily available in the public forum.

What are your top tips for saving on the cost of homeowners insurance?

Cost savings are best achieved with full wind mitigation, water leak mitigation, theft deterrence such as a central station monitored alarm system, and the obtaining of multiple offers of insurance to the extent to which they are available. Today many people are doing without valuable endorsements, such as, replacement cost coverage on contents in order to save money as well as attempting to reduce the dwelling coverage by working the replacement cost estimate. While these moves can produce savings they also may leave the insured without proper coverage in the event of an occurrence. Premium savings must be carefully considered in terms of the risk/reward benefits.

How does the home’s construction type impact insurance or other costs?

Construction type as well as the year built of the dwelling are significant factors which impact the cost of insurance. Typically, masonry constructed homes are less expensive to insure than frame constructed homes while homes with steel reinforced concrete roof decks are less expensive to insure than homes with wood truss roofing systems. Homes that have opening protection that meet the Miami-Dade County code are less expensive to insure than those homes that do not have these features. When looking for a home with insurance premiums being an escalating ongoing cost, it is important to find a dwelling that has the best construction type and features to maintain the lowest possible insurance costs.

Call us at 954-251-3312 or contact us for more information or to have a more detailed discussion regarding your specific situation.

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Selling on Amazon.com? We can help!

Amazon sellers which exceed a certain amount of gross proceeds in sales are required by Amazon to obtain liability insurance (review the Business Solutions Agreement with Amazon for complete details). We have access to the appropriate markets which provide this coverage through companies with excellent financial strength as rated by AM Best, the industry standard for determining an insurance carrier’s financial strength.

When is this insurance coverage required by Amazon?

Amazon makes the process as easy as possible for their sellers. The complete details of their requirements are located within the Business Solutions Agreement which can be located on their seller central website. Amazon may also send an email denoting their insurance coverage requirements, why their insurance coverage requirements apply, and explaining how to communicate proof of insurance to them, typically via seller central. Amazon commonly requests that their sellers obtain and maintain liability insurance with a limit of at least $1 million per occurrence and in aggregate, and cover liabilities caused by or occurring in conjunction with business operations, including products, products/completed operations and bodily injury.

Well, how much will this insurance coverage for Amazon cost?

Probably much less than the average cost of insurance coverage. These policies are primarily rated based on estimated total gross annual revenues. Therefore, higher gross annual sales would equate to a higher insurance premium. Another factor which affects the cost of this coverage are the products which are being manufactured and/or sold. This is accounted for by insurance companies under what is referred to as a class code.

There are also other factors and details which contribute to the cost of insurance. In order to determine the precise cost call us at (954) 251-3312 or click here to get in touch and we’ll provide a formal offer of insurance which will satisfy Amazon’s seller insurance requirements. Please also feel free to contact us for additional information.

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Should You Be Worried About Your Appliance Hoses?

There’s a ticking time bomb in your South Florida house right now, waiting to strike when you least expect it. In fact, there might even be more than one. And each can cause thousands and thousands of dollars in damage.

We here at Rolfs Insurance Services are talking about faulty appliance hoses, of course.

Consider your humble washing machine: According to the Insurance Institute for Business & Home Safety (IBHS), washing-machine failures cost an average of more than $5,000, and faulty hoses are responsible for more than half of those failures.

You can take steps to defuse these ticking time bombs — or at least make them less likely to go off. Here are the common hoses and tubes you should be checking:

Washing Machine
Most washing machines come with rubber hoses that connect to your water supply — hoses that can wear out and eventually burst. The IBHS says to check frequently for blisters, worn tubing, stress cracks and loose connections. Even if there is no obvious wear, replace hoses every five years. Use a reinforced steel-braided hose, as they are less likely to fail.

Dryer
Although you should clean the lint trap in your dryer with every load, danger lurks behind the dryer as well. Flexible plastic or foil ducting can easily trap lint and increase the risk of fire, according to the U.S. Consumer Product Safety Commission. The agency recommends the use of a rigid or semi-rigid metal duct instead. Whichever you use, be sure to disconnect and clean the ducting annually.

Refrigerator
If your refrigerator has an icemaker or water dispenser, it also has a hose connecting it to the water supply. Replace the standard hose with a steel-braided line for added security.

Dishwasher
Dishwasher leaks can easily go undetected, so it’s important to check these connections regularly as well. Make sure that hoses and lines have no kinks, and periodically remove and clean the filter in the dishwasher, which is designed to stop food pieces from making it into the drain hose.

Gas Grills
At least once a year (typically when you fire up the grill for the first time after winter), check the hose connecting the fuel source to the burners. Simply brush it with some soapy water, turn the gas on (do not light the grill) and check the hose for air bubbles. If you see any, replace the hose and fitting.

In addition to checking your hoses regularly and replacing them when needed, there are monitoring systems available now that can automatically shut off your water supply in the event of a failure. Some detect leaks with moisture indicators, while at least one new system actually checks your water meter for unusual activity.

To further protect you, your homeowners insurance may cover certain damage that results from appliance hose failures. But, it all depends on the circumstances of your situation and on your specific policy. You may find that an appliance hose failure is not covered by your insurance, so it’s best to maintain your appliances to avoid damage in the first place.

If you have questions about your homeowners insurance coverage or need help with a claim, we here at Rolfs Insurance Services are happy to help.

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Hurricane Preparation & Resolution | A Plan for Before & After the Storm

Hurricane preparation is frequently on the minds of Floridians as hurricanes are often racing towards our shoreline. When under a hurricane warning or hurricane/tropical storm watch, the forecast track may put us all in peril as the looming storms threaten property damage, mass power outages and communications breakdowns.

Hurricane preparation prior to a storm arriving.

Clear the immediate area of debris that could potentially become airborne. Install hurricane shutters, and take photographs to illustrate the quality of your property prior to damage caused by a storm. Safeguard and prepare beforehand when the threat of a disastrous storm is imminent.

In the wake of a storm’s passing, if property damage has occurred:

  1. Take immediate steps to keep additional loss from happening.
  2. Take photographs evidencing the property damage.
  3. Save all receipts and keep track of all expenses associated with securing the property from additional damage.
  4. Immediately report the loss to your agent, or if communications and electricity are unavailable, report directly to the insurer.

Additional tips & related safety information may be found at The United States Department of Homeland Security website https://www.ready.gov/hurricanes.

Listed below are the claims phone numbers for many of the insurers that we represent.

In the event that we are not contactable please call your insurer directly to report the loss as it is imperative that claims be reported immediately.

AIG1-888-760-9195
American Bankers Insurance Company1-800-654-4895
Anchor Insurance1-844-365-5588
Bankers Insurance Group1-800-765-9700
Burns & Wilcox813-558-9560
Chubb1-800-252-4670
Citizens1-866-411-2742
Edison Insurance Company888-683-7971
Elements Property Insurance Company1-866-709-8749
FedNat1-800-293-2532 & press 2, followed by 2
Florida Peninsula866-549-9672, option 3
Frontline1-800-675-0145
Geovera1-800-735-8086
Heritage Property & Casualty1-855-415-7120
Homeowners Choice1-866-324-3138
Intact Specialty1-877-248-3455
Ironshore1-800-466-9165
Lexington Insurance Company1-800-931-9546
Mercury1-800-503-3724
MetLife1-800-854-6011
National Specialty Insurance Company844-878-2567
Olympus Insurance Company1-866-281-2242
Onebeacon Entertainment1-877-248-3455
Progressive1-800-776-4737
ProSight Specialty Insurance Company1-800-774-2755
Pure1-888-813-7873
Safeco1-800-332-3226
Safehold Special Risk1-800-842-8917
Safepoint Insurance1-855-252-4615
Scottsdale Insurance Company1-800-423-7675
Southern Oak Insurance Company1-877-900-2280
Tower Hill1-800-342-3407
Travelers Insurance Company1-800-238-6225
United Property & Casualty Insurance Company1-888-256-3378
Universal Insurance Company of North America1-866-999-0898
Universal Property and Casualty Insurance Company800-470-0599
Vault1-844-388-5677
Velocity Risk Underwriters844-878-2567
Weston Insurance1-877-505-3040
Wright Flood Insurance Group1-800-725-9472

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Certificate of Authenticity…

A certificate of insurance is a document which evidences proof of insurance to its holder. It conveys an indication of insurance coverage including special designations such as additional insured status to its holder, as well as endorsements which may or may not extend and/or limit coverage. It is a legal document used to consummate contracts such as leases or loans, and may be utilized to imply coverage with regard to municipalities and other public entities to facilitate the issuance of permits for construction or other public events. The question is, how does a consumer know that the certificate is authentic?

One day, in walked a man with a document in his hand and he was looking for “you know who.” He said he was from the Division of Insurance Fraud Investigations and he needed to verify if a certificate had been issued by our agency. Upon a scan of our database and an examination of the form looking for tell-tale diagnostic signs as to whether or not it had come from our system, it was determined that the form was not produced by us. A sworn statement was requested and given to the investigator as a result of this due diligent process for use in the continuation of the investigation surrounding the potential fraud. Since insurance is woven into the fabric of our society and is mandated by law as well as in the support of business relationships, this kind of crime tears at the fabric of the public good. When fraud is discovered it should be reported to the proper authorities as these acts cost us all money, time and aggravation.

It is up to the consumer to mitigate this kind of skullduggery.

Prudence dictates that when requesting a certificate of insurance from a third party, that the document should be forwarded directly from the issuing agent to the certificate holder in order to prevent or limit the potential for chicanery. The document should be examined and understood by the holder, and if any questions should arise either the issuing authorized agent should be contacted and questioned or your own agent may be used as a resource to limit the possibility of shenanigans.

At Rolfs Insurance Services we provide our clients with advice and consultation when it comes to these matters. Feel free to talk to us if questions should arise when faced with these kinds of issues. Think of us as in your inner circle of advisors for knowledge and consultation with regard to these kinds of questions.

Call Rolfs Insurance Services to get an informed choice that provides peace of mind,
and the knowledge that you have proper financial protection in place — 954-251-3312

Contact Info

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10011 Pines Blvd
Suite #201
Pembroke Pines, Florida 33024
954-251-3312 office
954-241-6772 fax

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