Rolfs Insurance Services

954-251-3312

rolfs-logo-final-horizontal488x167
  • Home
  • About Us
  • Our Team
  • Services
    • Auto Insurance
    • Life and Health Insurance
    • Homeowners Insurance
    • Commercial Insurance
    • Group Insurance
  • Get Quote
  • Claims
  • Office
  • Blog
  • Make Payment
  • Contact Us

March 5, 2023 By Rick Rolfs

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.

Proudly powered by WordPress

Filed Under: Commercial Insurance, Liability Insurance, Newsletter articles Tagged With: Broward County, Business Insurance, business interruption, Commercial Insurance, Cyber insurance, finance, Florida, Insurance, Insurance Agent, Liability insurance, Pembroke Pines, product liability, professional liability, Property Insurance, transportation insurance, workers compensation

January 2, 2022 By Rick Rolfs

Home Insurance Rates Are Skyrocketing in Florida. Here’s Why.

Despite legislative reforms passed during the 2021 Legislative Session, Florida’s homeowners have continued to see dramatic property insurance rate increases. At the same time, the insurance industry is losing billions to unnecessary lawsuits from third-party contractors. In the first three quarters of 2021, financial results show that property insurance had $1.22 billion in underwriting losses.1

So, what does this have to do with your property insurance rates going up? Everything.

Florida’s insurance marketplace has been plagued by unscrupulous cottage industries whose business model is capitalizing on consumers’ insurance policies. Bad actors in the construction, roofing, public adjusting, and legal industries have used abusive solicitation and marking tactics to manipulate the claims process for their benefit.

Only 8.15% of all U.S. homeowners claims were opened in Florida in 2019. Yet, Florida accounted for more than 76 percent of property claim lawsuits in the U.S.2

Between 2013 and 2020, Florida’s property insurers paid out fifteen billion in claims costs. Only eight percent of that was paid to consumers, while 71% was paid to attorneys.3

In 2020, Florida’s homeowners paid $651 more than people in nearby states like Georgia and Alabama. This year, that gap is projected to grow to $866.

The cost of bad actors and third parties filing false or inflated insurance claims is passed along to all of us.

Tasha Carter, Insurance Consumer Advocate

If you’re one of the thousands of homeowners in Florida who can’t afford property insurance rate increases, NOW is the time to tell your elected officials to ACT.


1. Guy carpenter Industry Financial Reporting
2. National Association of Insurance Commissioners (NAIC) Market Conduct Annual Survey (MCAS) Report
3. Florida's P&C Insurance Market: Spiraling Towards Collapse
Information provided by the Florida Association for Insurance Agents

Filed Under: Home Insurance, Newsletter articles Tagged With: bad actor, claim inflation, claims, cost of insurance, false insurance claim, Florida, home insurance, homeowners insurance, Insurance expense, Insurance Rate, Property Insurance, Public adjuster, public adjusting, Rate increase

June 5, 2021 By Rick Rolfs

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

Filed Under: Hurricane Season, Newsletter articles, Storm Preparation Tagged With: Auto Insurance, flood insurance, Florida, Hurricane, Hurricane Warning, Insurance, Insurance Claim, Insurance Claim Phone Number, Property, Property Insurance, Shutters, South Florida, Storm Forecast, Storm Preparation, Storm Season, Tropical Storm Watch

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

rolfs-logo-final-horizontal488x167
10011 Pines Blvd
Suite #201
Pembroke Pines, Florida 33024
954-251-3312 office
954-241-6772 fax

Member

Trusted Choice logo Florida Association of Insurance Agents

Latest Articles

Commercial Insurance

Commercial Insurance: Essential for Businesses of All Sizes

Social Media Connections

Yelp

Weather Forecast & Tracking

National Weather Service
National Hurricane Center
Weather Underground

Additional Contacts

Water Restoration Services & Insurance Carrier Service Centers

Newsletter sign up

Search

  • Home
  • About Us
  • Our Team
  • Services
  • Get Quote
  • Claims
  • Office
  • Blog
  • Make Payment
  • Contact Us

Copyright © 2023 Rolfs Insurance Services · All rights reserved · | Disclaimer | Privacy Policy · Website by LikeCatcher