Archives June 2022

Business owners have a lot on their plates, and it’s tempting to put things like business insurance on the back burner. However, it’s critical to safeguard your company against unexpected accusations and lawsuits.

We live in a litigious society, and even if you feel you’re doing everything right, you could be sued. Business insurance can help protect you and your company in a number of ways.

3 Most Commonly Asked Business Insurance Questions

Here are the top three most common business insurance questions most business owners have.

#1 Why Do I Need Business Insurance?

Business insurance, also sometimes referred to as commercial insurance, is essential security for the possibility that things don’t go as planned. If an accident occurs in your place of business, for example, you could be sued. The high cost of litigation, medical bills, and property damage claims is the primary reason why businesses need insurance.

The risks you face influence the type of insurance you need. General liability insurance, which covers client injuries and other common mishaps, is the most popular policy obtained by businesses. Additional rules may be required if you have workers, own a facility, drive a company car, or provide professional advice.

#2 What Does Business Insurance Cover?

There is no such thing as a single insurance policy that covers everything. There are two broad areas of coverage in general:

Business liability insurance protects you in the event that someone holds your company liable for damages, injuries, or losses.

Commercial property insurance pays for the expense of repairing or replacing damaged or stolen commercial property. This includes the structure or building in which you operate your business.

#3 What Kind of Business Insurance Do I Need?

This is dependent on the kind of business you have. General liability insurance is required by most firms, especially if you meet with clients face to face. Professional liability insurance is required if you provide professional advice. If you have company equipment, such as computers or tools, you should look into a business owners’ policy (BOP), which combines general liability and property coverage.

Certain business owners in Florida are required by law to get insurance:

• If a company has four or more employees but does not work in construction, it must acquire workman’s comp insurance.
• If a company employs even one person in the construction industry, it must acquire workers’ compensation insurance.

In addition, the law compels you to get commercial auto insurance if your company owns, leases, or operates a vehicle.

5 Main Types of Business Insurance Coverage

To further help you understand commercial insurance, here are the five main types that you may want to consider.

General Liability Insurance

Legal concerns arising from injuries, accidents, and negligence claims are often covered by general liability insurance. Libel, slander, settlement bonds, litigation defense, property damage, bodily harm, medical expense, and other claims are covered by this form of insurance.

Product Liability Insurance

You may be held liable for a product’s safety if you sell it. Businesses that wholesale, distribute, or produce items require the greatest product liability insurance. If a defective product causes bodily harm or injury to one or more people, this type of insurance can protect your company from financial liabilities.

Professional Liability Insurance

If your company offers services, you should consider purchasing professional liability insurance, sometimes known as errors and omissions insurance. This sort of insurance protects your business from concerns like errors, malpractice, and carelessness in the services you provide to your customers.

Commercial Property Insurance

This type of insurance protects your organization from loss or damage to company property caused by storms, fires, wind, and other natural disasters. Commercial property insurance can cover everything from lost income to damage to the structure and its contents.

Home-Based Business Insurance

More than ever before, businesses are being run out of their owners’ homes. Furthermore, many people are unaware that home insurance does not cover commercial losses.

You may be able to add provisions to your existing home insurance policy to cover some fundamental business risks, such as property damage, depending on the type of business you operate, and the risks associated with it. However, you may find that these very basic add-ons are insufficient to adequately protect your business. To be adequately insured, consider acquiring supplementary insurance coverage, such as professional liability and/or general liability insurance.

Always check with your insurance representative before deciding which forms of insurance to get. They can provide the proper guidance to ensure that that your company is adequately insured.

Find the Best Business Insurance Coverage for Your Company

We understand that starting and operating a business is a lot of work and adding business insurance to your already-heavy plate may feel intimidating.

However, at GWK Insurance, we are here to assist you in finding the best possible business insurance coverage to safeguard your organization. Contact us for assistance in obtaining the most competitive estimates for your insurance needs.

A necessary part of being a homeowner is having a homeowner’s insurance policy. Unfortunately, the average person may not understand what their homeowner policy actually covers. An uninformed homeowner may end up with inadequate coverage for their home since they do not know the specific terms to look for.

Use this guide to become better informed about your coverage.

Terms of a Standard Homeowner’s Insurance Policy

Simply put, homeowner’s policies ensure that your home will be repaired or replaced in the event of damage. A standard policy typically covers damage caused by fire, smoke, fallen trees, plumbing issues, storms, and theft.

However, there are certain things that are not covered by a standard homeowner’s insurance policy. For example, flood damage is not included in a standard policy. Damage from floods and earthquakes is typically covered by separate policies entirely.

Wildfire protection also falls into this category and is determined by the level of risk in the area where the home is located. Some policies cover other types of damage, including mold, foundation damage, and roof replacement, but these types of coverage are not standard. Some insurers may not provide this type of coverage at all, so it is important to be specific and ask your agent any and all clarifying questions.

What Does Homeowner’s Insurance Provide?

If an event covered by your policy damages or destroys your home or valuables, homeowner’s insurance should cover you. It will also protect you if you cause injury to someone else or, in certain circumstances, cause property damage. Homeowner’s insurance has four primary functions:

• To make necessary repairs to your home, yard, and other structures.
• To repair or replace your personal belongings
• To provide for other living arrangements while repairs occur
• To cover personal liability if you’re held legally accountable for someone else’s property damage or injury

What are the Types of Coverage?

A standard homeowner’s insurance policy can be broken down into six types of coverage, which help ensure that you and your home are wholly protected from potential damage and other threats.

1. Dwelling coverage ensures that the home itself is protected. This coverage will cover the costs to repair or rebuild the home, depending on the total amount of damage and your coverage costs.
2. Other structures coverage ensures that fences, garages, outdoor sheds, and guest houses will be repaired or rebuilt in the event of damage.
3. Personal property coverage includes items that are stolen or vandalized, mainly furniture, appliances, and electronics.
4. Loss of use coverage covers expenses in the event your home needs to be rebuilt and you are required to stay elsewhere (i.e. hotels, restaurants, rentals).
5. Personal liability coverage covers others’ medical bills and hospital costs in the event you are found liable as the homeowner.
6. Medical payment to others coverage covers minor medical costs due to injuries, not taking into account who is at fault.

How Can We Help?

Homeowner’s insurance is a vital part of owning a home. At GWK Insurance, our agents know that the ins and outs of a policy can be overwhelming at times, but we are here to walk you through the entire process. If you are a homeowner searching for a new policy, we would love to partner with you on this journey. Contact us at any time, and let us know how we can help.

The summer months are here, which calls for vacation, relaxing, tourists, and fun in the sun for those living in the Sunshine State. Unfortunately, summer also means that hurricane season has already begun. In the United States, nearly 300 hurricanes have reached land since the 1800’s, with 120 of those hitting the state of Florida.

During this stormy season, it is vital for homeowners to be prepared for when inclement weather strikes. However, it can be difficult to know where to begin. Having the proper insurance policy that provides adequate coverage is the first step to preparing for this uncertain time of year.

Are You Prepared for Hurricane Season?

Here are four simple ways to ensure that your home is prepared for a hurricane.

#1: Ensure Your Impact Windows are Locked and Sealed

This tip may be obvious, but unsecured windows are in fact the main avenue through which wind and storm damage affect a home. Keeping windows locked at all times ensures that they will not be flung open by storm winds.

Additionally, ensuring your impact windows are properly sealed will help protect your home against damage by flying debris and water intrusion. In preparation for hurricane season, it is also important to check windows for cracks or other damage since houses in humid climates will lose their sealing quickly. This issue can be fixed with a simple caulking touch-up.

Shuttering windows, if you do not have impact windows, is another option that will also protect your home against higher-powered winds. When installing, remember to mount the shutters directly to the wall, and not to the window frame. The window frame can be damaged during a storm, and the shutter will not be secure if it is attached to the frame.

#2: Store all Furniture Indoors

While having a garden table on the back porch is convenient for a warm evening, outdoor furniture will be the first thing to go during a hurricane. Furniture and decor sitting outside may be picked up by high winds and thrown towards your home or others, causing potentially severe damage. If a hurricane is headed in your direction, make sure to bring all outdoor furniture and decorations inside in preparation for a storm.

#3: Store Items in Water-Resistant Containers

One of the most detrimental effects of hurricanes is the mass water damage that is often left behind. Although your home may survive the potential for 120 MPH winds, your belongings may not be prepared for the flooding that can result. You can avoid the damage or loss of treasured items or important papers by storing vital objects in waterproof containers.

#4: Have Emergency Supplies Ready

During a hurricane, it is possible that your home will lose power for a period of time. It is important to have a survival kit ready for this scenario. This kit should be easily accessible, and its location should be known by all family members.

Some important items to include are:

• Flashlights and extra batteries
• Non-perishable foods
• Water bottles
• First-aid kit
• Prescriptions required for family members
• Toolkit for emergency home repairs (hammer, plywood, nails, etc.)

We are Here to Help

Before a hurricane makes landfall near your home this year, take some time to evaluate your homeowner’s insurance policy. You may discover that you have insufficient or inadequate coverage for your home and possessions.

At GWK Insurance, we understand that preparing for a hurricane can be daunting.  Our agents are happy to answer any questions you might have about your coverage. Please contact us as soon as possible so that we can assist you in getting the most appropriate homeowner’s insurance coverage for your specific needs.