Managing cost on an insurance policy is something that all customers, whether it be commercial or personal, are always looking to do. You need to make sure that you are protecting your assets while simultaneously making sure your premium doesn’t become too costly. This type of balance isn’t always easy to do but with a little patience and a knowledgeable agent that you trust, you can be sure you are getting what you need without breaking the bank.
- Shop around – Here at Advantage Plus Insurance we like to take this step out of your hands and handle it for you. As your agent, we proactively shop among the companies in our network at renewal times to make sure you are getting the absolute best rate but this isn’t always the case elsewhere. Be sure you know what you have and are paying for and don’t be afraid to look around to make sure you have a competitive rate.
- Look for package deals – Not every company offers package deals but depending on what you are looking for it can sometimes be done. Businesses usually need to have general liability policies in conjunction with commercial property or commercial auto policies and certain providers incentivize the purchase of multiple policies for discounts, so don’t be afraid to ask the question.
- Raise your deductibles – This is a fairly common way to reduce premiums. If you are okay with potentially paying more for a deductible in the event of a loss, raising your deductibles will ultimately lower how much you pay in premium. Be realistic with yourself though, make sure the amount you select for your deductible is manageable for you in the event something should happen.
- Eliminate Overlapping/Unnecessary Coverages – In most cases, commercial policies don’t duplicate other types of insurance but it can happen. An example of this would be that both a general liability and a commercial auto policy can offer coverage for hired and non-owned autos. Any duplication of coverage across multiple policies means you are paying more than you need to. This kind of checking should be done when you or your agent shop around for you anyway which emphasizes cultivating a relationship with an agent you trust so you don’t have to worry about details like this.
- Pay in Advance – This is simple and applies to most insurance, not just commercial. Most companies will offer a discount, whether it be off the premium itself or by eliminating fees if you pay your premium up front for your term. If you have the money to lay out, this can end up saving you hundreds of dollars in the long run.
- Eliminate Risk – The insurance industry as a whole is really a simple mathematical calculation. The company assesses you and your particular situation, they consider the protection you desire, then they assign a risk level to it and give you a price. Knowing that, if you lower your risk then you will lower your premium. Some ways to lower your risk are to take proactive steps to prevent potential losses. Things like properly training employees, not only in the area of your business but as it relates to human resources and workplace safety are helpful as well. You can also include theft prevention programs and technology for your business. Steps like these will look favorably in the eyes of the insurer and can ultimately help your wallet.
- Ask for discounts – This is more of an obvious one but I will say again, never be afraid to ask the question. As I mentioned in the previous step, you may be eligible for safety discounts or organizational discounts depending on your business. In addition to those there are loyalty discounts, autopay discounts, paperless discounts and potentially more. Have dialogue with your agent and ask what applies to you.
Florida is what we call a no-fault state what that means is that if you’re in an accident in the state of Florida your insurance company is supposed to pay for your medical bills.
The type of coverage is called PIP personal injury protection and PIP together with PD property damages all that the law requires in the state of Florida. This does not mean that all of your medical bills will be paid by your insurance company. What it means is that your insurance company is obligated to pay up to ten thousand dollars in coverage at a rate of percent based on what’s reasonably necessary and related.
You have to go after the other drivers insurance company if they have what’s called bodily injury coverage in order to make a recovery for the percent difference or any expenses that you have above and beyond the amound covered by your PIP.
Another type of insurance is called comprehensive and collision this means that your insurance company will pay for your property damage to the extent that the other drivers insurance company doesn’t. It’s good to look to see what type of coverage you have before you have an accident so stop what you’re doing now look and see what kind of coverage you have.
The last and best type of insurance is what’s called uninsured or underinsured motorist coverage and this is the kind of insurance coverage that provides you for coverage when the other driver does not have bodily injury.
Lets assume that you’re in a car accident. The other driver which is very frequent in miami-dade County even Broward and Palm Beach doesn’t have bodily injury coverage. If you have uninsured motorist coverage, you too can still be covered for the injuries that you sustained, and you can recover benefits for the amount of your uninsured motorist coverage.
Again, it’s important to know what kind of coverage you have before you get into an accident so that you’re prepared. when you do have an accident you should take pictures if you can. Call 911 and make sure to get a proper police report as well. Whether you are looking for the very best coverage to protect you and your family, or just the bare minimum; make sure that you know exactly what coverages you need.
Confusing and frustrating may be two words that describe what small business owners go through when they’re looking for business insurance.
What’s the best choice? Do I save money by buying direct? Who can I trust and how do i find an expert?
If these are some of the questions running through your mind we have some business insurance tips that can give you some guidance and advice while on your business insurance journey.
Our insurance agency here is sunrise, Florida is focused on business insurance and helping you protect your business assets and operations.
When it comes to business insurance, the choices can be overwhelming.
A simple google search will bring up millions of choices. Leading the top of the search are going to be big money insurance companies where you can buy coverage direct and some other tech firms where you can buy coverage after answering a few simple questions.
Usually these may or may not be really good choices for you business. Business insurance protects the engine that creates your lifestyle, your legacy, and much of your personal net worth. Honestly, do you want to leave the buying process up to filling in an online form and getting a quote without human interaction or having only one choice when buying directly from an insurance company forcing you to go through that whole process multiple times to make comparisons?
Here’s the four things you should be looking for when buying insurance for your business.
- The first is expertise. Are you dealing with someone with deep knowledge of business insurance?
- Second is choice. Are you getting a single quote or multiple options from well-rated insurers?
- Number three is professional guidance. Now that you’ve got multiple quotes how do you choose the best one? It’s not always about the lowest price and that’s where you need professional guidance to help guide you through the many different options.
- Fourth is advocacy. If something goes wrong down the road and it usually does; like a claim or an audit. If this happens, do you want somebody on the insurance company’s payroll to be your advocate or would you rather have an entrepreneur just like you working with you to resolve that problem.
You’re also going to want to work with people you can like and trust now i may be a bit biased here but we’re the kind of people you can trust and like, our 5 star rating says it all.
If you want to get a quote, or have a specific problem with insurance you’d like to discuss; give us a call at 954-289-4020. We represent all the major insurers writing business insurance and they’d be happy to discuss your needs answer your questions and work with you on getting the right protection in place for you and your business.
Florida is a lot different in terms of insurance rates compared to most other states. We will go over a little bit of the history of why Florida is the way it is and why a lot of people in Florida are noticing their rates are really high.
Florida is ranked in the top for the highest insurance rates in the nation.
There’s a few reasons that the insurance rates are so high in Florida. Specifically, you can personally thank Miami because Miami Florida is one of the highest risks in all the nation. They have very high end cars, a lot of traffic, and they also have a lot of theft that is causing the rates to go up.
Miami is having tons of claims, tons of fraud, and you it’s grown between those two it’s kind of branched off into the other state or the other areas you got a lot of visitors come in for you know Disneyworld and all that and they don’t know how to drive they’re not ready for the faster paced driving and that’s the way Florida is that’s a big reason the rates are higher than normal right now.
According to the National Insurance Crime Bureau, of all accidents that are staged in the US Florida is the number one fraud state in the nation. Literaly everyone is in on the accident business in Florida. You hear tons of ads on the radio for Lawyers, and payouts. There is lots of fraud lots of false claims and they’re just collecting on so many claims there’s so much fraud so much payout that it’s forcing the prices to go up.
People in South Florida are paying twice as much than most areas in Florida. In fact, most South Florida areas are paying double the price of orlando. For example, if you’re gonna pay twenty seven hundred dollars a year on average in miami, where you’re gonna pay about twelve hundred or a thousand a year for insurance in more northern areas of Floria.
You’ll notice most companies you talk to, they will run a consumer report.
They’re basically checking to see if you live where you say you live. Proof of residency is big for checking for fraud and verifying that people are not falsifying their address for lower insurance rates.
Smart insurance companies are gonna require you to carry a lot of information so you’re gonna have to approve a cable bill and a electric bill at the same time it has to be in your name at this address perfectly matched.
If you’re new to insurance or if you’re a young driver if that LexisNexis pops up and you don’t have any bills you just gotta move on there’s nothing you can do at that point don’t get mad at the company they’re actually trying to save you money once you’ve gotten it established in a place get a couple bills in your name or at least have your parents put your bills on your name and then just contribute to that part then you can go back to that company six months from now or however long it is and then show them the proof of residency don’t get discouraged when you run into something like that that’s for protection your insurance person or for your normal person in Florida that’s some of the reasons that they’re high.