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Get Covered: 8 Times It’s Absolutely Necessary to Have Business Insurance

Posted by on Feb 16, 2016 in Frequently Asked Questions, Insurance News | 0 comments

These entrepreneurs from YEC cover every industry from party rentals to law practices.

We asked them to share surprising times when you should get business insurance and how to decide which policies are right for you.

Make sure you and your company are protected before hitting the next milestone.

Related Article: 9 Ways to Save Money on Business Insurance

1. When You Go Into Retail

A consumer goods business needs business insurance — general liability insurance, in particular — as soon as they look to go to retail. Many retailers will expect between $5-7M in liability insurance. It is also important for companies to get directors’ and officers’ insurance as soon as they start to form a Board of Directors that includes non-founding members. These insurance programs will cost roughly $20K/year. – Dan Aziz, Luna Pharmaceuticals, Inc.

2. When You Rent Space

Every landlord will require “business insurance.” So, if you are going to rent space, this is a no-brainer. We also have an “Errors & Omissions” policy that covers us from claims of negligence and failing to perform our professional duties. Some larger companies will require vendors with whom they do business carry an E&O policy. If you want to play with the big dogs, then you’ll need to up the ante. –Yair Flicker, SmartLogic

3. With Your First Sale

Liability insurance is the most important and should be in place very early. Business property, cyber, non-owned auto and all of that other stuff is good, but secondary. Like cars, what you should be more worried about someone suing you than your car’s damage in an accident. – Wei-Shin Lai, M.D., AcousticSheep LLC

4. Sooner Rather Than Later

Most businesses should have four lines of defense: 1) providing exceptional customer service, particularly when things go astray, 2) solid legal agreements, 3) customized business insurance and 4) a legal entity. Strategic, tailored business insurance can provide the resources necessary to help make sure that all of your efforts will not be swept away due to one bad incident. – Doug Bend, Bend Law Group, PC

5. If You Become a Subcontractor

Although I recommend getting insurance from the beginning, an entrepreneur should definitely consider it if you become a subcontractor. Often, prime contractors will have a lot of requirements and stipulations, so you want to make sure that your company is protected. Types of insurance can include professional liability and E&O (errors and omissions). – Tamara Nall, The Leading Niche

6. If You’re a Rental Company

Liability insurance protects my party rental business. The market’s filled with small companies that can’t afford it, but large customers like schools require coverage, so that sets us apart. It’s socially responsible to protect customers in case something goes wrong. The insurance company inspects our inventory regularly which also helps ensure quality and safety. – Robert De Los Santos, Sky High Party Rentals

7. If You’re Seeking an Investment

Directors’ and officers’ insurance is a must if you’re at the stage where you’re seeking VC investment. You can make it to MVP and even growth with independent contractors and no physical office, which removes the need for other kinds of insurance, but it’s very important for the actions you take in the interest of the company to be protected once you’re considering having outside shareholders. – Dave Nevogt, Hubstaff.com

Related Article: To File or Not to File: A Business Insurance Claim

8. When You Have Employees

As a startup entrepreneur, the furthest thing from my mind was insurance. To me, it seemed more sensical to spend money on “more important things” like user acquisition and computers. However, one area that I highly recommend you research and make available is disability insurance. This will help employees who become disabled for whatever the reason receive benefits up to 90 percent of their salary. – Obinna Ekezie, Wakanow.com

And so it Begins

Posted by on Jul 1, 2014 in Blog, FishHawk Ranch Home Insurance, FL Home Insurance, Florida Homeowners Insurance | 0 comments

The first tropical storm of the season has formed off the east coast of Florida.  As expected, many companies have enacted binding restrictions.  This means no new policies can be bound or coverage cannot be altered until the suspension has been lifted.

It appears this should not affect us too bad as NOAA expects this storm to stay off of our east coast.  Hopefully this will be as bad as it gets this hurricane season.

Got a ticket? Here how to keep it off of your license

Posted by on Jul 5, 2013 in Did You Know, FishHawk Ranch Insurance Companies, FL Auto Insurance, Florida Insurance Companies | 0 comments

Got a ticket?  Here how to keep it off of your license

Are you a driver in the state of Florida?  Have you been caught speeding?  Did you run a stop sign?  Are you a Florida driver who is now afraid this occurrence is going to increase your insurance rates?

Then go to traffic school.

As a Florida Auto Insurance Company, I know how it sounds.  Who has time to sit in a class for several hours?  It is much easier to just pay the ticket.  Plus, you are probably thinking that it must be expensive to take a driving class.

Being in the Auto Insurance Industry for years now as Focus Insurance Group, please know that just paying the ticket is a bad idea.  That ticket will go on your driver’s license and could stay on your record for 5 years. If your Florida Insurance Company runs your driving record, it can and most likely will increase your insurance premiums.  If you try to switch insurance companies, the ticket will prevent you from getting the best rate possible in any state.

As far as traffic school is concerned, I’ve seen (and yes I even admit taken one) that costs $7.95 online.  There are some other between $10 – $20 online if you want a web site class with bells and whistles.  There is also one that will give you tickets to a comedy club upon completion of their online course.  Plus, these courses only take 4 hours and can be done in the privacy of your home at any time.  In the long run, it’s definitely worth the extra $8 and 4 hours of your time to potentially save your from paying hundreds more on your car insurance.

Do not hesitate to contact Focus Insurance Group if you have any questions regarding traffic violations and how they can affect your insurance rates.

Citizens Property Insurance – The necessary evil?

Posted by on Jun 25, 2013 in Did You Know, FishHawk Ranch Home Insurance, FishHawk Ranch Insurance Companies, FL Home Insurance, Florida Homeowners Insurance, Florida Insurance Companies | 0 comments

As most Florida homeowners know, Citizens Property Insurance is the state-run insurer.  As a Florida Insurance company, I’ve heard many differing opinions about Citizens Property Insurance.  Some Florida Homeowner clients of mine have told me they want to be insured with Citizens because they believe them to be financially stable.  I’ve also heard Florida Homeowners state that they would rather “not have insurance at all” than to be insured with Citizens.

To help everyone out as a Florida Insurance Company, I’d like to go over some facts about Citizens:

  1. They are the largest insurer in the state of Florida with over 1.2 million policies in force.
  2. They insure many homes that would not otherwise be insurable with other companies.  This gave Citizens the moniker “The insurer of last resort.”
  3. Citizens is trying to depopulate, or trim, its existing book of business because there are many homes insured through them that could be insured in the open market.  This will help limit Citizens exposure.

It has also been my experience over the past few years that Citizens has had stable rates when compared to many other Florida Home Insurance companies.  I have seen rates with other Florida Home Insurers rise almost 40% over the course of one year.  So, for those of you with Citizens because you cannot find insurance in the open market, there is no need for fear.  Citizens has enough money in its coffers to take care of you in the event of a major catastrophe.  And for those of you with Citizens because you want to be: Please Find insurance elsewhere.  Citizens was once, and is no trying to become again, the insurer of last resort.  Citizens will try to move your policy to another carrier as they see fit.  This will make Citizens more stable for those who actually need it and you will find a rate that is most likely less expensive and that has more coverage.

Feel free to contact Focus Insurance Group if you would like continue  to discuss this matter with a Florida Insurance Company.

Hurricane season is upon us

Posted by on Jun 4, 2013 in Did You Know, FishHawk Ranch Home Insurance, FishHawk Ranch Insurance Companies, FL Home Insurance, Florida Homeowners Insurance, Florida Insurance Companies | 0 comments

Hurricane season is upon us

As you may have heard through TV, print ads, radio, word of mouth or email; hurricane season has officially started.  And forecasters predict an active or extremely active season in 2013.  What interests me as a Florida Home Insurance Company  is the wide variety of reactions I hear when people discuss hurricane season.  They range from people who shrug it off as nothing more than some extra wind (I’m guilty of this as a personal homeowner sometimes) to those who open up a new Home Depot credit account to purchase everything from generators to storm shutters.  But at the end of the day everyone should have at least a basic list of items readily available in the event of a major hurricane.  Some of those items, suggested by floridadisater.org, are as follows:

  • flashlights
  • first aid kit
  • cash in case of power outage
  • 1 gallon of water per person in your household per day for at least 3 days
  • canned or dried food
  • hand sanitizer
  • battery-powered radio

Stay Smart!  Please visit our floridadisaster.org or call Focus Insurance Group or your Florida Home Insurance Company for more information.

We hope each of you and your homes stay safe this hurricane season.

Rising Auto Insurance Rates

Posted by on May 20, 2013 in Did You Know, FishHawk Ranch Home Insurance, FishHawk Ranch Insurance Companies, FL Auto Insurance, Florida Insurance Companies, Frequently Asked Questions, Insurance News | 0 comments

A conversation recently took place amongst my neighbors who reside in Hillsborough County, Florida.  One neighbor saw her auto insurance policy increase almost $500 annually.  She was told by her Florida insurance company that they took a statewide increase due to rising costs and claims payouts.  While this is true, to someone not employed in the Florida insurance industry, it does seem like a rather vague explanation.

If you visit our website for up to date news in the Florida insurance industry, you would see articles highlighting the arrest of many individuals involved in auto insurance fraud.  As recently as this week, 92 people were arrested for filing $20 million in fraudulent claims.  This is just the tip of the iceberg.  Can you imagine how many others commit insurance fraud in the state of Florida as well?  As the costs rise for any business, so do prices.  Unfortunately, the insurance industry is not exempt.

Now, I’m not saying that paying more for your insurance is justified.  I just want you all to be aware of some of the reasons why rates have risen recently.  When your rates rise, you need to shop around to be aware of your choices.  It pays to deal with an independent agency such as Focus Insurance Group, who has many insurance carriers to chose from when quoting your Florida Insurance Policy.  Please give Focus Insurance Group a call at 813-712-4191 for a free quote today.

What do the Loch Ness Monster, Bigfoot, ghosts and aliens have in common?

Posted by on May 6, 2013 in Did You Know, FL Home Insurance, Florida Homeowners Insurance, Florida Insurance Companies, Frequently Asked Questions, Insurance News | 0 comments

Hello everyone.  I thought I’d share some funny stories about insurance to give us all a smile for the day.  What do the Loch Ness Monster, Bigfoot, ghosts and aliens all have in common?  People have actually taken out insurance policies in case they suffer some kind of loss should they be attacked by such beings.

A cruise line in Scotland has taken out an insurance policy in case their vessel is damaged by Nessie.  Swimmers during a triathlon event in Loch Ness were insured for over $1mil each in the event they were bitten by Nessie.

As for Bigfoot, hunters and residents in several Midwest states have taken out insurance policies in case they are attacked or their property is damaged by said being.  There are also policies in effect for alien abduction.  Good luck proving it though.  Lloyds of London even offers an insurance policy against vampires in Transylvania.

Lastly, the Royal Falcon Hotel in England had taken out a $1.5 million dollar policy to protect its patrons and staff against attacks from its resident poltergeist.

If you want to find one ‘take away’ from these stories, its that Focus Insurance Group can also pretty much insure anything you come up with.  We are a Florida Insurance Company who can meet your wants and needs.   Give us a call at 813-712-4191 if Caspar the friendly ghost is giving you trouble.

Business Insurance (AKA General Liability)

Posted by on Apr 23, 2013 in Blog, Did You Know, Florida Insurance Companies, Frequently Asked Questions, Insurance News | 0 comments

Business Insurance (AKA General Liability)

As a Florida Insurance Company, I’ve noticed over the past few months that many small business owners do not carry insurance.  Among the reasons they mention for not carrying it are:

1.  It must be expensive

2.  I don’t know where to get it

3.  I don’t think I need it

Many Florida Insurance Companies  offer general liability insurance for businesses.  Asking the fellow business owners in your neighborhood, networking group or inner circle is always a great place to start.  Focus Insurance Group insures many local businesses for relatively low-cost.  For example, most home based business owners pay just $250-$300 per year for $1 million in coverage.

Each business pays a different price for their insurance based on several factors.  Those include the businesses gross yearly receipts, type of business, business location and the # of employees, among several other factors as well.  For example, we happen to insure several self-employed handymen who pay between $500-$600 per year for their insurance.  These small business owners want protection in the event a claim is filed against them by a homeowner whose home they are fixing.  Sometimes is makes more sense to be sure you are insured and covering any liability that might occur.

Obtaining a quote is easy and painless. Talk to your Florida Insurance Company about coverage and prices or feel free to give Focus Insurance Group a call at 813-712-4191 to discuss insuring your business.

2013 Hurricane Season

Posted by on Apr 15, 2013 in Blog, Did You Know, FishHawk Ranch Home Insurance, FL Home Insurance, Florida Homeowners Insurance | 0 comments

Is your Florida Home Insurance up to date?  Do you have all coverages you need?

I’m sure you have all read or seen the news stating that we should expect an above average hurricane season this year.  And as all Florida homeowners know, this can lead to some added anxiety.  The current estimated weather forecast states that there will be about 18 named storms this year, with 9 expected to become hurricanes.  What should you do, as a Florida homeowner, to prepare  yourself?

Here are just a few things you should be aware of:

1.  Make sure you have hurricane coverage on your homeowners insurance policy.  This may seem elementary, but you never know.  Also, make sure you have a deductible you can afford.  If you have a 10% hurricane deductible, and your dwelling coverage is $300k, you will be responsible for the first $30,000 in damage to your home in the event of a hurricane.

2.  Consider carrying flood insurance.  Your homeowner’s insurance policy does not cover damage caused by flood.  If you are in preferred flood zone, the rates could be as low as $129 for the year.  Please keep in mind that there is a 30 day waiting period to apply for flood insurance in some cases.  Do not wait until there is a storm on the horizon as it may be too late.

3.  Try to make your home as storm proof as possible.  Hurricane shutters can protect your home while providing you with discounts on your Florida Home Insurance policy.  Make sure you have flashlights with fresh batteries in case of a power outage.  Stock up on non-perishables and bottled water.

4.  Last but not least:  Know where to go in case of an evacuation.  Your local fire department can usually tell you where that is.  Typically, a local school is a designated evacuation center.

As usual, remain calm and stay tuned to your local TV channel or radio station for current weather updates.

Please call Focus Insurance Group at 813-712-4191 should you have any questions regarding your Florida Home Owners Insurance Policy.

New Florida PIP rules and how they affect you

Posted by on Apr 2, 2013 in Blog, Did You Know, FishHawk Ranch Insurance Companies, FL Auto Insurance, Florida Insurance Companies, Insurance News | 0 comments

You may have heard many commercials recently informing you that you have to file a claim for your Florida auto insurance policies’ personal injury protection (PIP) coverage within 14 days of an automobile accident.  Most of these commercials are from attorneys who are against the new legislation, not the Florida Insurance Companies.  So let’s explore one of the aspects of the bill from the other side of the issue.

As you may be aware, your Florida auto insurance rates have increased over the past few years.  The bulk of the rate increase comes from the enormous amount of fraudulent claims filed in the state of Florida.  Depending on the report you read, Florida ranks #1 with regards to auto insurance fraud in the nation.  Fraud includes staged accidents, fake injuries and inflated claims.  According to the Office of Insurance Regulation, this costs Florida families and businesses approximately one billion dollars a year.  This is not something you’ll hear in any of the thousands of commercials you’re subjected to every day on TV and radio.  The Florida insurance companies hope that they can cut costs, and your insurance rates, by requiring you to seek medical help within 14 days.

From personal experience, when I’ve been in an auto accident, it did not take me more than 14 days to realize I needed medical attention.  If you are injured and need medical attention, seek it right away.  This is just plain old-fashioned logic.   We need to take care of ourselves first before we worry about the law and attorney requests and Florida Auto Insurance.  I will be sure to discuss other aspects of the new PIP laws in the coming weeks, so stay tuned for more valuable information from a Florida insurance company who wants to ‘focus’ on helping you.

As always, please call Focus Insurance Group should you have any questions or would like any additional information at 813-712-4191.