Evaluating Miami Commercial Insurance Brokers

Insurance is a necessity and part of the cost of doing business. It is not only important at those times when a claim is necessary, but lacking it can affect a company’s ability to qualify for contracts or other requirements that can adversely affect revenue. Choosing a Miami commercial insurance broker is not as easy as scanning the local telephone directory. There are several factors the business owner will want to take into consideration while interviewing Miami commercial insurance agents. Since insurance is vitally important to any business, it is important to evaluate Miami commercial insurance brokers with high standards in mind.

Specialty

Many Miami commercial insurance brokers specialize in providing policies for specific types of business. Depending on your company’s needs, this may be of benefit. On the other hand, it may be wiser to look for Miami commercial insurance agents that can handle a variety of situations. Generally speaking, as long as you are dealing with a Miami commercial insurance broker that specializes in policies for businesses and does not have their focus spread out chasing all the personal and commercial clients they can get their hands on, you are on the right track. It is best to deal with Miami commercial insurance agents that have experience in different aspects of business as opposed to just one industry. If a Miami commercial insurance broker focuses on only one industry, it is either lacking in experience or not interested in any other type of client.

Reputation

Do not be afraid to ask for referrals for Miami commercial insurance brokers from contacts that will have experience with various brokers. Good sources of such referrals are lawyers, accountants and other business contacts. When someone is happy with a Miami commercial insurance broker, they want to share the experience. Take advantage of warnings against Miami commercial insurance agents that have disappointed clients, as well.

It never hurts to research online to gain more information about Miami commercial insurance brokers, either. There is no shortage of blogs that contain any negative feedback imaginable. You can also check public records to see any civil lawsuits the Miami commercial insurance broker may have been party to.

Affiliations

Contrary to popular belief, it is good for Miami commercial insurance brokers to have access to as many insurance companies as possible. Having a wide array of insurance providers allows the Miami commercial insurance agents to offer more products and options to the business owner. The agent should be able to propose at least three options from different providers for your business that you can choose from.

Membership in professional associations always reflects well on Miami commercial insurance agents. Membership in the Better Business Bureau will also provide you with some history of the company as well as its reputation.

Communications

If it is difficult to reach a Miami commercial insurance broker when inquiring about the company, you can be assured communication will be difficult when you need them. In addition to the telephone, you may want to choose from Miami commercial brokers that have efficient websites. Although they are usually marketing tools, these websites should enable you to interact with the Miami commercial insurance broker at least in a general way.

Get The Best Commercial Insurance In South Florida With A Broker

If you have a commercial business in South Florida, you are legally required to purchase and maintain South Florida commercial insurance, covering your company premises, equipment and employees. But if you’re just starting out, or even if you already have a policy in place, how do you know what insurance agency and coverage type is best for your needs? One of the best ways to get a real handle on the various commercial insurance companies and the coverage plans they offer- or to review whether the one you have is really the best one for your company- is to work with a commercial insurance broker.

Agent, Broker- What’s the Difference?

People often mistakenly think that an insurance agent and an insurance broker are synonymous, but the two are in fact very different in their motivation, knowledge, and in what they can and will do for you. A commercial insurance agent in South Florida is tied to one company, and while they are knowledgeable about the different coverage plan their company offers, and sincerely helpful in getting you into one, they aren’t about to help you shop around their competitors plans, nor are they truly on your side—ultimately they answer to the company they work for, not you. A South Florida commercial insurance broker, on the other hand, works for you, and their main motivation is to find you the very best coverage fit they can, by comparing offers and plans from a wide range of insurance agencies rather than just one. To this end, they are highly knowledgeable about the various companies, plans, current special deals and offers, and the ins and outs of getting the best coverage terms and pricing from each of the companies they suggest to you.

Commercial insurance brokers are also highly skilled and experienced in reviewing any current policies you might have, and finding ways to better your terms or fees within the agency and policy terms or find you a better offer. A full service brokerage company like American Insurance Brokers will also mediate on your behalf during any claim or action called upon your policy, making sure that you get the rights and benefits you are entitled to by your policy coverage. While insurance agents claim to do that, it’s important to remember whom everyone is working for. An insurance agent works for their parent company- a broker works for you.

The Benefits of Universal Life Insurance in Miami

Did you know that in Miami universal life insurance can offer serious benefits to you as the insurance holder, right now, in your own lifetime? Not a lot of people do, but for those in the know, having a universal life insurance policy can be of significant assistance in all kinds of financial dealings, including loans, withdrawals, and pension funding.

How It Works

Let’s take a look at some of the ways you can benefit from having a universal life insurance policy in Miami.

• Loans: Universal life insurance policies typically have an option allowing policy holders to undertake a loan based on policy cash values. Since any loans which are outstanding will be repaid at the time of the policy holder’s death before the beneficiaries are awarded, you are not required to make payments on the loan principle. Of course, if you don’t want the loan amount deducted before your life insurance is paid out, you will need to pay the loan in full. You are responsible for making regular interest payments to your insurance company, to compensate for the loss of investment returns on the money removed as a loan. Defaulting on interest payments won’t affect your credit score, but it will cause your universal life insurance policy to lapse.
• Withdrawals: An alternative to taking out a loan, tax-free cash withdrawals can be arranged on a one time basis, or as a regular income supplement, so long as the total amount withdrawn does not exceed the premium payments which have already been made into the insurance policy. Policy holders wishing to go this route should be aware that the withdrawals will permanently lower the insurance pay out upon holder death, and must conform to IRS Regulations.
• Pension Funding: Working with the concept of income supplementary withdrawals, policy holders who desire larger pension earnings than are possible within their current pension plan can overpay into their universal life insurance policy during their working years, with the plan to use this as an income supplement later in life.

Contact an agent at American Insurance Brokers to find out more about how a universal life insurance policy can benefit you and your loved ones, now and later.

Worker’s Comp Insurance is Required for Miami Businesses

If you’re thinking of starting any kind of business in Miami, worker’s compensation insurance is a must. Not only is it required by law, but having proper coverage in the event of an accident will ensure that you can fulfill your financial obligation to provide employee compensation for injuries, medical bills and time away from work.

Who’s Covered?

It’s a commonly held misconception that worker’s comp automatically covers all employees. In some states, business owners and commissioned salespeople may be excluded, but you may be required to extend your worker’s comp insurance to include any contractors or subcontractors who aren’t covered independently. Knowing the exact terms of your worker’s comp insurance policy and coverage is vital, because if you mistakenly assume you’re not liable and it turns out you are, you’ll be getting a nasty budgeting surprise in the form of injury claims and legal fees. When working with contractors and subcontractors, it’s a good rule of thumb not to work with anyone who can’t provide proof of Miami worker’s comp insurance.

Coverage Cost

The cost of premiums for worker’s comp insurance differs by state, but no matter where your business is located, commercial insurance companies will analyze the risk involved with your business, then factor in the number of people you employ, and how many of your employees have sustained on the job injuries in the past. One important point to remember about paying for workers comp is that your employees will not be contributing to worker’s comp premiums. Unlike social security and unemployment, employers are solely responsible for all worker’s comp insurance costs.

How to Buy

Although several states require that business owners purchase worker’s comp insurance through a state operated fund, in most states, you will purchase your worker’s comp insurance directly from a commercial insurance agency, or through an insurance brokerage company like American Insurance Brokers. Business owners often assume that a Miami insurance broker performs the same job as an insurance agent, but in reality, they are very different. The main difference is that insurance agents work for an insurance company, while insurance brokers work for you. Their in-depth knowledge and skill in dealing with insurance companies is invaluable in contracting a new policy or navigating an old one.

Protect Yourself with Miami Landlord Liability Insurance

If you own rental property in Miami, landlord liability insurance is a necessity to protect yourself from risk. Rental properties in Miami are an excellent investment. Even in troubled financial times, people need homes and vacation rentals. It’s a big investment, but one that will bring income for years to come. Like all investments, though, rental property comes with its share of risk. When you own rental property in Miami, landlord liability insurance helps mitigate the risks you take on when you rent your property to others.

Landlord insurance covers all of the usual risks that homeowners incur, as well as liabilities that arise specifically from being the owner of a rental property which are not typically covered by a homeowners’ insurance policy.

Property Damage

In addition to protection from losses because of fire and other typical risks, Miami landlord liability insurance will typically also cover you for expenses due to damage caused by tenants outside of normal wear and tear. It may also cover you if your tenants cause damage or create problems in the community for which you may be held liable.

Tenant and Guest Injuries

If one of your tenants or his guests is injured on your property, they may be able to sue you for damages or expenses. A Miami landlord insurance policy may cover medical costs and other costs arising from an accident on your property, as well as covering your legal fees in defending yourself against such a claim.

Other Legal Expenses

Despite your best efforts at screening, you may eventually run into a situation where you must evict a tenant. Some Miami landlord insurance policies include coverage that pays the expenses of eviction litigation as well as reimbursing you for lost rental income during the proceedings.

Whether your rental property is a single family home, a bungalow, a vacation rental or a condo in Miami, landlord liability insurance is a must to protect you from these and other risks associated with leasing out your property for others to use. If you have questions about landlord liability insurance or other Miami landlord insurance policies, contact a Miami insurance broker to discuss your needs and concerns.