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Coastal Premier Insurance Group, Inc.

902 Clint Moore Rd. Suite 132
Boca Raton, FL 33487

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Should My Small Business Have Commercial and Commercial Vehicle Insurance?

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Small business owners must meet their contractual and legal obligations and cover the risks they take. Your commercial insurance policies should match your obligations and fit your risk tolerance. Unfortunately, some small business owners assume their personal auto policy will cover their business vehicle use. The Coastal Premier Insurance Group team, serving the Boca Raton, FL market, can advise you on the commercial and commercial vehicle insurance that will meet your needs.

Commercial and Commercial Vehicle Insurance

Florida small businesses’ insurance needs vary depending on the business type, the number of employees, and whether they use motor vehicles. While many companies use work trucks, delivery vans, or other vehicles, almost every Florida business sometimes uses motor vehicles.

Some small business owners fail to obtain commercial vehicle insurance, thinking their personal policy will cover their business use. However, the owner’s policy does not cover business-related vehicle use, including:

  • Vehicles leased or owned by a business
  • Vehicles that transport work tools or products
  • Vehicles used to make deliveries
  • Vehicles used when driving employees or clients to a business-sponsored lunch

Should a business-related accident result in a significant claim, the insurance company may investigate the claim and determine that your personal policy does not cover a business-related accident. In addition, individual policies typically have lower liability limits than commercial vehicle policies, so you may have inadequate coverage even when the personal policy provides coverage. So, openly discuss your business vehicle use with your agent to avoid unnecessary risk.

Working with the Coastal Premier Insurance Group

The Coastal Premier Insurance Group proudly serves the Boca Raton, FL, individual and business communities. Let us apply our commercial insurance experience to design policies that suit your needs by calling (561) 995-9577 or stopping in today to discuss your commercial insurance options.

Raising Liability Limits vs. Buying Umbrella Insurance: A Cost Comparison

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When individuals in Boca Raton, FL, seek greater financial protection, they often face a choice between raising liability limits on their existing policies or purchasing umbrella insurance. Both options increase coverage, but the cost-effectiveness and scope of protection vary significantly. Understanding the differences can help policyholders make informed decisions based on their needs and budgets. Not everyone will have the same needs, and each individual’s choices will differ, especially when considering the cost of living.

Increasing Liability Limits

Raising the liability limits on an existing policy, such as auto or homeowners insurance, enhances coverage for claims tied to those specific policies. For instance, increasing liability coverage on an auto policy provides additional protection against accidents resulting in significant medical or property damage costs.

While raising limits is straightforward, it can become costly if applied to multiple policies. Premiums rise proportionally with coverage increases, and the added protection remains confined to the underlying policy. For individuals with diverse risk exposures, this approach may lack the broad coverage necessary for comprehensive financial security.

The Value of Umbrella Insurance

Umbrella insurance offers supplemental liability protection that extends across various policies, including auto, home, and rental properties. It activates once the liability limits on the underlying policy are exhausted, providing an additional layer of coverage.

The cost of umbrella insurance is typically lower than increasing liability limits across multiple policies. A single umbrella policy can provide coverage starting at $1 million for a relatively modest annual premium, making it a cost-effective option for those seeking extensive protection against major claims or lawsuits.

Coastal Premier Insurance Group Offers Insurance Policies for Your Needs

Coastal Premier Insurance Group underwrites policies to meet customers’ needs. We serve Boca Raton, FL, and the surrounding cities. Contact us today.

Garage vs. Carport

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As a homeowner, you face an important decision for your property: whether to purchase a garage or a carport. Both are designed to house your car, but they have different features that you’ll want to consider when deciding which to purchase.

1. Open vs. Closed

A carport has exposed and open sides. Your vehicle will not be behind a locked door, so someone could walk up to it. This is not the case for a garage, which has a door that keeps your car secure and locked away when you’re at home. This means there is little privacy with a carport, but privacy is available in a garage.

2. Size

Depending on how many vehicles you want to store, you can get a carport or a garage to fit that size. Both of these can be whatever size you need. The carport will only need a rock or concrete foundation, while the garage will need a full floor in each bay if that’s your option.

3. Weather Protection

While the carport and the garage can keep the rain off your vehicle, the garage offers full protection from weather elements. Other types of weather and debris can fly into the carport, causing damage to the vehicle, which is much more accessible than with a garage.

4. Accessibility

If this is important, you might want to consider a carport. With a garage, you need a key to get in and out, and it can be more trouble than it’s worth for some people. Carports allow you to park how you choose and exit wherever is best for you.

5. Cost

Probably the one thing that homeowners look at is the cost and what fits into their budget. A carport will be cheaper than a garage because it is only a structure with a roof. Garages have enclosed sides and garage doors, which can be much more expensive.

If you’re looking for home insurance in the area of Boca Raton, FL, contact our team at Coastal Premier Insurance Group today for more information.

Do Sole Proprietors Need Commercial Insurance?

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Being a sole proprietor is the simplest way to structure a self-employed business. However, this legal structure offers little protection, and you’re unlikely to have much protection from personal insurance policies. Therefore, if you’re one of the many sole proprietors in Boca Raton, FL, you may indeed want commercial insurance.

Understanding the Risks in Florida

As a sole proprietor in Boca Raton, FL, you can be personally liable for any debts or damages related to your business. This means if your business faces a lawsuit or incurs debts, your personal assets — possibly including your home or savings — could be at risk.

Additionally, no business structure offers robust protection for your business itself. If your business is responsible for major property damage or a severe injury, it might be sued regardless of whether it’s a sole proprietorship, LLC, or corporation. Using one of these other structures merely offers you some personal protection.

Protecting Against the Risks

Commercial insurance is available to protect your business against many of the risks it faces. In doing so, a commercial insurance policy can offer you greater personal protection. Although the insurance is for your business, you’re less likely to be personally sued if a settlement is covered by commercial insurance.

There are many types of commercial insurance you might consider. General liability insurance, commercial property insurance, and product liability insurance are a few of the things that we at Coastal Premier Insurance Group often see sole proprietors get. Which you should have depends on the particular services or products you offer.

Find the Commercial Insurance You Need in Boca Raton

If you’re a sole proprietor in Boca Raton, FL, let Coastal Premier Insurance Group help you find the commercial insurance you need. Contact us today to speak with an agent.

How Umbrella Insurance Gives You More Liability Coverage

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Protecting Your Assets with Umbrella Insurance

If you own a home and a vehicle, having substantial insurance on both is pivotal to protect your assets. The issue lies in the fact that home and auto insurance policies often offer limited liability coverage. However, this problem can be resolved by acquiring umbrella insurance. For more information on how this coverage can shield you financially, please get in touch with us at Coastal Premier Insurance Group in Boca Raton, FL.

Liability Coverage for Two Policies

Umbrella insurance goes beyond providing liability coverage solely for an accident in your home or car. It substantiates both policies, providing an extensive range of coverage with extremely high maximums applied to both of your insurance policies. Whether there’s an accident in your vehicle or if someone gets injured in your home, the policy will bear the expenses such as medical bills that may arise post-accident.

Covering Outstanding Bills

Umbrella insurance operates as a secondary coverage following the primary policy. Your home or auto insurance is the first policy that will step in when an accident occurs. This policy covers the resulting bills until they reach their limit. If there are still bills, your umbrella policy will handle them afterward. This spares you from dipping into your own pocket to cover the surplus, which can be immensely high after severe accidents. There may be many bills to pay, including continuous ones like physical therapy costs post-accident, which your umbrella insurance can take care of.

Acquire Umbrella Insurance

If you haven’t secured umbrella insurance yet, we’re here to assist you. Simply contact us at Coastal Premier Insurance Group in Boca Raton, FL.

The Importance of Taking an Inventory of Items In Your Home Annually

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Have you ever wondered if you have an accurate record of all the belongings in your home? At Coastal Premier Insurance Group in Boca Raton, FL, we recommend inventorying your household items each year. It’s a simple task that can make a big difference.

Why Annual Inventories Matter

Life happens fast, and it’s easy to lose track of what you own. An annual inventory helps you know exactly what you have, making it easier to file an insurance claim if needed. In the unfortunate event of theft, fire, or natural disaster, having a detailed record can expedite the claims process and ensure you receive appropriate compensation.

How to Get Started

Creating an inventory might seem daunting, but it doesn’t have to be. Start by going from room to room, listing items, and taking photos or videos. If possible, include details like purchase dates, serial numbers, and receipts. Even apps are available to streamline this process, making it efficient and thorough.

Benefits Beyond Insurance

An inventory isn’t just useful for insurance claims. It can also help you assess whether you have adequate coverage for your possessions. As your collection of valuables grows, so should your policy. Knowing what you have lets you make informed decisions about your insurance needs.

Peace of Mind

A comprehensive inventory provides peace of mind, knowing you’re well-prepared for unexpected events. It’s a proactive step in protecting your home and possessions.

For more tips on taking a home inventory or to review your insurance coverage, contact Coastal Premier Insurance Group, which proudly provides home insurance to residents in the greater Boca Raton, FL, region. We’re here to help safeguard your home and everything in it.

Six Ways Business Insurance Protects The Future of Your Business

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Did you know approximately half of all businesses do not have business insurance? At Coastal Premier Insurance Group of Boca Raton, FL, we aim to secure your enterprise’s future. We provide our commercial clients with coverage that safeguards them and delivers peace of mind.

If you operate a business in the Boca Raton area, here are just six ways business insurance can help protect your future.

1. Business Income Protection

A business insurance program can include business income protection should your business have to close due to a covered calamity. This can provide the time you need to rebuild your business while retaining your key employees.

2. Theft Protection

Theft, whether internal or external, is a significant threat to the future of many businesses.

3. Cyber Crime

Data security issues are not decreasing; they’re becoming more of a problem for small businesses. Cybercrime can damage a business for years, and business insurance can help protect your interests.

4. Life Insurance

While technically not business insurance, life insurance for partners and key employees can ensure the future of your business.

5. Liability Insurance

A mishap like a slip and a fall or an unfortunate action by an employee can pose both immediate and severe threats to your business. Liability insurance cannot only cover any judgments or settlements, but it can also cover legal expenses.

6. Real Property Losses

If you own a building, machinery, or equipment or keep a substantial inventory, you are at risk every day from losses due to fire or natural disasters. Protect your investments with business insurance.

Contact Coastal Premier Insurance Group Today

Let’s discuss your business and your potential risks. We can then provide a business insurance quote that helps protect your interests.

Many of our clients are pleasantly surprised by how affordable business insurance can be. We are Coastal Premier Insurance Group of Boca Raton, FL, and we would be proud to have your business as a client.

Common Mistakes to Avoid When Filing Umbrella Insurance Claims

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Umbrella insurance offers extra protection beyond standard policies’ limits around Boca Raton, FL. However, filing a claim under an umbrella policy can be complex, and avoiding common mistakes is essential for a smooth process and successful resolution.

Misunderstanding Policy Coverage

Umbrella insurance covers liability claims exceeding the policy limits in different insurance policies. You must review the policy to stay on top of what is covered, including any exclusions and conditions. This knowledge helps avoid filing claims that fall outside the policy’s scope.

Delaying the Claim Filing

Promptly reporting an incident is vital when dealing with umbrella insurance claims. Delays and lack of communication may result in a denial. As soon as you become aware of an incident that might lead to a claim, notify your insurance provider immediately. This timely action ensures that the insurer can begin the investigation process promptly.

Inadequate Documentation

Proper documentation is essential when filing a claim. Inadequate or incomplete documentation can hinder the process. Ensure you gather all necessary documents, including incident reports, photographs, medical records, and any correspondence related to the claim. Detailed and accurate records support your case and facilitate a smoother claims process.

Not Following Policy Procedures

Failing to follow the procedures outlined in your policy can jeopardize your claim. Each insurance policy has specific requirements for filing and managing claims. Familiarize yourself with these procedures and adhere to them closely. This includes submitting all required forms, providing requested information, and meeting any deadlines specified by your insurer.

Coastal Premier Insurance Group Helps Guide You

Coastal Premier Insurance Group will help guide you and show you how umbrella insurance can save you in the long haul. Our team covers the Boca Raton, FL region. Get in touch with us today.

What value will come with having a full home insurance plan in Florida?

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If you are living in the Boca Raton, FL area, you may find owning a home is a great idea. If you want to buy a home here, you must also get the right insurance. For property owners here, this will mean having a full home insurance plan. A proper insurance policy for your home here will come with various benefits and forms of value.  

Ensure Assets are Covered

One advantage of having a home insurance plan in place in Florida is that you will know your assets are covered. Your home is likely the largest asset you will ever own, and being able to repair or replace it when necessary is quite important. If there is a fire or other issue under your policy coverage, your insurance will provide support to make necessary repairs and replacements. 

Liability Support

You also should obtain a home insurance plan for liability support. If you are found liable for various types of accidents, it could be covered by your home insurance plan. This can prove to be quite helpful and will reduce any financial burden that can come with a liability claim. Because of this, you will want to be assured you have sufficient coverage to handle such claims. 

It would be best to have a full home insurance plan when buying a property in the Boca Raton, FL, area. When you are trying to find a new policy in the area, it would be a great idea to call our professionals with the Coastal Premier Insurance Group. Our team with Coastal Premier Insurance Group knows the value and importance of this coverage and will offer any guidance you need to build your next plan. 

Does an LLC Owner Need Umbrella Insurance?

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Small business ownership presents unique insurance challenges and requirements. Coastal Premier Insurance Group is here to assist LLC owners in Boca Raton, FL, in navigating the complex world of insurance products. This article outlines the advantages of umbrella insurance for small business owners and how it can protect their businesses.

Why Landlords Should Consider Umbrella Insurance

If your LLC involves renting out properties, umbrella insurance can offer extra peace of mind. A lawsuit claim often exceeds general liability coverage limits, leaving you responsible for the excess amount. An umbrella policy can cover these extra costs, ensuring your business isn’t bearing the burden.

Umbrella Insurance for High Revenue Businesses

Umbrella insurance can also benefit businesses earning more than $250,000 annually. It provides additional protection for both your business and personal assets.

Does Your Business Type Necessitate Umbrella Coverage?

The nature of your LLC’s operations often dictates whether umbrella insurance is a prudent choice. For instance, if your business deals frequently with customer properties, you operate in the public sphere, or your employees drive for work-related purposes, an umbrella policy can safeguard against potentially expensive liability claims.

Considering Umbrella Insurance Coverage Level

Choosing an umbrella insurance policy requires a thorough understanding of your business’s value. It’s useful to consult with an experienced insurance agent to help determine the appropriate coverage level. Often, your net worth guides policy selection, as there’s no need to insure beyond your total holdings.

Coastal Premier Insurance Group: Boca Raton’s Trusted Insurance Associates

At Coastal Premier Insurance Group, we are pleased to provide comprehensive insurance solutions to LLC owners in Boca Raton, FL. We are here to assist if you’re unsure about your insurance needs or seeking expert guidance. Call, email, or visit us in person for stellar insurance services today.