What Types of Common Hazards May Businesses Face?

Businesses will often face similar perils, even though they may specialize in different industries. For example, it is widespread that a company will own a building where their employees will work, and many will have more than one location. 

When this happens, an owner may face a situation where someone hurts themselves on the property and incurs medical expenses and fees. If it is an employee, they may be entitled to alternate job training to shift occupations within the company if they suffer permanent changes in ability and lost wages. 

Your space for housing the raw materials on which your income depends can be destroyed if there is a fire, and your equipment can suffer breakdowns when there are electrical surges. Water saturation, falling tree branches, pest infestations, and severe storms can render products useless. 

Business insurance is not required in Clermont, FL, though many entrepreneurs indemnify themselves to protect against financial loss. Your Singh Insurance and Financial Services LLC representative can discuss the options available to you in your field.

Property damage to customers is an issue when products or services malfunction or do not meet the promised expectations. This can also happen through errors, misleading statements, or typos in advertising materials. 

You can find yourself in contractual disputes if you use contractors or subcontractors, and this can occur through simple miscommunication or when work is delayed due to negligence. 

Singh Insurance and Financial Services LLC Can Help

We provide our expertise in creating insurance packages to meet your specific needs. Please get in touch with us by telephone, online, or in person, and we can discuss your situation further. We serve those living in and around Clermont, FL. 

Things to Consider When Building a New Home

Many people have a dream or a goal in life to build their “dream house” or a home that is perfect for them and their families. Building a home is a great investment, but it’s a good idea to know all there is to know about the fine details and insurance process behind new construction. Thankfully we did the research for you and all you have to do is keep reading!

Florida’s Homeowners Insurance Market

There’s no doubt that you have heard about the crisis in Florida’s property insurance right now. Many people are being dropped from their policies, have seen a dramatic increase in their payments or are even struggling to find a policy in the first place. One good thing about new construction is that it is easier and possible to obtain this type of insurance. Although, there’s more to be said about insurance and new construction.

Florida Builders Risk Insurance

Along with looking into homeowners insurance, there is also Builders Risk Insurance to be considered. This type of policy covers structures during the course of building or renovation. Make sure you evaluate how much your home is worth when purchasing a policy, and also consider that liability coverage is generally not included in this type of policy.

How much am I going to have to pay?

These two policies, homeowners insurance and builders risk insurance may be more affordable than you think. At Singh Insurance and Financial Services we can find you the best policies that fit your needs and budget. There is also a builder’s discount that can be applied to many new constructions. Let’s talk today about the right coverage to cover you and your new home.

Five Essential Pieces of Motorcycle Safety Gear

If you’re a motorcycle enthusiast in Clermont, FL, hitting the road on two wheels is an experience unlike any other. But with that freedom comes responsibility—you must ensure you’re equipped with the right gear to keep yourself safe. Singh Insurance and Financial Services LLC present the five essential pieces of motorcycle safety gear you need to get on the road.

Helmet

Wearing a helmet when riding a motorcycle is essential for safety. Helmets protect riders from head injuries and can help reduce the severity of damages caused by accidents.

Jacket

It is essential to wear a jacket for protection against the elements and in case of an accident. A coat can cushion from impact, abrasion resistance, and protection from wind and rain.

Gloves

Gloves are vital for several reasons. First, they protect from the elements that other vehicles can throw up, such as wind, rain, and debris. Gloves also provide grip on the handlebars and brake and clutch levers, which is essential for safe motorcycle control. Lastly, wearing gloves can help protect your hands in the event of a crash, reducing the risk of serious injury.

Pants

It is important to wear pants when riding a motorcycle because they provide extra protection from the elements and road debris. Additionally, wearing pants can help prevent serious injury in an accident by providing an extra layer of protection between you and the road.

Boots

Wearing boots when riding a motorcycle is essential because it provides extra protection to the rider’s feet and ankles. The thick material of the shoes can help protect against road debris, and the higher boot cut can help provide additional ankle support while riding. Additionally, the soles of the boots are usually designed with extra grip to help keep the rider’s feet in place on the foot pegs.

At Singh Insurance and Financial Services LLC of Clermont, FL, we are pleased to offer motorcycle insurance for our valued customers. We look forward to hearing from you today!

Umbrella Insurance 101

Similar to the metaphor of an umbrella, Umbrella Insurance is there for protection. Your policy is in place to cover anything else that your normal policies would not. It can be thought of that your Umbrella Policy is there to “branch out” to all the aspects of your life. There are two main types of Umbrella Insurance and we’re here to break it down and explain them to you.

Personal Umbrella Insurance

Like it states, this type of policy is for all personal matters of your life. For example, covering your homeowner’s and automobile coverage. This type of coverage is extremely important because if you were at fault in an accident, and the opposing party received great damage with extensive medical bills, you may be responsible for some of these charges. Your typical auto policy may cover some of it, but the more damage done, and considering the possibility that the party may sue, it is ideal to have that extra protection of an Umbrella Policy in place.

Commercial Umbrella Insurance

This type of insurance is utilized for your business. All business owners should inquire and invest in this type of insurance. While many believe that simply having a commercial insurance policy will suffice, you never know what can happen or occur at your business. Whether someone is injured on your business’ property or numerous items are stolen or damaged, it’s better to be safe than sorry. Having a Commercial Umbrella Policy ensures that no matter what happens, you and your business are covered.

Now you may understand what Umbrella Insurance is, but perhaps you don’t know exactly why you would need it. Here are several reasons why you should look into this type of policy:

-You have a new driver in the family. An Umbrella policy would cover any damage or medical expenses if your teen was at fault in a car accident.

-You have a temper/aren’t good with your words. In case you didn’t already know, someone can sue you at the drop of a hat. Umbrella Insurance is essential in the event of getting sued.

-You throw a lot of parties. Did you know if you provide a guest with liquor and then they leave your house and injure someone, you could be at fault? An Umbrella Policy would help with this.

-You own a pool. We’ve mentioned before that if someone is injured at your home, they could sue but owning a swimming pool makes this risk that much higher.

-You drive a long distance to work. The longer you drive, the more likely you are to be involved in an accident. Don’t be held responsible for injuries, suffering or medical bills. Get your Umbrella Insurance policy today.

Many people simply pass up the thought of Umbrella Insurance because they believe they will never use it. Let me ask you this…would you rather purchase a policy and never use it or not have a policy and lose everything? At Singh Insurance and Financial Services, we would be happy to discuss your coverage options with you. You can send your inquiry to info@singhinsurancegroup.com today.

Protect Your Most Valuable Asset with Homeowners Insurance

Are you a homeowner? Do you live in or around Clermont, FL? Contact Singh Insurance and Financial Services LLC if you need homeowners’ insurance.

A homeowners’ insurance policy includes both liability coverage and property insurance. A single premium is paid for all possible risks. It covers damage to the property caused by the owner or household members and liability for injuries to others. It will also include damage or injury caused by a pet.

Did you know that if you are carrying a mortgage on your home, your lender will require that you have this coverage? They want to make sure their interests are protected. Even if you are fortunate enough to live mortgage-free, you still want to carry homeowners’ insurance.

Why? In the event of a significant lawsuit, either from a traffic accident or a visitor suffering an injury on your property, you could lose your home. If you have liability coverage available with a homeowners’ insurance policy, you will not risk losing your home.

Another reason to have homeowners’ insurance is to protect your home and property. Your policy will describe what a covered event in the policy is. Vandalism, lightning damage, fire, etc., are covered. The contents of your home, loss of use, or additional living expenses if you require temporary housing are also provided. Liability coverage for accidents or injuries on the property is covered.

Let the professionals at Singh Insurance and Financial Services LLC provide a no-obligation quote or answer any questions you might have about homeowners insurance. This is invaluable coverage that no homeowner should be without. It’s not worth the risk. Contact our office today.

Insurance and the Holidays

We will soon be eating ham and turkey around the table with our families for Thanksgiving, and Christmas, Hanukkah and Kwanza will be soon to follow. The holidays are a very busy and exciting time, and sometimes it’s possible to get so caught up in the festivities that we lose sight of things such as important insurance coverage. Our job at Singh Insurance and Financial Services is to keep you informed, educated, and covered. Therefore, we’re going to talk about some important insurance decisions you should be making and aware of during the holiday season.

Car Insurance

Obviously, car insurance is required by law, but the law does not state exactly what TYPE you must have. Many people have “full coverage” listed on their policy when they are not even fully covered. It’s easy to throw that term around and lead your clients into believing they have adequate coverage, but until you sit down with an insurance expert and truly evaluate and dissect your policy, you may be putting your family at risk. This is especially crucial as we progress into the colder months. The possibility of inclement weather increases your chances of being involved in an accident or collision. Make sure you are truly “fully covered” this winter.

Life Insurance

A common misconception of life insurance is that you have to be old or near death to begin a policy. This is simply not true! You can open a life insurance policy for an infant! In fact, it’s actually better to begin a policy earlier rather than later. Many policies allow their beneficiaries to “cash out” and receive money from their policy after a certain time, and this amount will grow over the years. Don’t think of life insurance as a precaution for when you die, think of it as a safety net for those who will live. If you’ve run out of gift ideas and are looking for something unique and special this holiday season, open a life insurance policy for someone you love!

Commercial Insurance

If you own a business, commercial insurance is a must-have. This type of insurance protects your company, your employees and your wealth. There are various types of this insurance, but the two main categories cover the business as a whole or your company vehicles. It’s highly recommended that you seek coverage for both of these to ensure security and longevity of your business. The holiday season is especially important to have this type of insurance for various reasons. To begin with, you will be receiving more traffic and more customers. While this can be seen as a blessing, it also comes with risks. More customers and foot traffic means more chance of injury and/or a potential lawsuit. Further, as unfortunate as it is, more people shoplift and steal during the holiday season. Make sure your merchandise and property are covered and insured.

While our company includes more than just these three insurances, we thought these select few to be the most prominent during the holidays. As always, Singh Insurance and Financial Services is here to help. Click here to contact us today for anything insurance or financial related!

Three things to be aware of about wind mitigation inspections

Homeowners should know what wind mitigation inspections are and how they can benefit from these inspections. We can provide the answers you want about wind mitigation inspections at Singh Insurance and Financial Services LLC. The following are three things to be aware of about wind mitigation inspections. 

A wind mitigation inspection involves inspecting your roof to determine its strength against wind and water damage.

Home insurance providers may wish to perform a wind mitigation inspection to gauge the strength of a home’s roof. During such an inspection, the inspector will check the wind and water resistance of a home’s roof. 

Unlike a standard home inspection, a wind mitigation inspection is solely focused on the condition and features of the roof of a home. 

There are seven factors examined in a wind mitigation inspection.

During a wind mitigation inspection, the inspector will report on the following: the year of construction, roof deck, roof covering, roof-to-wall attachment, opening protection, geometry of the roof, and secondary water resistance features. 

Wind mitigation inspections can lead to insurance savings.

One of the best things about wind mitigation inspections is that they can result in insurance savings for homeowners. The insurance provider may offer discounts if the insurance company determines that a home’s roof is particularly resistant to wind and water damage.

Homeowners with newer roofs, hipped roofs, or upgraded roofing materials are especially likely to qualify for discounts after a wind mitigation inspection. 

Do you need a wind mitigation inspection done on your home in Clermont, FL? We can help you get the information you need on wind mitigation inspections at Singh Insurance and Financial Services LLC. Get in touch with us to learn about the insurance policies we offer. 

Commercial Real Estate Insurance and Natural Disasters

While some may follow a pattern or stay within a season (hurricane season for example), most natural disasters come without warning and can cause many issues and much destruction, especially if you own real estate or serve as a landlord. We hope that if you own property, you have the necessary precautions set in place in the event of a natural disaster, but since these occurrences have become more common over the recent years, it may be time to look at your commercial real estate insurance.

If you are renting out your property to tenants, you should ensure that you and the tenants both have the proper insurance policies. To solidify this, you can add it as a requirement in your tenant’s lease. You can even have the insurance that your tenants take out extended to you, by requiring them to add you as an “additional insured” or “interested party” on the policy. While you may be most concerned with the physical structure of the property, you must also take into consideration the valuables that your tenants have stored within the property that could take damage too. For example, if you’re renting out an office space that contains thousands of dollars of technology or machinery, you have to make sure that is covered as well due to the fact that the items are being held in the property you own.

It’s also crucial to ensure that any policy you have for your property also covers fire incidents. A study from 2015 found that an alarming 10% of business owners filed a fire damage claim in the past several years. While that may not seem like a big number to you, these damages cost an average of $35,000 a piece. That amount can be the difference between repairs and shutting down a business. If your tenants are forced to close their small business, you may be out of a renter, and therefore, losing money.

Keep all documentation of your tenant’s insurance policies. Also ensure that the proper policies are put in place to ensure that the property and what lies within are protected in the event of a natural disaster. For example, if you live in an area that has frequent tornadoes during hurricane season, have a plan set up in advance for the event of a tornado.

Along with the policies and documentation, conduct a walkthrough through your properties. Write down or take pictures of everything, all of your assets, so in the event of a natural disaster, you know what to claim. Once you have this information, upload it somewhere safe and secure.

While natural disasters may be inevitable, this does not mean all hope is lost. By having the proper commercial real estate insurance and policies set into place, you can ensure that no matter what may happen, you and your finances will be protected. Contact Singh Insurance and Financial Services today for more information about commercial real estate!

Four Benefits of Umbrella Insurance

Yes, you may argue that you have liability insurance, so you don’t need umbrella insurance. But what if you experience significant disasters like legal suits or when you crash into someone’s vehicle? For your information, your other liability policies, like home and auto, only stretch to a specific limit. That’s why you need umbrella insurance to step in in case of expensive liability claims requiring higher liability insurance. With that in mind, let’s explore the benefits of buying umbrella insurance from Singh Insurance and Financial Services LLC.

  • Assets protection: If you have assets you need to protect from expensive liability claims, umbrella insurance is the way to go. Examples of costly liability claims are lawsuits that could result in thousands of dollars. Your other liability insurance will only pay up to a covered limit, and you will be required to pay the rest. Luckily, with umbrella insurance, you rest assured the policy will step in.
  • Offers additional coverages: Umbrella insurance will not only step in when your other liability plans deplete but offers additional coverage that is not included in your other policies. Some of the additional coverages umbrella insurance provides include libel, defamation, slander, and wrongful arrest.
  • Offers peace of mind: You won’t have to worry about your assets being taken away after a significant catastrophe with umbrella insurance. At least from a financial perspective, you can deal with any uncertainty that may come your way.
  • It’s affordable: Umbrella insurance premiums are surprisingly super-affordable. The fact that the policy kicks in when your other liability depletes makes the insurance affordable.

Umbrella insurance in Clermont, FL

Don’t subject your life to too much worry in the event of significant liability claims. Protect your assets by buying umbrella insurance from Singh Insurance and Financial Services LLC in Clermont, FL. Contact us today for an affordable quote. 

We look forward to helping you find protection for your assets.

Do I Need Collision Coverage on My Boat?

Are you a boat owner in Clermont, FL? If so, you enjoy spending time cruising around the beautiful lakes. However, before you set sail, it’s essential to make sure you have the proper insurance coverage. Singh Insurance and Financial Services LLC can help make sure you’re adequately covered. Here are some things to consider when determining if you need collision coverage on your boat.

Value of Your Boat

If your boat is financed, your lender will likely require you to carry this type of coverage. Even if you own your boat outright, it’s still a good idea to have collision coverage in case of an accident. The cost of repairs or replacement can be expensive, and this type of coverage will help protect your investment. Out-of-pocket expenses can add up quickly, so it’s important to have the proper coverage in place.

Type of Boat

The boat you have will also play a role in whether or not you need collision coverage. If you have a small, inexpensive boat, the cost of repairs may not be worth the price of the premium. However, collision coverage may be a wise investment if you have a larger, more expensive boat. But still, in both cases, the best action you can take is to speak with an insurance agent to guide you through the decision-making process.

Your Insurance Policy

Finally, check your boat insurance policy to see if collision coverage is already included. Some policies automatically include this type of coverage in your boat insurance, so you may not need to purchase it separately.

Singh Insurance and Financial Services LLC in Clermont, FL

If you’re still unsure if you need collision coverage on your boat, Singh Insurance and Financial Services LLC can help. We’ll work with you to determine the best insurance coverage for your needs. Contact us today to get started.