Tailoring Commercial Insurance to Your Business’ Needs

You’ve worked hard to build your business from an idea into an operating entity. That took a lot of hard work, persistence, and innovation to get there. Now you need to protect that business with commercial insurance. Our agents at Singh Insurance and Financial Services, LLC work with new and existing businesses throughout the Orlando and Clermont, FL area to help them find the right coverage. For businesses, commercial insurance is not a one size fits all situation. 

Several policies can be combined into your commercial policy. By tailoring your plan, your business gets the policies it needs. Liability protection covers the company if someone is injured by its products or services, or at a location. If the company owns buildings, property insurance protects them. The policy will also cover everything on-site such as inventory, materials, or equipment. Workers’ compensation covers any employee injured on the job. Additional coverage can address specific situations such as professional liability coverage or commercial auto insurance. Some include business continuity policies to protect the company financially if they are unable to operate following a disaster. 

In the Clermont, FL area, our agents at Singh Insurance and Financial Services, LLC can help you decide the types of coverage your business needs. We will work with you to understand your business so that they can recommend the best options.  Building a business is hard work, so we want to help you to make the right choices for your commercial insurance policy. Our website has general information, but to get the tailored plan for your business, come in and visit with us. We’ll offer you’re the best options available and answer any questions that you may have. Come in for the coverage your business needs!

An Introduction to Auto Insurance in Florida

Every state in the US requires drivers to carry auto insurance. Each state gets to set its insurance requirements, and Singh Insurance and Financial Services, LLC of Clermont, FL wants to help you make sure you meet the Florida requirements. In Florida, the law requires both property damage liability and personal injury protection (PIP) insurance. You must purchase $10,000 of each type of coverage to comply with state law.

Required Insurance in Florida

In Florida, insurance law uses the no-fault precept. The required PIP policy pays for your medical bills if you get injured in an accident up to the policy limit.

The PIP required in Florida also pays for income loss resulting from a car accident, your child, and other household members. It also covers your medical bills when you are injured as a pedestrian or bicyclist in a car accident. Your passengers also get covered by your PIP insurance, and it covers you when you are a passenger in another person’s vehicle and involved as a passenger.

The liability insurance component pays for damages you cause to another’s vehicle in an auto accident. Although the state is a no-fault accident state, that does not mean that insurance companies and police do not determine fault. They do. So, your insurance pays for damages you cause to another person’s vehicle when you are found at fault for the accident.

Those two components are the only ones required, but you can elect to add other types. If you choose to do so, you can add comprehensive, collision, uninsured/underinsured motorist, bodily injury liability, and rental car coverage.

Penalties for No Insurance

The Florida Department of Highway Safety and Motor Vehicles (DHSMV) uses an automated system to monitor insurance purchases. Each insurance company must electronically notify them of new policies and cancellations. When the DHSMV has no record of insurance for you, it notifies you by mail and provides a date by which you must prove you obtained insurance or you lose your driver’s license, registration, and car plates. If you miss the date, you must pay a fee of $150 for your first offense plus prove you have insurance. If it happens again, you must pay a fee of $250 when you prove you have obtained insurance. On the third offense, you pay a fee of $500 when you provide proof of insurance.

Let us help you figure out which auto insurance policy types you need. Call Singh Insurance and Financial Services, LLC of Clermont, FL today.

Choosing a Life Insurance Beneficiary

Making Tough Life Insurance Decisions

Choosing your life insurance beneficiary is an important decision. Here are some tips in order to help you avoid some common mistakes.

  • Remember the Purpose of the Policy: The reason you are buying the policy should be your drive in life. If you want to help your family financially, then your spouse can be a great choice. If you’re going to help your company, then choose your business partner.
  • Know Your Options: There are usually more options than just your kid or your spouse. An agent at Singh Insurance and Financial Services, LLC can help explain your options.
  • Have a Back-Up Choice: If your primary beneficiary can’t be found or is deceased when you die, then a secondary beneficiary should become the recipient. Make sure you think about this choice as well.
  • Keep It Up to Date: A common oversight is not keeping your beneficiary up to date. If you are married and previously listed your mother, your spouse won’t receive money to help with your household.
  • Avoid Having a Minor Be Your Beneficiary: It’s best to set up a trust or designate an adult you trust to distribute the money to a minor to avoid any lengthy processes.
  • Be Specific: It’s best to be as specific as possible when choosing. If you name your children and one of your kids dies before you do, do you want the remaining children to get the money, or do you want your deceased kid’s heirs to get some of the shares?

If you don’t name a beneficiary, then the life insurance policy is paid to your estate. If this happens, then the court decides how to handle the funds. This can be a lengthy process and can chip away at some of the funds. If you want the money in the hands of those who need it, always designate a beneficiary.

Contact Singh Insurance and Financial Services, LLC to get a quote on life insurance in Orlando, Tampa, and anywhere in the state of Florida. 

New Homeowner’s Move-In Checklist

Moving into a New Home?

Moving into a new home is thrilling, but it’s also a high-stress life event. Singh Insurance and Financial Services wants to make sure your move goes as smoothly as possible. Whether you’re a new resident to Clermont, FL or setting your roots down elsewhere, we have assembled this handy checklist to help you get settled.

  1. Insure First – This is an obvious bit of advice from us, but it can make a world of difference. Having your home insurance already set up is a good idea just in case some unhappy accidents happen while you’re moving your stuff into the new home. A mortgage lender may also require you to have home insurance.
  2. Plan Your Move – If you plan to rent a moving van, or plan to hire a professional moving service, make sure you do your research ahead of move day.  Always read the fine print of any contract you sign and be sure you know the liabilities the company will cover in case your stuff is damaged in transit.
  3. Packing and Inventory – Start with decorative furnishings first and work your way down to those items you use every day. Now is a great opportunity to start keeping an inventory of your belongings. Not only does an inventory list make sure you know what you have, but it can also be an invaluable resource in the future if you ever need to file an insurance claim.
  4. Transitioning Smoothly – Remember to inform the post office of your change of address and submit address change cards to important institutions such as your bank and insurance. Notify your new utility companies of your move-in date to make sure your gas, electricity, and water are running when you get there. Transferring your records to new doctors, licenses, and schools ahead of time is also a good idea.  

Singh Insurance and Financial Services is happy to welcome you to our Clermont, FL community! Let us help you settle in by taking care of your insurance needs today.