Insurance

What Is Umbrella Insurance?

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According to Hamilton Fox & Company Inc. in Pinecrest, FL, umbrella insurance gives extra coverage when your policy does not cover a particular situation or when your insurance plan has hit its limit. Imagine how it feels when your insurance provider declines your claim. 

Umbrella insurance provides a safety net in such a situation. The question is, what exactly does umbrella insurance cover? Umbrella insurance covers personal liability, lawsuits, damage to property, and injuries to a third party.

Personal liability

The policy covers personal liability for which the existing plan does not cover, especially in a situation where you are not directly at fault. A good example is a situation where your friend knocks down someone in your car. Most auto insurance policies will not cover the damages caused by someone else. Even though you were not the one who drove the vehicle, it is your car. So, you’ll be held liable. Umbrella insurance can be of help here.

Lawsuits

Umbrella insurance does not cover all lawsuits, but it covers the ones for false detention, wrongful imprisonment, wrongful arrest, slander, libel, or malicious prosecution. It means that if someone sues you for any of the crimes listed above and relevant insurance policy cannot cover it, and umbrella insurance will kick in. 

Third-party injuries

If you cause someone’s injury, you should foot the hospital bill and also compensate the person. But, what if your current insurance policy cannot handle it? You’ll fall back to your umbrella insurance.

Damage to property

The policy can also help in the situation when you damage other people’s property. A good example is when you mistakenly run your car into a stationary vehicle out of impatience and negligence. Your umbrella policy can help in the situation. 

How the insurance works is a little complex, you may need further clarification from your insurance provider. So, if you need further explanation, contact Hamilton Fox & Company Inc.in Pinecrest, FL. 

How Long Do I Have to File a Workers’ Compensation Claim?

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If you are injured while on the job, it’s important that you understand how to file a Workers’ Compensation claim. At Hamilton Fox & Company Inc. the agents are able to assist clients living in the Pinecrest, FL area if they have questions about when to file and how to file a Workers’ Compensation claim.

File As Soon As Possible

An injury at work is serious business. If possible take pictures of the area immediately after the injury and make sure they are time-stamped through your phone. After reporting the injury to your employer and seeking the appropriate medical attention, your next step is filing your claim. There are many deadlines that you need to be aware of when filing a Workers’ Compensation claim. This is why filing your claim immediately is so important.

Seek Medical Attention

Seek medical attention as soon as possible and ask for copies of all your paperwork, including the doctor’s notes. While you will also be required to see a third-party doctor provided by your employer, you need to seek medical attention as soon as possible so that all of your injuries can be properly documented and recorded.

Meet All Deadlines

Once you have filed your claim and visited the doctor, you will also have other deadlines that must be met. This includes responding to requests for information and updating your claim as necessary. It will also be up to you to contact an attorney if you think having one is necessary.

At Hamilton Fox & Company Inc., the agents are always available to assist residents living in Pinecrest, FL with all of their Workers’ Compensation insurance needs. Call or visit their office today!

Top considerations when purchasing farm insurance

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Every farm is unique, and there is no one size fits all solution when it comes to an insurance policy for your farm. If you have a farm in the Pinecrest, FL area, reach out to an agent at Hamilton Fox & Company Inc. who will be happy to put together a custom policy designed to protect your specific operation. 

Due to the uniqueness of the farm business, a farm policy will consist of various property and liability policies coming together to form one comprehensive package of insurance. It is crucial to sit down with your agent to discuss each coverage and decide which one is right for you. 

Most policies will start with two basic coverages as the foundation of the policy. 

Dwelling coverage will protect your home from events such as fire, hail, and tornadoes. 

Farm Liability coverage will protect you from third-party lawsuits in the event someone is injured on the farm. 

Once your dwelling and liability policy are squared away, you will need to decide which additional coverages you will need to protect your farm. 

Barn coverage: If you have barns or other structures on your farm, you will want to consider barn coverage. It is important to note that the dwelling coverage only covers your home. 

Crop coverage: As farmers know, one bad season can be detrimental to the business. Crop coverage will protect you from losses in the event bad weather ruins your crops. 

Livestock coverage: Similar to crop coverage, livestock coverage will protect you in the event your livestock are killed in an event such as a tornado. 

Equipment coverage: Farm equipment can be costly to replace and is not covered under the dwelling policy. You will want to do a full inventory of all the equipment on your farm and make sure it is covered under this additional coverage. 

There are many other coverages farmers should consider, please reach out to an agent at Hamilton Fox & Company Inc. to custom build a policy right for your farm. We proudly serve the Hamilton Fox & Company Inc area. 

Comprehensive vs Collision: Which One Do You Need?

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Comprehensive and collision insurance are two of the most common types of auto insurance policies. The agents of Hamilton Fox & Company Inc. offer all types of auto insurance to the clients they serve in Pinecrest, FL. They can also answer any questions their clients may have about the differences between comprehensive and collision coverage.

Comprehensive Coverage

Comprehensive coverage covers all types of events and is often required if you are still making payments on your banknote/loan. Comprehensive not only covers collision, it also includes theft, vandalism, and windshield replacement. Comprehensive is designed to cover repairs that will help the car maintain its value while the bank still holds the title. If an accident occurs, the comprehensive policy is used to pay off the rest of the money owed on the vehicle.

Collision Coverage

Collision insurance only covers damages that are the result of a collision. Collision insurance normally consists of property damage insurance and personal injury liability to cover damages to the vehicle as well as any injuries that may have been incurred. With collision insurance, the money is paid out so that repairs can be made. If the car is totaled, the owner will get a check for the value of the car.

At Hamilton Fox & Company Inc., agents serve the residents of PInecrest, FL. They provide answers to many of the frequently asked questions their customers have concerning the different types of auto insurance policies. By explaining the differences between comprehensive and collision policies, clients can choose the type of policy that best suits their needs. If you have questions about your auto insurance, call an agent today and get the answers you’re looking for.

Do You Need Flood Insurance?

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Your home represents so much more than four walls and a roof. It is where you create memories and share times with your family and friends. It is a destination that sets itself apart because it truly is your special space. With the personal connection that is forged with your home, it is important to protect it. But what kind of protection should you consider? One home owner’s insurance option is flood insurance. And when you live around Pinecrest, FL the team at Hamilton Fox & Company Inc. can help walk you through the process of selecting the right insurance policy.

Why Flood Insurance Is Important

Your regular home owner’s insurance likely doesn’t cover flooding. Some forms may have a burst pipe included in the traditional insurance policy, but chances are it doesn’t. Plus, with the amount of rain the area receives, it is a good idea to protect your home in the event of flooding. 

Protect Your Home

If your home does flood it is extremely expensive to repair it out of pocket. This is because it isn’t just a matter of removing the water. You will likely need to strip away everything that came in contact with the water to avoid the development of mold. This can cost tens of thousands of dollars. Avoid paying this out of pocket with the aid of flood insurance. 

There is no cookie-cutter insurance policy when working with Hamilton Fox & Company Inc. The company helps you find the insurance policy that fits your personal household needs. However, flood insurance is highly recommended when living around Pinecrest, FL due to the amount of water and the threat of hurricanes throughout the year. Whatever your needs are though, you can have your questions answered with a single phone call. 

Commercial Insurance Needs Depend on the Type of Business

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Commercial insurance is a category of insurance that includes many types of insurance. Every business is slightly different. By working with your agent at Hamilton Fox & Company Inc. serving Pinecrest, FL and the surrounding area, you can get a customized insurance solution designed to adequately protect your business.

The choices for commercial insurance include:

  1. Workers’ Compensation: Protection for workers if they are injured while on the job.
  2. General Liability: Protection against regular business liabilities.
  3. Professional Liability: Special protection for errors made by professionals.
  4. Property and Casualty: Protection for real and personal property owned or leased by the business.
  5. Commercial Vehicle Insurance: Protection for a vehicle used for the business.
  6. Product Liability: Protection against liability risk caused by problems with products.
  7. Business Interruption: Protection against financial loss caused by catastrophic events that prevent a business from operating.
  8. Key Person Life Insurance: Protection for the surviving partner who owns the business with another partner who dies or becomes permanently disabled.
  9. Specialty Policies: Protection against unusual risks such as cyber attacks, terrorism, and other risks.
  10. Umbrella Insurance: Extends the policy limits of other policies and provides special protection that may include things like discrimination, defamation, and other lawsuits.

Commercial Insurance Based on Business Type

Here are a few examples of the commercial insurance needed to adequately protect these types of businesses showing the insurance needed by using the numbers from the list above.

  • Bakery:1, 2, 4, 5, 6, 7 (optional 8, 9, 10)
  • Doctor’s Office: 1, 2, 3, 4, 7, 10 (optional 5, 8, 9)
  • Manufacturing Plant: 1, 2, 4, 5, 6, 7, 9, 10 (optional 8)
  • Online Sales: 1, 2, 6, 7, 9 (cybersecurity insurance), 10
  • Law Firm (professional partnership): 1, 2 3, 4, 7, 8, 9, 10 (optional 5,)

Conclusion

There are many combinations of commercial insurance that are assembled for the specifics of each business. Contact your agent at Hamilton Fox & Company Inc. in Pinecrest, FL to get a quote for commercial insurance that is suitable for your business by calling 800-263-1947.

 

When is it time to update my life insurance?

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Life insurance should not be a static thing. It should change and evolve as your needs grow or shrink. The life insurance that you need when you are 25 may not be the same amount that you need when you are 35, 45 or 75. How do you know when it is time to take a good look at your life insurance needs? If you live on or near Pinecrest, FL a visit to the office of Hamilton Fox & Company Inc. can provide the answers that you need to make an informed decision.

As a young person, you probably need less life insurance that you will need as you grow older. If you are single and don’t own a home, you likely have fewer obligations and you only need enough life insurance to pay off any debt you may have such as a car loan or credit card debt and to pay your final expenses.

As a 35-year-old you may have a family and a mortgage and you are at a time in life when you may need to have a lot more life insurance. You need to provide a security blanket for your spouse/partner and your children as well as paying off a mortgage and any other debt.

As a 45-year-old you may have to consider not only your own family but you may be helping aging relatives and you may be thinking ahead to the college tuition that your children will need. This may be the time when you need to reevaluate how much life insurance you have.

As a 75-year-old you may be alone or living with just one other person. You may no longer own a home and your requirements will have decreased. You still want to make sure that you provide for your significant other but the amount of support is likely not as high as it was when you were younger.

Making sure that your life insurance changes with the many seasons of your life is something that the agents at Hamilton Fox & Company Inc. would be happy to discuss with you. Why not give them a call at their office in Pincecrest, FL.

Benefits of having commercial insurance

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Owning a business comes with a significant amount of responsibility for a business owner or manager. One responsibility that a manager needs to take seriously is regarding their need for commercial insurance. While having commercial insurance does come with additional expenses, there are many benefits of having it in place that makes it a very good investment for any business.

Protects From Liability 

If you have your own business, you are taking on a certain level of liability every single time you sell a product or service. If someone happens to get sick or injured as a result of this, you could be found liable. In some situations, the damages could be significant enough to make your business insolvent. When you have a commercial insurance policy in place, it will provide you with liability insurance protection against this type of risk.

Ensures Compliance 

For a Pincecrest, FL area business, another benefit of having commercial insurance is that it will help to ensure that you remain in compliance with a variety of agreements and regulations. Businesses with employees will need to have workers compensation policies in place and companies that take out loans will also have commercial insurance requirements. When you get a full commercial insurance policy, you will be able to stay in compliance with these requirements for your company.

If you have a business in the Pincecrest, FL area, you should reach out to Hamilton Fox & Company Inc. to further discuss all of your commercial insurance options. The Hamilton Fox & Company Inc. team knows how to figure out what type of coverage is right for a business and they can then help you get into a policy that meets all of your needs. Ultimately, this will provide very valuable protection to your organization. 

Daycare Centers and Umbrella Insurance

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Daycares are an important part of many family’s lives and provide high-quality care at a reasonable price. If you run a daycare in Pinecrest, FL and need help finding a policy for your company, let us at Hamilton Fox & Company Inc. explain how this type of coverage helps.

How Insurance Protects Your Clients and You

Daycare insurance is designed to not only protect your financial status but to ensure that your clients are safe and healthy while visiting. This type of commercial insurance is designed to provide payments for injuries and damage caused to your clients or your building.

This coverage protects your clients by paying them money instead of forcing them to pursue a lawsuit. By contrast, it protects you by keeping you from losing money in a lawsuit. Just as importantly, it helps to repair damage caused to your building by improper activities and actions.

Coverage Varies Based on Your Location

One interesting fact that could affect your daycare insurance is where your facility is located. For example, if you run a daycare center out of your home, your policy will vary because your home will be classified as a business and treated as such by your policy.

Conversely, operating a daycare center in an office building – or another commercial center – typically requires you to get a slightly different type of policy. The exact differences are mostly minor and mostly affect what items that you can ensure on your daycare property.

Find a Policy That You Like

So if you run a daycare center in Pinecrest, FL and want to insure yourself and protect your clients, please contact us at Hamilton Fox & Company Inc. We have many options for daycare centers like yours and will work to provide you with the best possible policy.

Is Flood Insurance Mandatory In Pinecrest, FL?

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Floods are merely a fact of life for those who reside in Pinecrest FL and the surrounding regions. Residents of these areas often meet with Hamilton Fox & Company Inc. representatives to learn more about the options that are available to them. Did you know that there federal requirements in the region?

That’s right. Any community that participates in the National Flood Insurance Program must remain protected. The same goes for any local residents whose home has been backed by a federal loan. These two requirements essentially cover all citizens of the state of Florida, no matter the region.

These requirements are meant to protect those who reside in high-risk areas. Some homeowners may be able to skirt the federal requirements but they will need to apply for an amendment to do so. A licensed land surveyor and a registered professional engineer must look over the property before a letter of map amendment is issued.

The state of Florida itself does not require residents to purchase any flood insurance. It is important to note that these recommendations come from the federal government. Insurance companies that are located in the state of Florida must pay close attention to the statutes that have been enacted as well, as there are various laws that change on a consistent basis. 

This is how problems are avoided. Scheduling a consultation with local insurance agents is in your best interests. These meetings allow a Florida resident to learn more about their specific requirements and ensure that all federal regulations are being met. Even those who reside in non participating communities are urged to take a closer look at their current policies. 

To find out more about flood insurance requirements in Pinecrest, FL and the surrounding areas, be sure to contact Hamilton, Fox & Company Inc. as soon as possible.