How Workers Compensation Insurance Works

When you think about the most valuable asset for your business, your employees have to top your list. You may have the best products or assets, but your efforts are naught if your workforce isn’t up to scratch. Zero. Nil. Given that your employees are an important cog of your business, you shouldn’t fail to protect them. One of the surest ways to safeguard your workers is by investing in worker’s comp insurance from Hamilton Fox & Company Inc. in Pinecrest, FL. But how does worker’s comp insurance work? Let’s dive in.

What is worker’s comp insurance, and how does it work?

This insurance covers employees when injuries and illnesses occur because of their jobs. For instance, this coverage will come to your rescue if you suffer from carpal tunnel syndrome because you constantly use your wrists when typing. Similarly, this insurance coverage will cover medical costs for obvious injuries like back pain, fractures, and sprains from falls, heavy lifting, and other injuries in the workplace.

Worker’s comp insurance is mandatory in most states, and usually, it’s the employer’s expense — the employee doesn’t pay anything. Once an employee files a claim for worker’s comp insurance, the employer has to ascertain that the injury or illness is work-related.

What does worker’s comp insurance cover?

This insurance is a worthwhile investment because it cushions your business in several instances. Worker’s comp insurance covers your employees against the following:

  • Medical expenses, including medication, hospitalization, ongoing care, and emergency surgery
  • Partial loss of wages
  • Disability benefits
  • Death benefits

However, you have to note that worker’s comp insurance won’t cover commuting injuries, substance abuse, and workplace fights. So, enlighten your employees on the same to ensure they don’t become frustrated when filing claims.  

Safeguard your employees today!

Want to purchase worker’s comp insurance in Pinecrest, FL? Please talk to Hamilton Fox & Company Inc. for a reliable policy.

How Do I Get Workers’ Compensation Insurance?

Worker’s Compensation Insurance is a type of insurance that provides compensation to employees who are injured or become ill because of their job. It can also provide benefits to the dependents in case the employee dies from work-related injuries. Here are some tips on how to get it for your business.

1. Look for An Insurance Carrier

This can be your first step to getting worker’s compensation insurance. Start by looking for insurers that offer coverage in the state where you operate your business or want to operate it. You can ask other employers who they use and if there are any companies that you should avoid because of past problems with their claims handling. You can also get recommendations from your state agency that regulates insurance carriers.

2. Decide on the Coverage

There are several types of worker’s compensation insurance so you must decide which one is most suitable for your business. Here are some tips:

  • The state where you operate will determine the laws and rules for your business. In Florida, for example, all businesses with more than four employees or employers with workers who are physically working on construction sites must have worker’s compensation insurance.
  • If your staff’s work is very hazardous and there is a high risk of injuries, it might be better if you get an “excess coverage” or one that will provide compensation over and above the minimum required by law.
  • Make sure you don’t only consider the premiums. Ensure that you also consider the deductibles and what is covered by the insurance.

3. Get the Insurance

After you have decided on which worker’s compensation insurance to get, it’s time to actually purchase it. Make sure you follow the application process carefully and ensure that all information is accurate.

If you want to ensure that your employees and business will be protected, then worker’s compensation insurance is a must. If you are in Pinecrest, FL, and you need help with getting the right coverage, Hamilton Fox & Company Inc. can help. Call us today to learn more.

Why Boat Insurance Matters in Florida

Florida is one of America’s states that enjoy warm weather almost the whole year, making it one of the leading boating states in the U.S. While boating is popular in Florida, have you thought about boat insurance?

Although boat insurance is not mandatory, it’s a valuable asset for all boat owners. Boats don’t come cheap. Imagine the cost of replacing your boat in case of an unfortunate occurrence? The truth is boat insurance is as essential as car insurance — it cushions you and your boat when the unthinkable occurs. Hamilton Fox & Company Inc. would like to share why boat insurance matters here in Florida.

Protects you against uninsured and reckless boaters

Since Florida does not require boat insurance, most boaters don’t have this coverage. It means when you get into an accident with an uninsured boater, you could have trouble getting compensation. However, this doesn’t have to be the case when you have invested in uninsured boater coverage.

Protects your asset

Boats are not cheap, and neither are repairs after damage. That said, endeavor to protect your significant investment with boat insurance. Watercraft insurance protects your boat after damage and even when stolen.

Protects your loved ones

Protection against personal injury is an essential component of the boat insurance policy. In the event of an unfortunate incident, you want to be sure you have enough coverage to pay medical expenses for people on board. Boat insurance has that coverage that takes care of such expenses.

Boat insurance in Pinecrest, FL

There is a lot that can happen on the water. If you can’t be on the road without your car insurance, you shouldn’t ride your boat without insurance. Even for your peace of mind, boat insurance is essential. Ready to purchase your boat insurance in Pinecrest, FL, and its surroundings? Contact us at Hamilton Fox & Company Inc. for an affordable quote.

Why Florida Restaurant Owners Need Umbrella Insurance

Hamilton Fox & Company Inc. built our reputation on providing excellent customer service. We are committed to helping our clients navigate life’s risks. We serve the Pinecrest, FL community, as well as the surrounding areas. We offer multiple types of coverage to help protect our clients in any situation. We look forward to helping you find the coverage you need.

Why Florida Restaurant Owners Need Umbrella Insurance

Sometimes accidents happen when you least expect them. Umbrella insurance acts as a safety net in these situations. Umbrella insurance is a form of supplemental coverage that covers you when you have reached your liability limits on other insurance policies. If you are involved in a serious liability dispute, umbrella insurance will step in to prevent you from losing your assets through litigation.

If you are a Pinecrest, FL business owner in the restaurant industry, umbrella insurance can prevent you from losing your business. Owning a restaurant leaves you vulnerable to multiple risks. Perhaps one of your customers slips and falls while walking into your restaurant and breaks their leg. The customer decides to pursue legal action. If your liability limits are maxed out, you will have to cover the injured party’s medical treatment out of your assets unless you have umbrella insurance. Perhaps you serve an extra glass of alcohol to the wrong customer, and they get behind the wheel while drunk and cause a serious accident. Your business will be held responsible for the damages. Umbrella insurance can prevent you from losing everything that you have worked for in this situation.

Hamilton Fox & Company Inc. Will Help You Protect Your Investment

Visit our website to learn more information about umbrella insurance.  

Is having an umbrella insurance plan in Florida a good idea?

Those that are in the Pinecrest, FL area are going to have a lot of insurance needs. A form of coverage that all people should consider obtaining is umbrella insurance. When you do get an umbrella plan, it is going to provide you with more blanket coverage to offset your personal liability risks. There are various reasons that someone should obtain this form of insurance. 

Protect Against Serious Claims

A reason that you should get an umbrella insurance plan in Florida is so you can protect yourself against serious claims. If you have an auto or home coverage plan, you will have liability protection up to your policy limit. While this is more than enough in most situations, if there is a major accident that comes with serious damages it could exceed your policy. In these cases, you will want to have an umbrella plan to offer coverage on top of your base policy. 

Protect Against More Risks

You also should consider getting an umbrella plan to receive protection against more risks. A primary advantage of umbrella coverage is that it provides you with broad coverage and protection. With this type of coverage, you can receive protection for a wide range of liability risks. Many of these would not be covered by your existing home or auto insurance plans. 

As you are looking to build your personal insurance plan in the Pinecrest, FL area, getting an umbrella plan should be considered a necessity. When you are assessing your options here, Hamilton Fox & Company Inc. can provide you with the support needed to evaluate your options and build an appropriate plan. Hamilton Fox & Company Inc. is able to do this by taking a personalized approach and giving customized guidance. 

How Does Workers’ Comp Insurance Work?

When you have a business of any size, it’s important to have workers’ compensation insurance, often called workers’ comp, for your employees. In Florida, your business must get workers’ comp for its employees if you have four or more workers. They can be either part-time or full-time. An exception is for the construction industry which requires it for all companies and employees. If your business needs workers’ comp coverage, call us now at Hamilton Fox & Company Inc. in Pinecrest, FL.

Medical Bills

When you have employees, it’s possible for them to be injured on the job. Unless they are working from home, this means that you can be held liable for the injury that happens in the workplace. The same is true for work-related illnesses that they get from being at work. The medical bills that result from such an injury or illness will have to be paid, and if you have workers’ comp insurance, it will be the policy that pays those bills.

This protects your business by making funds available for those medical bills so that your business won’t have to come up with them. It is also helpful because it generally means that the worker can’t sue you, as the policy pays for the bills. The insurance also pays for things like lost wages and some legal costs that may come up. 

Protection for Employees

This type of insurance is needed to protect your business, but it also provides protection for your employees. If they should become sick or injured at work, they are guaranteed that there will be money there to pay the medical bills and other expenses. It also helps that they won’t have to sue the employer to get what they need for those bills. 

Get Workers’ Comp

If you have four or more employees, or you are in construction, don’t go without the mandated workers’ comp coverage. Give us a call at Hamilton Fox & Company Inc. in Pinecrest, FL.

What types of things does farm insurance cover?

Farm insurance is a complex hybrid type of insurance. Farms are businesses but they are also homes in most cases. All the different parts need to be protected. The insurance that you need to protect your farm should be tailored to your particular needs and having an independent insurance agent that understands the risks farmers face every day is vital. At Hamilton Fox & Company Inc. in Pinecrest, FL, our roots go back 70 years. We believe in exceeding the expectations of our clients and work with them to create a customized insurance solution for their needs. 

Home insurance

You have a home on your farm and it needs to be covered the same way that any home is covered. You will have property insurance, content coverage, and liability protection. The property protection covers a detached building like a shed or garage and your lawn and trees, but only plants that are not grown for commercial purposes. 

Farm insurance

Farm insurance covers personal property that is directly related to the farming you do. This includes:

Machinery

  • Tractors
  • Combines
  • Hay rakers
  • Planters
  • Other equipment specific to your farm

If you have a farm truck, it is possible that you will be able to bundle a commercial auto insurance policy into your farm policy, 

Livestock

Livestock is covered against basic perils under a standard farm policy. You have the option to add more extensive coverage that covers many more things that could happen to your livestock. Horses require additional coverage from standard farm animals. 

Farm Products

Feed, grain and similar products are covered while they are being stored, not in the field.

Farm Liability

Liability is standard on all farm policies and covers the same types of things that commercial liability would cover, including legal fees. 

Contact Hamilton Fox & Company Inc. in Pinecrest, FL for help with your farm insurance needs. 

What To Know About Auto Insurance

Auto insurance is a contract between you and the insurer, who agrees to pay for certain losses in exchange for your promise to pay premiums. The purpose is to protect other people who might be harmed by your automobile. It also protects you if someone else sues you because of an accident that was your fault.

It also covers the costs of defending you in a lawsuit. When you are involved in an accident and it’s your fault, the other driver can sue you. If they win, the court awards damages to make them "whole" (that is, to put them in as good a financial position as they were before the accident). Your auto insurance policy covers your liability for these damages up to the policy’s limits.

Liability Coverage

When you’re talking about car insurance, liability coverage describes the amount that an insurer will payout in the event of an accident. This coverage is typically divided into two categories: bodily injury and property damage. Bodily injury coverage pays for the medical expenses resulting from an accident, while property damage covers the cost of damage to other people’s property.

Local laws require drivers to carry at least some liability coverage, and the state minimums will usually only be enough to meet this requirement. If you need more protection, it’s usually a smart idea to look for higher limits.

Additional coverage options include:

  • Underinsured motorist coverage: This optional policy will help you cover any damages if the other driver’s insurance doesn’t pay up.
  • Uninsured motorist coverage: This type of policy can protect you if the accident was caused by a driver who has no insurance.
  • Collision coverage: Claims covered under collision insurance are for physical damage to your car caused by an accident.
  • Comprehensive coverage: This type of insurance will pay for damages that cannot be attributed to a specific event, like if someone steals your car.

A good auto insurance policy will help cover the costs of getting you back on the road if your car is damaged or stolen. It also offers financial protection in case you’re ever liable for an accident that causes injury to another party.

If you are looking for auto insurance in Pinecrest, FL, Hamilton Fox & Company Inc. offers a variety of policies. Contact us today to learn more about them and what auto insurance can do for you.

How to assess your home insurance needs

Whether you’re buying home insurance for the first time or the fifth time in Pinecrest, FL, assessing your needs is a top priority. You want to make sure that your valuable investment and family are covered if a disaster strikes.  At Hamilton Fox & Company Inc. we recommend learning about your policy, limits, terms and coverage before buying a home insurance policy.

So, how do you assess your needs to know how much home insurance to buy? This article explains ways you can check your home insurance needs.

Determine the cost of rebuilding your home

The value of your home keeps changing, which makes it unreliable when determining the actual cost of your home. To know the real value of your home, check the cost of materials, size and labor in your area. A Pinecrest, FL contractor can help you get the estimate.

Calculate the value of your personal belongings

Your home is made up of your personal belongings–the furniture, electronics, appliances, clothes, shoes, curtains and other items. Calculate the value of all items and come up with a figure that you will use when buying a personal belonging coverage.

Do you have costly items?

If you have pricey items in your home, you may want to budget for a separate policy as home insurance does not cover expensive artwork, jewelry, and fur. Be sure to enquire about the items when buying your policy.

Check how much additional living expenses(ALE) you will need

When your home is destroyed and becomes inhabitable, your additional living expenses coverage will pay for your temporary living arrangement. The policy primarily covers hotel stays, meals and other living expenses. If you have a big family, you may want to make sure that your coverage is adequate to meet all their needs.

Your home insurance is the only investment that can protect your home in the event of a disaster. Make sure you are adequately covered. If you need help assessing your needs, feel free to contact Hamilton Fox & Company Inc. for guidance.

Flood Insurance FAQs

Did you know that your home insurance doesn’t cover your Pinecrest, FL home against flood damage? For this reason, you need flood insurance from Hamilton Fox & Company Inc. for optimal protection. But what is flood insurance? What does it cover? If you need answers to these questions, read through our FAQs section below. 

What does flood insurance cover?

When you buy flood insurance Hamilton Fox & Company Inc. covers the below: 

Structure of your home: Did you know that a one-inch rise in water level can cause damage to up to $25,000? Floods can cause unspeakable damage to your structure. As such, you need flood insurance to cover your structure’s walls, floor, roof, and other fixed appliances.

Contents: Flood insurance covers not only the physical structure of your property but also its contents. Assets such as the following are protected: 

  • Cabinets
  • Applies
  • Carpet and flooring
  • Heating and air conditioning unit
  • Electrical and plumbing system

 Is flood insurance mandatory?

No law in Florida requires flood insurance. However, private and government-backed mortgage lenders will deny you a mortgage when you fail to obtain flood insurance if you live in high-risk flood areas. 

What are flood insurance exclusions?

Your flood insurance coverage will not cover the following:

  • Additional living expenses that you may incur as your home is undergoing repairs. These are covered under home insurance. 
  • Damage caused by earth movement, even where floods are the cause.
  • Moisture, mold, or mildew damages that the homeowner could have prevented.
  • Loss of income in case of a business.

Since floods can strike anywhere, whether you live in low-risk or high-risk flood areas, you need flood insurance for protection and peace of mind. Please don’t wait to face the consequences when it’s too late. Instead, connect with Hamilton Fox & Company Inc. in Pinecrest, FL for an affordable flood insurance quote.