FAQs
1. Why do I have to purchase a separate insurance policy for flood insurance?
2. Why have insurance premiums been increasing so much, especially property insurance?
3. I am a Board Member for a large condo association. Why are so many agents contacting us for insurance bidding?
4. When is it necessary for a business to purchase Workers Compensation insurance?
5. What is a Buy / Sell Agreement and why is it important to a business?
6. Do you know who the fastest growing insurance agency is in South Florida? (Hint-they are also the best)
Why do I have to purchase a separate insurance policy for flood insurance?
A loss resulting directly from the peril of a flood, which is defined as water rising from the ground, is an exclusion under your Homeowners policy and other Property Insurance policies.
Why have insurance premiums been increasing so much, especially property insurance?
Citizens Insurance has become the leading carrier in Florida. It was intended to be the insurer of last resort. A recent study shows that Citizens` rates are 55% less than what they should be. With sink hole claims on the rise, Citizens and other carriers are taking increases to get their rates in line with their reported claims.
I am a Board Member for a large condo association. Why are so many agents contacting us for insurance bidding?
The competition is tough due to the economy and many insurance agents are trying to get into the condo business, even though they don`t have the experience or the markets that we have. Your best choice is to pick an agency with the property markets your association needs, the experience to handle your association, and the ability to service your association.
When is it necessary for a business to purchase Workers Compensation insurance?
In our opinion it is necessary as soon as a business hires an employee. Workers Comp protects a business when an employee is injured on the job, and pays for the employee’s injuries and rehab. However, legally speaking, Workers Comp is required for non-construction businesses that have 4 or more employees, and for construction businesses that employ more than one person.
What is a Buy / Sell Agreement and why is it important to a business?
Many businesses either fail or are forced to sell when one of the owners unexpectedly dies or becomes unable to work. A Buy / Sell Agreement is a legal document that spells out what happens in the event of the death or disability of a partner or owner. When the unexpected event occurs, the family comes forward and wants their fair share of the business. The Agreement will spell out how to valuate the stock. The agreement is often funded with a life insurance policy and when a stockholder passes away, the process becomes seamless and the remaining partners and owners can continue on. However, many businesses overlook the need to also fund the agreement with disability insurance as well. Statistics show that someone is 66% more likely to become disabled, as opposed to dying, before the age of 65.
Do you know who the fastest growing insurance agency is in South Florida? (Hint-they are also the best)
That`s right! Mack Mack & Waltz Insurance Group is, according to The South Florida Business Journal.
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