What are the main types of life insurance?
The main types of life insurance are: Term Life Insurance: Provides coverage for a specific period (term) and pays out a death benefit if you pass away during that term. Whole Life Insurance: Offers coverage for your entire life and includes a savings or investment component called cash value. Universal Life Insurance: Combines a death […]
How is the premium for life insurance determined?
Life insurance premiums are determined based on factors such as your age, health condition, lifestyle, the type and amount of coverage you choose, and the duration of the policy.
Does life insurance cover all causes of death?
Most life insurance policies cover death from all causes, with some exceptions. Suicide may have a waiting period (typically one or two years) before being covered by the policy.
Is workers’ compensation insurance required in Florida?
Yes, in Florida, most employers with four or more employees (full-time or part-time) are required to provide workers’ compensation insurance coverage. This requirement applies to employers with at least one employee in the construction industry.
Can I be exempt from providing workers’ compensation insurance in Florida?
Some individuals, such as sole proprietors, partners, and certain corporate officers, can elect to be exempt from workers’ compensation coverage. However, they must file the appropriate paperwork to do so.
Can workers’ compensation insurance cover mental health issues?
Workers’ compensation insurance may cover mental health issues if they can be directly linked to work-related factors, such as extreme stressors or traumatic events that occurred on the job.
Is general liability insurance required in Florida?
General liability insurance is not required by law in Florida, but it is highly recommended for businesses. Some industries and contracts may require businesses to have this coverage to operate or secure contracts.
What is an occurrence-based policy vs. a claims-made policy?
An occurrence-based policy covers claims that occur during the policy period, regardless of when the claim is filed. A claims-made policy covers claims made while the policy is in effect, regardless of when the incident occurred. Claims-made policies often require purchasing extended coverage for incidents that happened before the policy started.
How can general liability insurance benefit my business?
General liability insurance can protect your business from financial losses resulting from lawsuits, medical expenses, and property damage claims. It can help cover legal fees, settlement costs, and medical bills.
Is commercial auto insurance required in Florida?
Yes, if you use vehicles for business purposes in Florida, you are required to have commercial auto insurance that meets the state’s minimum liability coverage requirements.
