To get a description of the services for Commercial, HomeOwner's, or Automobile Insurance, please click on the links below:

• Commercial Insurance
• HomeOwners' Insurance
• Automobile Insurance

Commercial Insurance - Managing Your Risk

Business insurance protects you and your business with coverage for claims related to allegations of negligent activities or failure to use reasonable care. When you buy insurance from us, you get exclusive access to the years of experience and expertise we have accumulated in the business insurance industry. You need business insurance specifically designed to address the risks associated with your type of business.

Directors & Officers

Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as a result. Usually a large deductible is required. The policy provides coverage for directors' and officers' liability exposure if they are sued as individuals. Coverage is also provided for the costs of defense such as legal fees and other court costs.

Back to top

General Liability Insurance Coverage

We work with leading carriers to provide Commercial General Liability insurance and Workers Compensation insurance for your company. Check out our general liability insurance and property package policy that provides small business liability insurance as well as protection for your company's computers and other assets.

Back to top

Professional Liability Insurance / E & O

Professional Liability insurance provides protection against claims that the policyholder becomes legally obligated to pay as a result of an error or omission in his professional work. Also known as Errors and Omissions insurance, this type of professional liability insurance is critical to your business. E&O insurance responds to claims of professional liability in the delivery of your technical services. Allow us to customize an errors and omissions insurance policy for you that is both affordable and effective.

Back to top

Commercial Automobile/ Mobile Equipment

You can get quality commercial insurance services here. We have partnered with industry leaders to help you find the best rate for commercial auto insurance. Business auto insurance allows you to move your business forward. Whether you use vehicles to provide mobility for your employees, equipment or products, you cannot operate without comprehensive company car insurance. We understand that road conditions, weather and other drivers are out of your control. For example:

• A sudden traffic shift causes you to lose control of your vehicle
• Hail or vandalism damages your car
• An uninsured driver hits your vehicle

Get commercial auto insurance coverage that fits your business

That’s why it’s important to have business auto insurance to protect the vehicles you use for your business. Contact an agent today and get a free customizable commercial auto insurance quote that can include:

• Auto liability
• Medical payments
• Comprehensive coverage
• Collision coverage
• Uninsured and underinsured motorists coverage
• Coverage for autos you borrow or rent
• Coverage for employees using their cars for the business

Back to top

Products Liability

Product liability insurance protects the business from claims related to the manufacture or sale of products, food, medicines or other goods to the public. It covers the manufacturer's or seller's liability for losses or injuries to a buyer, user or bystander caused by a defect or malfunction of the product, and, in some instances, a defective design or a failure to warn. When it is part of a commercial general liability policy, the coverage is sometimes called products-completed operations insurance.

To understand the need for this coverage it is critical to understand the potential liability.  Royal Palm Agency has in depth knowledge regarding the potential for products liability claims.  We understand what you need and are here to guide you through protecting your company should any of these claims arise.

Back to top

Business / Commercial Property

We can provide business property insurance that protects your business from a minor incident to a major financial loss. Whether you own your building, lease your workspace or work at home, we will protect your business’ physical assets. When disaster strikes your business, Our commercial property insurance policies are the ones to have for superior coverage:

That’s why business property insurance is one of the most important investments ensuring the future of your business. We even have you covered if you have commercial or rental building property to protect:

We understand that your business is unique and constantly changing. We can tailor our commercial property insurance policy to fit your needs.

Back to top

Builder's Risk

Builders risk insurance is a property policy which indemnifies against damage to buildings while they are under construction.  Builder's risk insurance is coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause.  While on the job, serious setbacks such as having a fire break out or theft of materials could alter or destroy the project's timetable, which could cost money. This insurance provides a safety net if any of those events should occur. Whether your project is commercial or residential, builders risk insurance is protection worth investing in.

Back to top

Workers' Compensation Insurance

Workers' compensation insurance, sometimes called workman’s compensation insurance, workers’ liability insurance or workers’ comp insurance, covers your employees’ medical expenses and at least some portion of their lost wages if they are injured on the job.

Who needs Workers' Compensation coverage?

• If you are in an industry, other than construction, and have four (4) or more employees, full-time or part-time, you are required to carry workers' compensation coverage (an exempted corporate officer does not count as an employee).
• If you are in the construction industry, and have one (1) or more employees (including yourself), you are required to carry workers' compensation coverage (an exempted corporate officer or member of a limited liability company does not count as an employee).
• If you are a state or local government, you are required to carry workers' compensation coverage.
• If you are a farmer, and have more than five (5) regular employees and/or twelve (12) or more other workers for seasonal agricultural labor lasting thirty (30) days or more, you are required to carry workers' compensation coverage.

How does workers’ compensation insurance protect your business?

Most states require companies to purchase workers' compensation insurance for their employees. A few states have “pools” of insurance that is available for you to purchase, but in most states, companies must find private workers’ compensation policies.

Because workers’ comp insurance is mandated by law, small-business owners often think that it is just one more overhead expense that provides little benefit. But good workers' compensation insurance is actually an affordable benefit that protects both you and your employees.

Following are the optional parts of workers’ comp insurance policies that have an impact on the cost and value of the coverage for you and your employees:

• In the employers' liability section, or "part two" coverage, your legal expenses would be covered if an employee makes an inappropriate claim of work-related illnesses or injuries. While this section is almost always included in workman’s compensation insurance, you can choose the amount of liability coverage in this section.
• Coverage for employees who are injured in states outside those where your business normally operates.
• Coverage for various types of injuries and illnesses. The mandated part of this section depends on the state where your business is located, but you should be aware of what is and is not covered.
• Coverage for funeral expenses and financial support to dependents.
• Reimbursement percentages for lost wages.

The cost of workers’ comp insurance can vary widely depending on these options, so if you are comparing premium costs, you need to be aware of these variables.

Back to top

Commercial Umbrella Liability Insurance

Umbrella liability insurance for small businesses, also known as excess liability insurance or commercial umbrella insurance, provides additional protection when your business exceeds insurance limits on an underlying policy.

How does umbrella liability insurance protect your business?

For a single premium, umbrella liability or excess liability policies add another layer of protection to any of several other policies that you might hold, including general liability, employer's liability, and hired and non-owned auto liability policies. For instance, if you have $1 million in general liability coverage and a covered claim is settled for $1.5 million, your small business’s umbrella liability insurance policy would pick up the additional amount.

Excess liability insurance is generally the most affordable way to get higher policy limits on several other small business insurance policies. However, you should note that umbrella liability insurance does not extend the coverage limits on an errors and omissions or professional liability policy.

Back to top

Home insurance, also commonly called hazard insurance or homeowners insurance (often abbreviated in the real estate industry as HOI), is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. It requires that at least one of the named insureds occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age.

It is a multiple-line insurance, meaning that it includes both property and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.

The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to floods or war (whose definition typically includes a nuclear explosion from any source), amongst other standard exclusions (like termites), are excluded. Special insurance can be purchased for these possibilities, including flood insurance. Insurance should be adjusted to reflect replacement cost, usually upon application of an inflation factor or a cost index.

The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a fire station; if the house is equipped with fire sprinklers and fire alarms; or if the house exhibits wind mitigation measures, such as hurricane shutters. Perpetual insurance, which is a type of home insurance without a fixed term, can also be obtained in certain areas.

Back to top

Vehicle insurance (also known as auto insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents and against liability that could be incurred in an accident.

In the United States, auto insurance covering liability for injuries and property damage done to others is compulsory in most states, though different states enforce the requirement differently. Penalties for not purchasing auto insurance vary by state, but often involve a substantial fine, license and/or registration suspension or revocation, as well as possible jail time. Usually, the minimum required by law is third party insurance to protect third parties against the financial consequences of loss, damage or injury caused by a vehicle.

Vehicle insurance can cover some or all of the following items:

• The insured party
• The insured vehicle
• Third parties (car and people)
• Third party, fire and theft
• In some jurisdictions coverage for injuries to persons riding in the insured vehicle is available without regard to fault in the auto accident (No Fault Auto Insurance)

Different policies specify the circumstances under which each item is covered. For example, a vehicle can be insured against theft, fire damage, or accident damage independently.

"Full coverage" is term name commonly used to referr to the combination of Comprehensive and Collision coverages (Liability is generally also implied.)

Collision coverage provides coverage for an insured's vehicle that is involved in an accident, subject to a deductible. This coverage is designed to provide payments to repair the damaged vehicle, or payment of the cash value of the vehicle if it is not repairable. Collision coverage is optional, however if you plan on financing a car or taking a car loan, the lender will usually insist you carry collision for the finance term or until the insured's car is paid off. Collision Damage Waiver (CDW) or Loss Damage Waiver (LDW) is the term used by rental car companies for collision coverage.

Comprehensive (a.k.a. - Other Than Collision) coverage provides coverage, subject to a deductible, for an insured's vehicle that is damaged by incidents that are not considered Collisions. For example, fire, theft (or attempted theft), vandalism, weather, or impacts with animals are types of Comprehensive losses.

Underinsured coverage, also known as UM/UIM, provides coverage if an at-fault party either does not have insurance, or does not have enough insurance. In effect, the insurance company pays the insured medical bills, then would subrogate from the at fault party. This coverage is often overlooked and very important. In some areas, it is estimated that 1 out of every 3 drivers don't carry insurance. Usually the limits match the liability limits. Some insurance companies do offer UM/UIM in an umbrella policy.

In the United States, the definition of an uninsured/underinsured motorist, and corresponding coverages, are set by state laws.

Loss of use coverage, also known as rental coverage, provides reimbursement for rental expenses associated with having an insured vehicle repaired due to a covered loss.

Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, was established in the early 1980s to provide protection to consumers based upon buying and market trends.

Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of the vehicle, which is called "upside-down" or negative equity. Thus, if the vehicle is damaged beyond economical repair at this point, the owner will still owe potentially thousands of dollars on the loan. The escalating price of cars, longer-term auto loans, and the increasing popularity of leasing gave birth to GAP protection.

GAP waivers provide protection for consumers when a "gap" exists between the actual value of their vehicle and the amount of money owed to the bank or leasing company. In many instances, this insurance will also pay the deductible on the primary insurance policy. These policies are often offered at auto dealerships as a comparatively low cost add-on to the car loan that provides coverage for the duration of the loan.

GAP Insurance does not always pay off the full loan value however. These cases include but are not limited to:

Therefore, it is important for a policy holder to understand that they may still owe on the loan even though the GAP policy was purchased. Failure to understand this can result in the lender continuing their legal remedies to collect the balance and the potential of damaged credit.

Consumers should be aware that a few states, require lenders of leased cars to include GAP insurance within the cost of the lease itself. This means that the monthly price quoted by the dealer must include GAP insurance, whether it is delineated or not. Nevertheless, unscrupulous dealers sometimes prey on unsuspecting individuals by offering them GAP insurance at an additional price, on top of the monthly payment, without mentioning the State's requirements.

In addition, some vendors and insurance companies offer what is called "Total Loss Coverage." This is similar to ordinary GAP insurance but differs in that instead of paying off the negative equity on a vehicle that is a total loss, the policy provides a certain amount, usually up to $5000, toward the purchase or lease of a new vehicle. Thus, to some extent the distinction makes no difference, i.e., in either case the owner receives a certain sum of money. However, in choosing which type of policy to purchase, the owner should consider whether, in case of a total loss, it is more advantageous for him or her to have the policy pay off the negative equity or provide a down payment on a new vehicle.

Car towing coverage is also known as Roadside Assistance coverage. Traditionally, automobile insurance companies have agreed to only pay for the cost of a tow that is related to an accident that is covered under the automobile policy of insurance. This had left a gap in coverage for tows that are related to mechanical breakdowns, flat tires and gas outages. To fill that void, insurance companies started to offer the car towing coverage, which pays for non-accident related tows.

Personal items in a vehicle that are damaged due to an accident would not be a covered under the auto policy. Any type of property that is not attached to the vehicle should be claimed under a homeowners or renters policy. However, some insurance companies will cover unattached GPS devices intended for automobile use.

Back to top