Insurance Problems To Avoid
There are many insurance myths floating around, and most of them have been around for years. We want to respond to these myths with clear information, so that you can make educated decisions about your insurance purchases. Roussel Insurance is here to help you understand your risks and to provide options.
Having two agents is better because they keep each other competitive.
Having two agents duplicates effort and can create coverage gaps and/or duplications. For example, there is certain coverage that can be included under a liability policy as well as under an auto policy. If you have two agents, who coordinates coverage? One agent is better able to manage your entire insurance program.
The lowest premium is the best option.
Premiums are determined by a combination of exposures and coverage. If you select the lowest premium you may be missing needed coverage. For example, the lower premium may not include replacement cost coverage on buildings and equipment.
Buying from a national company is always better.
Don’t be mislead by entertaining advertising. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage. Regional companies often have a better understanding of risks unique to your area.
The internet is a great place to get insurance deals.
Low cost internet insurance may allow you to select the coverage and limits you think you need, but in most cases you end up with a limited and inadequate program. Typically, you may only realize these limitations after you have an uninsured claim.
Umbrella insurance is only for high net worth companies or individuals.
A small electrical contractor was at fault for the total loss of a historic property; a loss that exceeded his general liability policy. The contractor’s umbrella policy paid the loss in excess of $7,000,000. Umbrella or excess coverage is some of the least costly insurance you can buy. Don’t risk a big loss for a small expense.
There isn’t anything I can do to manage my insurance costs except shop price.
There are many things you can do to reduce your premiums; here are a few:
- Consider increasing your deductibles
- Maintain good credit
- Develop a safety program at your work site
- Consider the vehicle when make a purchase, some are more expensive to insure
- Add monitored smoke and security alarms to your home or office
- Ask us about the many different discounts offered by our insurers
Call Roussel Insurance today.
This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.