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Day: June 5, 2016

The Importance of Insurance Reviews

Most people reach out to their insurance brokers or underwriters when there is a significant event in their lives that necessitates new or revised risk coverage – perhaps when they purchase a new home or it’s time to trade-in the old car. However, far fewer remember to review their insurance at regular intervals or when more subtle changes to their coverage requirements occur.

Reviewing your insurance regularly helps ensure your coverage is what you expect it to be in the unfortunate circumstance that you need to file a claim. It also aids in making informed decisions regarding coverage and being proactive about minimizing your insurance costs.

There are many different circumstances that could possibly change your coverage requirements and prompt a call to an insurance professional for a review. The examples below identify some of the instances in which you might want to review your coverage:

  • Renovations – If you perform renovations to your house, it is likely that you are also increasing its value. Whether it’s a new kitchen, bathroom, pool, or even expensive landscaping, remember to check your policy limits to ensure they remain adequate in case of an insured loss. If you’ve recently renovated your basement, also note it is quite likely that your water damage insurance needs to be reviewed.
  • You’ve been accumulating possessions – Have you done a home inventory lately? Most people have more personal possessions than they think. Estimating the total value of your contents is vital to helping ensure your limits are adequate.
  • You’ve purchased a high value item – Remember that some of your personal possessions have to be scheduled to be properly covered. Jewellery, antiques, collectibles, wine collections, and art are a few examples of pieces that may require additional coverage.
  • New coverages have become available – The insurance industry frequently adapts to changing market conditions and offers coverage in areas that it has not in the past. For homeowners, insurance for overland water damage and home repair issues (such as broken furnaces) have recently become available from some insurers, in some areas. In addition, legal expense insurance, travel insurance, and pet insurance are available from brokers looking to cover more of your risk and insurance needs.
  • Laws changing to give you more or less choice – Changes to automobile accident benefits mean you should review your choices.
  • You become eligible for additional discounts – Changes in your personal circumstances may affect your eligibility for policy discounts. For example, if you install an alarm system you are likely eligible for a discount on your homeowner policy. If you use snow tires on your vehicle, many insurers offer a discount on your car insurance policy. If you pass the age of 50-55, you may become eligible for mature driver discounts.
  • If you change jobs and have a shorter commute – You should report this to your insurance broker as driving less typically correlates to lower risk and less expensive premiums. If you have a certain job occupation, you may also be

Business Insurance Questions Googled the Most

According to sources, there are around 28 million small business owners in the United States. From small retail shops to well established businesses. No matter what type of business it is and how well established it is, all types of businesses can suffer losses which is why they require protection. Perhaps, this is the main reason as to why so many business owners are found asking questions about business insurance.

Here are some of the top most Googled questions about business insurance which can help you understand it properly.

1. What Exactly is Business Insurance?

Business insurance is basically coverage and compensation that is provided to business owners to protect them from financial risks or losses. From your smallest to your biggest business assets, you can get all your business properties insured. Some coverage consists of errors and omission insurance policy, worker’s compensation insurance policy, property insurance policy, commercial auto insurance and much more.

2. How will you know if you Need it?

As a business owner, you will find a need for it in most instances. While you may be thinking that your business does not require insurance policies and does not have enough assets to be sued, you will still need to get your business insured. Risks and threats are involved in any business, either directly or indirectly. That is why in order to secure your business venture from potential risks, you should better shield your business from them. It is simple; if you have assets, even some of them, you would require business insurance. Obviously, if you have a small business, you would be scared to lose even one of your assets.

3. Who will be Responsible to Guide you Through the Process?

An Insurance Agent or Broker will guide you throughout the process of getting an insurance policy for your business. They are just like trusted business advisors who will meet you face-to-face and will help you in understanding the business insurance policies by explaining you each and everything in detail. Also, they will come up with the best suitable plan to help you provide the adequate coverage.

4. What are the Types of Business Insurance Policies?

Your broker will help you review each of them in detail. However, since this is one of the most important things which is searched most on Google, here’s what comes under it;

• Casualty Insurance: This is the liability compensation which is for the premises of your business and the products that are manufactured on the jobsite.

• Property Insurance: This is the liability coverage that covers physical location, which is either owned or rented, by the business.

• Commercial Auto Insurance: This is the type of insurance that provides coverage for the loss or damage to business vehicles in the business’ use.

• Worker’s Compensation: This is the liability coverage that provides compensation in the event that an employee gets injured on the job.…