In the insurance world we like to toss around fancy terms like “risk management” and “most probable loss”. But what does that mean to you as the insured? What do you need to think about when considering insurance coverages and limits? The easy way to start is by asking yourself 3 questions:
- What do I have to lose?
In other words, what are you trying to protect? Your home? Your car? Your business assets? - What is the most likely insurance claim I might be involved in?
Do you drive many miles to work each day? Do you live in a flood or earthquake-prone area? Do you have employees who conduct business on your behalf? - What kind of claim would cause harm I could not recover from without insurance?
If a pipe broke in your home and it cost tens of thousands of dollars to fix, could your savings cover that? If you were in a car accident and caused serious damage to another person’s car, would your current policy provide enough money to repair their car and cover their medical bills? If your employee were injured on the job, could you absorb their medical costs and the cost of having them out of work for a period of time?
The answers to these questions will help you chose the right carrier and coverage, whether you’re shopping in person or online. If you’re at all unsure, find an experienced, active agent. Good agents will be happy to help you answer the general questions so you’ll feel confident choosing from a range of specific solutions based on your unique situation.
Have questions? We’re here for you. Call or email and we’ll help you cut through the jargon and find peace of mind.
