The Most Important Policy Most People Don’t Have

You know you need insurance to help protect you from the unexpected. You carry auto insurance because you acknowledge the possibility of an accident, theft, or vandalism. You carry homeowner’s insurance because you know a fire or burglary could happen to anyone. You probably have life insurance because you know that if the worst should happen, your family would need to be provided for and you realize that it could happen at any time. And yet, many people don’t carry long-term disability insurance. You know that you are at as much risk as anyone of an accident or illness sidelining you from working, so why not carry coverage to protect you from this possibility?

Another Policy?

With all of the insurance we are required by law to carry or have been told we can’t live without, it can seem like it’s just yet another policy you have to pay for and yet another premium coming out of your bank account, all based on “what if?” Long-term disability insurance is often the policy that falls through the cracks or is simply dropped because people don’t want to pay another premium.

But before you discount disability insurance, consider the reality of what would happen if you were disabled for a long period of time. Your workplace benefits probably give you a small amount of coverage, but when they run out and you still can’t work, what then? A long-term disability policy gives you extended coverage for the difficult situation of an illness or injury that you can’t simply get over in a matter of weeks. Without it, you could lose your home, your car, and your entire lifestyle, all while trying to take care of your health.

The Cost Of Long-Term Disability

If you don’t have an Long Term Disability policy because you feel the premiums are too high or not worth it, take a moment to think about what it will cost you if you do not have the policy and do become disabled. Without your salary, even with whatever benefits you have from work or other sources, your life will change completely. You won’t be able to afford the things you are used to having. Not only will you be facing the difficulty of trying to recover and take care of yourself, you will have to struggle to pay the bill and face the stress of losing things that are dear to you.

Long-term disability insurance is the one policy too many of us do not have that we absolutely need. Don’t wait until it’s too late; give us a call today at 401-433-1111.

How Much General Liability Coverage Do You Need?

How Much General Liability Coverage Do You Need?

You know you need liability insurance to protect your company from lawsuits arising from injuries or property damage as a result of your own direct or indirect actions. But do you really have a good grasp on just how much coverage you need? Your commercial insurance package policy probably came with a base level of general liability coverage; in most cases, increasing that coverage is more than just a good idea, it is a must.

Lawsuits Are A Reality

You have probably heard about million dollar lawsuits brought against major companies by people who were injured as a result of negligence. You may even have thought some of those lawsuits were frivolous and unfounded, but the fact that you heard about them probably indicates they went to court. And if they went to court, those companies were forced to defend against them, spending a lot of money on legal fees. Do you have enough coverage to handle those legal fees, and also pay out a settlement if your day in court goes against you?

Many small businesses believe that they will not be the target of such a high dollar lawsuit because they aren’t big names. This thinking is dangerous; while some people may increase the dollar amount of their lawsuit when they know a company can pay, large lawsuits are still often brought against smaller companies. And smaller companies are the least able to absorb the loss if they are forced to fight a court battle and pay out on a settlement. Which is why these companies really do need much more liability coverage than they may believe.

Carrying Enough Coverage

General liability insurance covers you for a wide variety of potential negligence situations, and it is actually one of the less expensive coverages for most companies. When it comes to determining how much you need, the simple rule is that more is better. If the option is there to increase the coverage and it doesn’t make a large difference in your premium, you should always take it.

The cost of a liability claim can rise quickly, and if your coverage limits are met you will be left to pay any remaining costs yourself. If you have ever been involved in a lawsuit you know how expensive lawyers and court costs can be. Add to that the amount that a judge may award the claimant and you are looking at a serious financial loss. General liability insurance is the simple and affordable way to make sure this doesn’t happen; give us a call to be sure you are carrying enough, and increase it if you can. When it comes to liability, better safe than sorry is always the right way to go.

How To Compare Auto Insurance Quotes

Shopping around for auto insurance is one of the best ways to make sure you are getting the best deal – the other is to call your current insurance agent and do a policy review and see if there are any new discounts that you might qualify for.

 

Not every agent or insurance company quotes in the same way. It’s important to be sure you are comparing apples to apples when you compare auto insurance quotes to ensure that you are getting a great deal. That low price may come with lower coverage or higher deductibles and might not be such a great deal after all. Learn how to compare auto insurance quotes for a truly good rate.

 

Are The Coverages The Same?

 

When you read over an auto insurance quote (and do read it-ask for it to be emailed or faxed to you, as mistakes can be made over the phone!) look to be sure that the numbers listed for liability limits, uninsured motorist coverage, and the comprehensive and collision deductibles match up. Then look for additional coverages that are listed on the quote, such as roadside assistance. Make sure that all of the quotes you compare list exactly the same coverage, for accurate comparison.

 

Is The Policy Term The Same?

 

Some rates look absolutely incredible-until you realize the policy term is only six months. Some companies offer different policy terms as well as different payment plan options. If you plan to make monthly payments on your policy, be sure to ask for the monthly premium. It isn’t necessarily as simple as dividing a yearly premium by twelve. Many insurance companies charge fees for the privilege of paying your premium on a monthly basis, which can make the total yearly cost of the policy higher than quoted.

 

Are The Discounts The Same?

 

An auto insurance rate may appear lower because it was quoted with a discount such as auto/home which you may not necessarily qualify for or desire. If you don’t plan to take out a homeowner’s policy with the same company, make sure they haven’t quoted it that way. Also check for other discounts; they won’t all match up, as every company offers different discount options. The best thing to do is to compare which discounts you do qualify for, with each company, to help determine who is offering the best discounts. Be on the lookout for discounts that don’t actually apply to you and will likely be removed by underwriting after you accept the policy.

 

A good quote will be simple, straightforward, and easy to read. It will outline all of the coverage included in the quote and apply only those discounts for which you truly qualify. An inaccurately low rate in the quote won’t do you much good if it changes once you accept the policy.