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4 Insurance Mistakes That Could Cost You Big!

4 Insurance Mistakes That Could Cost You Big!

Insurance is meant to be your safety net should life throw you a curve ball. Not many of us have the disposable income to purchase a new home, a new car or replace all of our belonging if they got damaged. This is why it’s so important to have insurance to cover you in the event of a loss. However, having too little insurance or not the right insurance could cost you big. Take a look at these four insurance mistakes and be sure to avoid making them!

#1. Buying only the minimum

Most states set a legal limit to the minimum amount of insurance you must have, particularly for cars. Don’t make the mistake of buying only the minimum! Sure, it might save you a few bucks now, but it will certainly cost you big in the event of an accident. Most often, this minimum insurance will cover the other driver and their car, but will not fully recover the damage to your vehicle. You will be forced to pay out of pocket or fulfill a high deductible to fix or replace your vehicle. If you rely on transportation to get to your job, run errands and anything else, think about how this could impact your finances – and your life!

#2. Not seeking out discounts

Always be sure to ask your insurance agent about possible discounts or money saving tips. Some companies will reward safe drivers or offer a diminishing deductible after a certain length of time. If you consider yourself to be safe and responsible, there is likely a discount program that will reward you for that! Ask and do your research to be sure you aren’t leaving money on the table.

#3. Selecting a deductible that is too high or too low

Let’s talk about deductibles. It’s important to pick a deductible level that fits your finances. How much money could you reasonably pay out of pocket at any time to fix damage to your home, car or personal belongings? Setting a high deductible will often reduce your monthly premium, but if you cannot fulfil it in the event of an accident, it really won’t do you any good. On the flip side, don’t set your deductible too low, either. You will likely see your monthly premium increase as a result and you may go years without ever needing to take advantage of it.

#4. Shopping by price alone

Finally and most importantly, be sure to consider more than just the price of your insurance policy. Look for online reviews of an insurance company or ask someone you know who has worked with them before to gauge their professionalism and customer service. The cheapest coverage may save you some money right now, but if their customer service is substandard, this will most certainly cause you headaches and frustration in the long-run.

Have you personally experienced any of this mistakes or maybe another one we didn’t mention? Share your thoughts by leaving a comment!

4 Signs You Need to Break Up with Your Insurance Agent

4 Signs You Need to Break Up with Your Insurance Agent

February is a month to focus on love. However, it’s likely there are some things you may not “love” about your current insurance agent right now. If a lack of customer service, rising prices or poor communication have you feeling frustrated, it just might be time to break up the bad relationship. Here are 4 tell-tale signs that you and your current insurance agent need to “start seeing other people.”

They are unresponsive.

You call and email but never seem to get a timely response to your questions. This is a big problem! In case of an emergency, you may need information quickly. If you can’t count on your insurance agent to respond to your questions in a reasonable amount of time, this isn’t a sustainable relationship. Your insurance agent should be easy to reach and quick to reply. A good agency will have customer service line that you can reach outside of business hours, should disaster strike late at night or on the weekend.

Prices continually increase, but quality service declines.

Have you found that the price of your premiums increase with every passing year for the exact same coverage? Sure, increases may be needed to adjust to inflation & increased claim costs, however this shouldn’t be the case every renewal.  Customer service is really important when it comes to your policy as agents can’t always control costs, but they can offer you any available discounts & make sure your policies still match what your family needs. If you find that you’re paying more for worsening customer service and coverage, it’s time to get out there and shop around!

They don’t follow through.

When your insurance agent says they are going to do something, you want to be able to trust that they will follow through. In any business, you are only as good as your word. When it comes to insurance, it can be a major problem if your agent fails to make sure your paperwork is properly submitted and your billing is up to date. Should their forgetfulness cause you to lose coverage, this is more than just a headache, it could be a big financial problem for you, too.

You are not their priority.

If you get a sense that you are anything but top priority for your current insurance agent, it’s time to starting looking for an agent who will put you first. The safety and security of your family and assets should be their foremost concern, not just making money off of your business!

What other reasons have you found to be a sign to “break up” with your insurance agent? Share your experience by commenting below!

The Major Pitfalls of Not Having Business Insurance

The Major Pitfalls of Not Having Business Insurance

As a business owner, you want to do all that you can to set your business up for success and protect it from risks that may hurt its growth.  One of the best ways to prepare for the unexpected is to find the right business insurance to meet your needs.  Yet so many businesses overlook this critical step and are blind-sided when something like fire, theft, or injury cost them big.

Here are just a few of the major pitfalls that could occur without business insurance.  Take note if any of these are applicable to your business!

Pink Business

If something happens to your equipment or products, you can’t run your business

Imagine if fire or water damage destroyed your electronics, inventory, and all the files you had carefully stored in your office.  How would you keep your business running?  Without business insurance to cover the cost of these damages, you’d either have to pay out of pocket to replace all of these items or shut down your business altogether.

You’re unprotected if a lawsuit is filed against your business

No one wants to think about getting sued, but it’s an unfortunate reality of the world we live in.  Ignoring this risk could lead to a costly court battle that could ruin your reputation as well as your finances.  With three different types of business liability coverage – general, product, and professional – a knowledgeable business insurance agent can recommend the coverage you need.

An employee could get injured on the job and hold you responsible

Did you know that all states, except Texas, require businesses with a certain minimum number of employees (differs from state to state) to have workers compensation coverage? This coverage helps with the costs if an employee gets injured on the job.  Don’t make a mistake of thinking you have a “safe” business where no one is likely to get hurt.  Injuries occur all the time form everyday objects!

Tools

If your company car is in an accident, you could be left liable and without a means of transportation

Many businesses own or lease a company vehicle and rely upon it to meet with customers and deliver product.  Just like for your personal vehicle, you also need business auto coverage to protect your company against liability arising from accidents in your company’s vehicle.

A hacker or computer virus could get a hold of valuable and sensitive customer data

Even some of the largest and most respected businesses have recently become victims of a data breach.  Not only will this cost you customers and your reputation, you could also face a lawsuit over it!  Data compromise coverage, or data breach coverage helps protect against legal or other associated costs in the event of sensitive information being leaked.

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If one or more of theses major pitfalls hit home, it’s time to have a conversation with a business insurance agent to learn how you can get protected.

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LOCAL AGENT

David Downey
Insurance Agency Owner
11 N US Hwy 15, Ste 7
Dillsburg, PA, 17019
717-432-1361
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