Workers compensation is required by law and is also one of the most understood coverages for business owners. This article will outline the most basic and essential parts of workers compensation.
Ask any insurance agent who has been in the industry a reasonable amount of time, "What is the most important coverage I can carry?" and they will all automatically tell you umbrella insurance. Few of us carry it. Why is that? I believe it is because most of us do not know what it is and how it helps us. This weeks publication is about defining what umbrella insurance is and why it is crucial to carry. I also would like to explain the difference in an umbrella policy and an excess liability policy.
Last week I discussed What is Collision Auto Insurance. I find many people have a relatively decent understanding of collision coverage. Comprehensive coverage, however, tends to give people more trouble. This week I am going to breakdown comprehensive coverage, discuss what it is and also what it is not.
Although everyone is different and the answer to the question, "how much auto insurance do I need," differs for every individual's needs; I believe that there is a base explanation to this question for everyone. When reading this article keep in mind that there are two categories of coverages that people shop. The first, liability insurance, pays damages to other people thus protecting you from litigation. The second category is all the additional coverages combined. These are coverages that help you and your vehicles.
"What is full coverage" is a question that I am very passionate about because it is both a trap for prospective consumers and a potential trap for insurance agents. Technically speaking, there is no such thing as "full coverage."
The term originated back in the 1980's well before I became involved in insurance. At the time it was a generic term that meant an individual had protection for their vehicle as well as liability insurance. In other words, they carried comprehensive and collision insurance on their car.
The first question that I ask consumers who are shopping for insurance is, “why are you shopping for insurance today.” The responses that I get differ, but there are a few reoccurring ones that come up from time to time. The most common response is, “My insurance rates keep going up, and I have never had a claim!”