There are a number of common mistakes some individuals and businesses make when it comes to purchasing insurance. Insurance is the product you buy in case the unexpected happens. Unfortunately, by the time you need it, it’s too late to make sure you have the right type and amount of insurance coverage. Make sure you don’t make the following mistakes while buying business insurance or personal insurance. Partners Risk Services is here to serve you.
Having two agents is better because they keep each other competitive
Having two agents duplicates effort and can create coverage gaps. For example, there are certain coverage’s that can be included under a liability policy and auto policy. One agent is better able to manage your entire insurance program.
The lower the premium the better- wrong
Premiums are determined by a combination of exposures and coverage. If you get a lower premium you may be missing needed coverage. For example, does the lower premium include replacement cost coverage on buildings and equipment?
The internet is a great place to get good insurance deals
Low cost internet insurance usually allows you to select the coverage and limits you want. But in most cases you end up with a limited and inadequate program. You find this out after you have an uninsured claim.
Not having the right value for your personal property
Most people under value their personal belongings. We recommend you complete a home inventory to make sure you have the correct value on all your property. Remember, the insurance covers what it costs to replace the item not what you paid for it.
Believing the TV commercial said it was covered
All claims are subject to your individual policy terms and conditions. That is why an independent agent is important. We can provide information about what is covered and what is not.
Thinking you must use the exchanges when purchasing health insurance
There are many options to consider when selecting your health insurance. While the exchanges are one, we can offer many other options.
Buying from a national company is always better
Don’t listen to the entertaining advertising on TV. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage. We are an independent agent; we represent many companies and search the market for the best combination of pricing and coverage.
There isn’t anything I can do to manage my insurance costs except shop low price
There are many things you can do to reduce your premiums, here are a few:
Consider increasing your deductibles.
Consider the vehicle model when make a purchase, some are more expensive to insure.
Add smoke and security alarms to your office.
Partners Risk Services represents a carefully selected group of financially strong, reputable insurance companies, therefore, we are able to offer you the best coverage at the most competitive price.