Finding A Properly Qualified Insurance Professional


 Finding A Properly Qualified Insurance Professional

One of the most important parts of any personal, business, or commercial insurance plan is finding a properly qualified insurance professional. To do this it's important to review your insurance-related needs with a portfolio manager that specializes in helping people make decisions about what type of insurance coverage to get for themselves and their businesses.

What are the benefits you might receive from seeking the assistance of an experienced portfolio management firm? A good firm like this one can help understand your risk based on your goals and needs, help you decide which policies provide adequate coverage for those goals and needs, assist in navigating through all different types of insurances offered by multiple companies; they'll also have extensive industry experience to draw from when dealing with various situations. This kind of firm will also help you choose an appropriate business insurance agency to help you get all the right kinds of specialized personal or commercial insurance coverages.

Insurance policies are complicated. There is no substitute for the in-depth knowledge gained from experience. An experienced portfolio manager will have a track record of success and will know how to ensure that your risk management plan is comprehensive and thorough so that you know exactly what your policies cover, what they do not cover, and what other protection measures may be necessary for you to take.

It's important for clients to have a good understanding of both their needs and their goals before they approach an experienced portfolio manager. When selecting an expert, it's important for the client to consider what sort of insurance protection they want and need. While there are some standard types of insurance such as physical damage and theft coverage that are required by all states, there will be many variations in coverage that a client must select. The more personalized the protection plan, the greater the peace of mind the client will have knowing that their assets are fully protected.

Choosing a portfolio manager can quickly become one of the most expensive investments you ever make as an owner and operator of a business. Reviewing your needs with an experienced portfolio manager and getting their help selecting appropriate policies can save you hundreds or possibly thousands of dollars in the long run.

Since a properly qualified portfolio manager will have the knowledge and experience to help you select an appropriate insurance coverage, it's important for clients to know what kinds of policies are available and what options they may have in planning for their future.

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Find Out ... What You May Be Missing by Misleading Insurance Brokers

Insurance agents and brokers are generally paid based on commission from the policies each sells, but that doesn't mean they can't be earning big money by misleading you into purchasing insurance you don't need or want. There are many insurance companies that do not require a broker to be one of their employees, but there is often confusion about what kinds of policies you can purchase and who you can purchase them from.

Misleading Information and Deceptive Practices

It is important in all matters related to your business's insurance needs to get accurate information and advice from an industry professional with experience in the industry. Unfortunately, many salespeople may not have the expertise necessary to provide timely and accurate advice about what insurance options are available for your business, so it's important to have a close look at the wording of any contract or policy you are considering purchasing.

The first thing a business owner should look for is whether a policy is an "in-force" policy that means the insurance company has already issued coverage to the client, or whether this is a "non-in-force" policy, meaning the coverage has not yet been provided. If you are buying an "in-force" policy, you will have the additional protection of knowing exactly what coverage you are purchasing and what risks the insurance company had in selecting that coverage. In fact, in some states it's illegal to purchase an insurance policy without understanding exactly what kind of risks your business entity will be bearing and how best to protect your assets against those risks.

When a salesperson is selling you a non-in-force policy, they are not required to disclose much information about the insurance company that will be providing coverage or what kind of risks the insurance company has decided to insure you against. Because this is an "at risk" product, they are not required to put any of this information in writing. All salespeople selling non-in-force policies must do is give you basic information about what kinds of risks your policy will be covering and tell you what your premiums will be. This is why it's important to read all contracts carefully before signing on the dotted line.

A misleading agent may also attempt to confuse you by using terms like "all risk," or "special risk. These are terms that do not have an explicit legal meaning when it comes to insurance policies, and insurers can use them to describe a wide range of coverage options. The best way for a business owner to know what risks are covered by these kinds of policies is for the salesperson to explain exactly what coverage will be provided--and then read the contract carefully so that you understand exactly what kind of coverage you will have in the event of an accident or disaster.

It is also important for business owners to know that many states have instituted laws that prohibit misleading and deceptive practices by insurance salespeople. For example, in California (and some other states) insurance agents are required to disclose information about what kind of coverage is being sold. In 1984 the state legislature passed AB 1214, which made it illegal for insurance agents to represent that any property or liability coverage options are "guaranteed" or "covered," unless those claims have been approved and paid in full. The purpose of this law was to protect consumers from the numbing effect of deceptive advertising. If you have any concerns about whether your salesperson is violating a state's consumer protection laws, you should contact your local attorney general's office and let them know your concerns.

Next time you are looking for an insurance agent or broker, take a look at everything they tell you about your needs. Keep a record of the information they provide, and ask to see any documents that have been provided to back up what they have told you. If they try to scare you into purchasing policies that may not cover your needs, remember that the salesperson is not required by law to provide any information about the policy or the risks involved in providing this coverage.

Remember ...

It is important when considering which companies you can purchase insurance from to know what kinds of risks your business will be bearing. Your insurance agent or broker should be able to help you identify these risks and explain what kinds of policies are available for minimizing those risks.

Chances are, if you are considering buying a non-in-force policy, the insurance company has few if any significant assets in the event that an accident does occur. These kinds of policies can be referred to as "trust fund" policies (meaning the proceeds from a claim will go into an account that funds claims), but they can also be "surety" policies (meaning that the proceeds will go directly to paying off a loan).

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By now you should have a pretty good idea of the kinds of insurance your business needs in order to protect itself from a wide range of perils. Just remember, while insurance can help cover losses for which you are responsible, it will not help you if your company has no real assets and can't pay its debts. As we mentioned before, insurance is about managing risk, not eliminating it.

Be sure to take the time to read any contracts that an insurance broker or agent presents to you for approval.

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