The New Normal for Insurance Buyers

Beyond Insurance… Risk Strategies

Someone once said, “The only thing you can count on is change.” When it comes to insurance buying, that is unmistakably true. Today, people have more ways than ever to secure insurance coverage. However, are they getting the coverage they need? Another true statement is, “The more you have, the more significant risks you have.” 

The combination of change and risk leads us to the understanding that people should be seeking an insurance partner who understands their changing needs in a risky world, rather than being able to secure a low-cost insurance program. People who have a higher net worth should be primarily focused on protecting assets.
If a lawsuit threatens the lifestyle you have created, you want a partner to stand beside you. You need personal liability insurance options to safeguard your family and assets in the event of personal claims against you at limits that exceed the liability protections provided by standard policies.
Many individuals have unique risks which can include:

• A second home
• Farm or rental income
• In-home business
• High valued homes
• Watercraft
• Foreign travel
• Domestic employees
• Identity theft

You need an insurance partner who can help develop a risk and insurance plan that will manage your risk at a competitive cost.   It’s not business as usual any longer.
 
 
When Searching for an Insurance Partner, Ask These Questions:

• Does your agent educate you about your risk before trying to sell you a product?
• Is their staff experienced and qualified to manage your needs?
• Is your agent more interested in a relationship as a trusted partner rather than as another insurance client?
• Is your agent committed to work for you rather than for the insurance company?
• Does your agent design a program based on your individual needs and then give you options?
• Does your agent advocate for you through customized analysis of your risk and needs?
• Is your agent committed to leading the claims process to a satisfactory outcome?
• Does your agent have access to sophisticated personal insurance carriers that offer specialty products and personal risk solutions?

Protecting your lifestyle goes way beyond insuring your car or home. Proper insurance has to do with understanding the risks associated with your life and creating a plan to safeguard you and your family’s future. Our society’s way of managing COVID-19 has forever changed the way we work, play, travel, gather information and gather supplies for our daily lives. Many of these changes are just new ways of doing things, however many can create new risks that your current policies do not address completely. Do any of these sound like your new normal?

1. More time buying products and services online from home.
2. Increase use of home networks for business use.
3. Using business owned office equipment at home for your work.
4. Work meetings at personal residences or on-line.
5. Connecting to open networks for work purposes at restaurants or other places.
6. Use of personal vehicles to and from client’s offices.
7. Use of personal vehicles for delivery jobs.
8. The storage and use of paper documents for work at your home residence.

All these issues and others create a need for a conversation with your agent.  Policies are changing to accommodate some needs on a temporary basis while other do not. The best risk management program is a combination of a strong relationship with a well-educated agency that can place and maintain your coverage with excellent insurers at a competitive price. It’s not just getting a few of the above items, it’s about achieving the right balance to get all parts working for you and your family.