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Navigating Insurance Coverage for New Policyholders

Insurance in the commercial industry is a topic that often falls into the love-it-or-hate-it category. For one thing, it focuses largely on the unknown! Think about it. Most of us probably drift through life thinking we aren’t at risk of anything, and it’s uncomfortable and stressful to consider otherwise.

But, as they say, insurance is like a parachute. It may seem mostly useless, but you’ll be glad to have one when it’s needed!

All things considered, the journey for policyholders can be smoother when armed with the right knowledge. As an insurance coverage attorney and a licensed insurance agent, I’ve seen too many business owners and individuals lose money and valuable time due to not understanding the nuances of insurance applications and claims processes.

I’ve crafted a simple step-by-step guide for policyholders, outlining the challenges and opportunities at play.

  1. Decode policy language.

    Insurance policies often read like a puzzle in another language, but breaking down the jargon is the first step to understanding your coverage. Take it one section at a time. What does your policy say about coverage limits, exclusions and conditions?  Some of this information is on the declaration page, but the devil is in the policy details.

  2. Report claims promptly.

    Delays can lead to complications, much like waiting to report a car accident may impact the investigation.  I advise my clients to report “potential claims.”

  3. Research on coverage types.

    Insurance is not a one-size-fits-all scenario. It’s more like choosing the right tool for a specific job. Whether it’s property or liability insurance, understanding the nuances of each coverage type ensures you’re adequately protected.

  4. Navigate the claims process.

    Detailing the specifics, providing evidence and staying engaged in the process can expedite resolution. It’s about being an active participant, much like tracking a package until it reaches its destination.  Insurers love to trip up policyholders on failure to timely provide an adequate “proof of loss.”  Don’t think that because you made the claim that all your affirmative duties are done.

  5. Review your coverage.

    Just as you’d check your vehicle’s maintenance schedule, reviewing and updating your insurance coverage is a smart practice. Life evolves, and so should your coverage. Look at how COVID-19 has changed the industry.  Regularly assessing your policy ensures it aligns with your current needs, preventing any surprises down the road.

Learn from Experts

Navigating insurance coverage can feel like exploring uncharted territories, which is apt since these issues are dealing mostly with events that have not happened yet.

Seeking guidance from insurance professionals and lawyers allows you to gain insights, clarify doubts and ensure you’re on the right path. With the right knowledge, you can enjoy the journey without unnecessary roadblocks.

For any inquiries or support related to this process, you can contact me. Your legal and insurance needs are in capable hands.

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