What to do about coverage denials....

A recent article in the Columbus, OH Business Journal discussed what businesses should do if coverage is denied on a claim that is submitted to a carrier. Although the writer focused on Ohio law, the article gave some excellent advice to business owners in any state, not just Ohio. In a nutshell, ask questions about why the claim has been denied and share information with the adjuster. There are a lot of gray areas when determining coverage and handling claims - it is not a black and white kind of business. Each claim is different and there are a variety of circumstances that can affect coverage. Contact the adjuster to find out why coverage is being denied to make sure everyone has the same set of facts. A little "push back" sometimes does the trick. For the full article, please click here.

Do you know what you paid for?

Many people buy insurance policies because they "have to" - either because a mortgage company requires it or a the bank requires it for an auto loan. These policies can cost the average family or household thousands of dollars a year, yet many people do not know what they are actually purchasing or if the coverage purchased is right for them. Of course, insurance is not fun to talk about nor is it fun to buy. Who wouldn't rather spend their hard earned money on a trip to Tahiti?

You may not like talking to your insurance agent (if you have one) because you feel like he/she is trying to sell you something.....but it is more likely your agent has your best interests in mind. The more informed you are as a consumer, the more likely it is that you will get the best coverage for the best price.

Some things to consider:

• Do you have a home based business? You might need separate coverage.
• Can you increase your deductible to save some premium dollars? Be sure you can afford it!
• Do you have a lot of jewelry? You might want to add it to a separate schedule to insured it to value.
• Do you have significant assets to protect? You might want to consider an umbrella policy.
• Is the limit of your homeowners policy high enough to rebuild your house?
• If you are a renter (or a condo owner), you still need coverage for your personal belongings.
• Are you automobile policy limits high enough? You might be surprised.

Open the lines of communication with your agent to discuss what you and your family's needs are now...before you suffer a loss.