The Top Insurance Myths

There are many insurance myths floating around, and most of them have been around for years.  We want to respond to some of these myths with clear information, so that you can make educated decisions about your insurance purchases.

Commercial Insurance Myths

“Having two agents is better than one, because they keep each other competitive.”

Having two agents duplicates effort and can create coverage gaps and/or duplications.  For example, there is certain coverage that can be included under a liability policy as well as under an auto policy.  If you have two agents, who coordinates coverage? One agent is better able to manage your entire insurance program.

“I am covered under workers’ compensation; therefore I do not need medical insurance.”

Workers’ compensation only covers on-the-job injuries.  It does not cover off-duty accidents, illness, or other things like cancer.

“Umbrella insurance is for only large firms.”

Every business should consider an umbrella policy. Claims can come from employees, clients, and other third parties.  Defense costs range from $250 to $750 per hour on more complicated claims.

“My claim was an act of God; therefore my deductible does not apply.”

All losses are subject to your policy terms including the stated deductible.

“Earthquakes are covered under my commercial insurance.”

Earthquakes and floods are specifically excluded under commercial insurance unless you have added it.

“I can’t control my commercial insurance costs.”

There are a number of actions you can take to control your insurance costs:

• Increase your deductible
• Follow all loss control recommendations
• Only report larger claims
• Develop a safety program

We believe our greatest asset is the relationships we build with our clients and we are dedicated to being the right choice for all of your insurance and financial needs. We take pride in our ability to tailor a comprehensive insurance package that maximizes your insurance protection while minimizing money out of your pocket.

The Armstrong Company Insurance Consultants  has set itself apart from others with its Rapid Response program whenever there is a major catastrophic event. With our exclusive partnership with Belfor our clients are getting their losses adjusted as soon as the all clear has sounded. When a hurricane or tornado hits, time is critical. Call today and find out more about this valuable feature.

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