Having the proper insurance program in place, regardless if it’s Business insurance or Personal insurance, should always be priority number one.
Accidents can happen no matter how careful you are and having insurance in place to provide financial reimbursement in the event of a loss can be the difference between success and failure, misery and just a bump in the road.
All that being said, with all the emphasis I put on building a proper insurance program for both your business and personal life, the goal is to never use it…
Yes, you read that correctly… I’m an insurance agent, I sell insurance in Albany, NY for a living and I’m telling you that after taking your valuable time and dollars to purchase a strong insurance program that protects what you care about most, the goal is to never use it!
Accidents are going to happen no matter how careful you are, that is what insurance is for, but accidents are still terrible even with the perfect insurance policy.
So your goal should always be to never have to use your insurance. The best way to achieve this goal is by practicing good Risk Management (Risk & Insurance Online is a good site for more on risk management).
Risk management does not have to include hiring a $400 a hour consultant. Most risk management strategies are basically just common sense acted upon. Risk management is taking the small steps necessary to mitigate the chances of a loss.
The point with Risk Management is don’t set yourself up for failure.
Don’t look at that 100 year-old oak tree hanging over your house and say, “If it falls that’s what I have insurance for.”
Yes if the tree falls on your house the insurance will most likely pick up the claim and pay for damages (falling objects covered under Special Form policy). But the experience is going to be awful… Just imagine your home and possessions destroyed, you’ll have to find another place to live, you’ll have to buy all new things (i.e. clothes, appliances, toiletries, etc) to keep your family’s lives going with work and school…
It’s going to be a pretty terrible experience.
All preventable with a couple hundred dollar tree service on the old oak. In its purest, simplest sense, that is Risk Management.
P.S. If you were so inclined The Murray Group would love to be your insurance agent. You can inquire about receiving an insurance proposal by Clicking Here.
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.