But there is a problem, which is, when you select your umbrella (insurance agent or policy), how do you know it will protect you? Are you confident that when your agent provides the solution, it is actually designed to meet your risks and your needs? Not all insurance policies are created equal. If your agent does not take the time to understand your unique issues, your agent is doing you a disservice.
One of the most important things an agent can do is truly understand your risks, then communicate with you in a way that helps you better understand what direction is best for you. Here are some problems that your business may have:
- Obligations through leases or other legal contracts – There are many ways to address these risks; insurance may not be the best, or only, option for you.
- Increased costs of your fleet operations – Did you know that one solution might be to develop a driver safety program? It can reduce fuel expenses and accidents.
The best way to solve a problem is to first understand it. To understand a problem involves asking questions, reviewing agreements, and visiting the facility or business.
Steve Jobs was obsessive about product development, and he thought deeply about the needs of customers. However, he also realized that “it isn't the consumer’s job to know what they need.” That's the agent’s job. Sometimes, that means coming up with something different.
As professional insurance agents, we are asked many questions regarding personal insurance. We thought it might be good to offer answers to the most common kinds of questions we receive.
“Why buy from an agent when I can go online?”
When you buy insurance online, you are forced to become the insurance expert and if there is ever an issue, you have only yourself to blame. In most cases, we can offer the same, or better, coverage with a licensed professional agent who is willing to actually meet with you and educate you on your choices. The cost for these services is included in the cost of your insurance.
“How much insurance do I need?”
That depends on your personal situation. If you have a number of vehicles, recreational vehicles, or a boat, we might recommend higher limits than if you are a renter with no “toys.” We also recommend that you buy auto insurance coverage/limits above the state minimum. If you have a growing family and own your home, we suggest higher limits and a personal umbrella policy to protect your assets. A personal umbrella policy is very competitive and can provide an added layer of coverage and security.
“Which deductible should I select?”
The higher the deductible, the lower the premium. In the long run, it may benefit you to increase your homeowner’s insurance deductible above a minimum amount, especially if you are claim free for a number of years.
Oakwood operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals. Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers, and our extensive knowledge of the insurance marketplace. We offer to take the time to sit with our clients to review coverages and explain why the coverages are important for their particular need
Business Interruption Insurance is designed to protect businesses from these types of risk. BII is often part of packaged commercial insurance policies, or is purchased in conjunction with business property insurance. One reason for this is that the perils, or causes of loss, are usually the same for property insurance as for Business Interruption Insurance.
How much BII your business needs will depend on several factors, such as how easily you could continue operations at temporary location and how long your business might be sidelined. You will also need to consider what income is being insured. It could be average daily, weekly, or monthly income, income for the most recent accounting period, peak income, or some hybrid.
BII usually requires a 48-hour waiting period before kicking in, and indemnity will be based on the financial records of your business. So it goes without saying that you will need to keep your records up to date and in a safe place
n 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.
After researching the insurance industry, he found that by becoming an independent insurance agent,