by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
Navigating the insurance world can be overwhelming, and big insurance companies often use persuasive advertising and marketing tactics to sway consumers. It’s essential to recognize the common misconceptions these companies may promote and make informed decisions regarding your insurance policies. This article will debunk the top 5 myths big insurance companies want you to believe.
1. Big Ad-Spend Equals Quality
Cute mascots and humorous (or serious) ads are designed to tug on your emotions. Corporations spend billions to manipulate you with their messaging, which isn’t always objective. As an independent agency, we increase your options to include companies with both large and small ad budgets. We’ve found that the best deals often come from companies that spend little on advertising. Be cautious about making decisions based solely on ad-spend.
2. Insurance is a Commodity
If big insurance companies can convince you that insurance is as interchangeable as a carton of eggs, they create a power dynamic that benefits them. In reality, insurance policies are legal contracts that can vary significantly from one company to another and even between policies within the same company. Recognize that the details matter, and don’t be misled into thinking all policies are the same.
3. They Care About You
While local agents can genuinely care about you, insurance companies prioritize their interests above yours. Insurance policies are legal contracts centered around a gamble. Companies will only pay you if they’re legally obligated to do so. It’s the coverage outlined in the policy that truly matters.
4. Loyalty Always Pays
Although loyalty discounts exist, staying with a company for too long can cost you more, regardless of the discount. Focusing on the bottom line premium rather than the discount itself is essential. We recommend shopping around every three years to maximize loyalty discounts without sacrificing the opportunity to find better deals.
5. They Are the Best Deal for Everyone
No insurance company is the best fit for everyone. With around 5,000 insurance companies in the U.S., each is successful in at least one niche. While you might find a great deal for your auto insurance with one company, there may be better home, life, health, or pet insurance options. It can sometimes be advantageous to use different companies for various policies. With Page Insurance, we make it easy to find the best options tailored to your specific needs.
As a consumer, staying informed and recognizing the myths that big insurance companies may perpetuate is crucial. Understanding these misconceptions can empower you to make the best choices for your insurance needs. At Page Insurance, we are dedicated to helping you navigate the insurance landscape and find the coverage that suits you best. Remember, knowledge is power; with the correct information, you can confidently make decisions that protect your assets and future.
Click here to explore the best option with Page.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks, Uncategorized
Are you searching for innovative ways to save on auto insurance without giving up the coverage you need? You’re in the right place! We’ve gathered a list of lesser-known strategies and insider tips to help you find the best deals on your insurance. So, let’s dive in and start saving together!
Tap into Hidden Discounts
Most people know about standard discounts, but many other lesser-known discounts can make a real difference in your premiums:
- Defensive Driving Courses: Finish an approved course, and you could qualify for a discount.
- Low Mileage: Drive less, save more! You might be eligible for a low-mileage discount.
- Good Student: Hard work pays off—students with good grades can benefit from lower premiums.
Reassess Your Coverage
Take a close look at your coverage to ensure you’re not overinsured or paying for options you don’t need. For example, if you’re driving an older vehicle, it might be time to reevaluate whether comprehensive and collision coverage still makes sense.
Tweak Your Deductibles
Bumping up your deductibles can lower your premiums. Choose a deductible you can comfortably afford if you ever need to make a claim.
Bundle Wisely
Bundling multiple policies (like auto, home, and life) with the same company can lead to sweet discounts. However, sometimes it’s wiser to keep policies separate. Compare both options to find the best fit for your unique situation.
Keep Your Credit Score Healthy
Good credit can lead to lower insurance rates, as insurers see folks with good credit as lower-risk customers. So, pay your bills on time and monitor your credit report to maintain a strong credit history.
Pick the Right Ride
The type of vehicle you drive can impact your insurance premiums. Before buying a new car, research insurance costs and choose a model that’s easier on your wallet.
Explore Group Discounts
Some insurers offer discounts to members of professional associations, alumni groups, or other organizations. Check with your insurer to see if you’re eligible for group discounts.
Goldilocks Your Shopping Cycle
Finding the perfect balance between loyalty discounts and shopping around is key. Our rule of thumb is to shop insurance companies every three years. That’s usually when loyalty discounts are maxed out, and seeing what else is out there might be worth it. If you can’t find a better deal, you can always stick with your current insurer.
Prioritize the Big Risks First
When allocating your insurance budget, focus on covering the more significant financial risks before spending on more minor perks. Many people have insufficient coverage for more significant risks, such as low liability limits, but still pay for extras like towing, rental reimbursement, or low deductibles. To make the most of your insurance dollars, first, ensure you have adequate protection against the biggest risks that could cause significant financial strain.
For instance, consider increasing your auto liability limits while removing ‘full coverage’ from an older car. Once you have secured sufficient coverage for the more substantial risks, you can decide if you want to spend additional money on smaller or less risky coverage options. By prioritizing your insurance needs this way, you can protect yourself from potentially devastating losses while still enjoying the benefits of supplementary coverage when it fits within your budget.
Peek at Insurance Rates Before Buying a Vehicle
Before purchasing a new car, call your insurance provider to get an estimate of the cost to insure it. This will help you avoid surprises and ensure you can comfortably afford the insurance premiums for your new ride.
Put these expert strategies to work and save big on auto insurance without compromising the coverage you need. Don’t go it alone – let the friendly and knowledgeable insurance experts at Page Insurance guide you through the process and help you find the best deals available. Reach out to us today and start enjoying the savings!
Click here to start saving today.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
As a business owner in Idaho, Utah, or Wyoming, understanding the ins and outs of workers’ compensation can save you both time and money. The more you know about this essential insurance coverage, the better you’ll be to navigate it and ensure you get the most benefits without overpaying. That’s why we’ve compiled this list of 30 strange and interesting facts about workers’ comp. From peculiar coverage options to unexpected exclusions, we’ve got it all. So, grab your favorite beverage, get comfortable, and let’s dive into these weird facts that can help you make the most of your workers’ compensation insurance.
- Multiple Coverage Options: Many businesses in Idaho, Utah, and Wyoming have multiple options for workers’ compensation coverage, including private insurance companies and state funds. This means you can shop around for the best coverage and rates for your business.
- State Funds vs. Private Insurers: State funds are not always the best choice for workers’ compensation coverage, especially for businesses with a good claims history. Private insurers may offer better rates and tailored coverage for businesses with a low risk of workplace accidents.
- State-Specific Laws and Regulations: Workers’ compensation laws and regulations vary significantly from state to state, affecting benefits, coverage, and eligibility requirements in Idaho, Utah, and Wyoming. It’s essential to understand your state’s specific rules and regulations to ensure compliance.
- Coverage for Emotional Stress Claims: Workers’ compensation can cover emotional stress claims, such as PTSD, in some cases, although these claims face more scrutiny than physical injury claims. PTSD, or post-traumatic stress disorder, is a mental health condition triggered by a traumatic event.
- Unique Benefits for Specific Industries: Some workers’ comp policies offer unique benefits tailored to specific industries or businesses in Idaho, Utah, and Wyoming. For example, coverage may include specialized rehabilitation services or additional benefits for specific injuries.
- Compensation for Lost Wages: Workers’ compensation covers more than just medical bills; it can also help compensate for lost wages. This means that if an employee cannot work due to a work-related injury, they can receive a portion of their regular income through workers’ comp benefits.
- Claims History Impact on Premiums: Your business’s claims history significantly impacts your workers’ compensation premium rates. A history of frequent or severe claims can lead to higher premiums, while a clean claims history may result in lower rates.
- Premium Discounts for Safety Programs: Many insurance companies offer premium discounts or incentives for businesses that maintain safe workplaces and implement effective safety programs. This can include discounts for regular safety training, workplace inspections, or the use of safety equipment.
- Timing Matters When Switching Providers: The timing of when you switch workers’ compensation providers can affect your experience modifier (E-mod) and premium rates. The E-mod is a numerical value representing your business’s claims history relative to other businesses in your industry. Switching providers mid-term may delay updates to your E-mod, potentially affecting your rates.
- Avoid Paying Medical Bills Directly: Paying an employee’s medical bills directly is not advisable, as it could result in accepting liability for all future bills related to the injury. Instead, let your workers’ compensation insurance handle these expenses to avoid legal and financial complications.
- State Funds for New or High-Risk Businesses: Idaho and Utah State Funds are sometimes the best option for new businesses or those in high-risk industries. State funds often provide coverage for businesses that may struggle to find affordable coverage in the private market.
- Wyoming’s Monopolistic State System: Wyoming is monopolistic, meaning workers’ compensation insurance is only available through the state fund. This means there are no private insurance options for businesses in Wyoming, and they must obtain coverage through the state-administered program.
- Experience Modifier (E-Mod) Follows Owners: E-Mods follow not only your business entity but also the business owners. This means that starting a new business entity won’t help you escape a poor E-Mod. Improving workplace safety and reducing claims are the best ways to improve your E-Mod.
- Employee Leasing as an Alternative: Leasing employees from a staffing agency can be an alternative to dealing with a high E-Mod. However, remember that workers’ compensation rates are still likely to be higher, as they are part of a master policy from the leasing agency.
- Reputation Matters: Treating workers’ compensation as an essential aspect of your business can positively impact your reputation, helping to attract and retain valuable employees. A strong commitment to workplace safety and employee well-being demonstrates that you care about your team.
- Workers’ Comp Protects Employers Too: Workers’ compensation doesn’t just benefit employees; it also protects employers from costly legal battles and expenses. Without it, you could face significant financial and legal consequences in the event of a workplace injury.
- Coverage for Occupational Diseases: Workers’ compensation insurance covers work-related injuries and occupational diseases, such as those caused by exposure to hazardous materials or repetitive motion injuries.
- Exclusions and Limitations: Some workers’ compensation policies have exclusions or limitations on coverage for specific situations, such as injuries sustained during recreational activities or self-inflicted injuries. It’s essential to understand your policy’s coverage details to avoid surprises.
- Independent Contractors and Workers’ Comp: Workers’ compensation insurance generally does not cover independent contractors. However, the rules can vary depending on the state and the nature of the working relationship. Understanding the distinction between employees and independent contractors for workers’ comp purposes is crucial.
- Employee Classification Matters: Properly classifying your employees for workers’ compensation purposes is vital, as misclassification can result in coverage gaps or premium discrepancies. Classifying employees based on their job duties and risk exposure ensures that they receive appropriate coverage and benefits.
- Drug Testing and Premium Discounts: Some insurance companies offer premium discounts for businesses that implement drug testing programs. These programs can help reduce workplace accidents and improve overall safety, leading to lower workers’ comp costs.
- Return-to-Work Programs: Implementing return-to-work programs, which help injured employees return to work as soon as they are medically able, can reduce workers’ compensation costs. Modified or light-duty work can help employees recover quickly and minimize lost wages.
- Regularly Review Your Coverage: It’s essential to review your workers’ compensation coverage regularly to ensure it remains adequate and up-to-date. Changes in your business, such as adding employees or expanding into new industries, may require adjustments to your coverage.
- Reporting Requirements: Employers have specific reporting requirements for work-related injuries and illnesses, including deadlines for submitting claims and notifying employees of their rights. Failing to meet these requirements can result in fines, penalties, or denied claims.
- Coverage for Remote Workers: Workers’ compensation coverage extends to remote workers, although the rules and requirements may differ from those for on-site employees. Understanding how remote work affects your workers’ comp obligations and coverage is essential.
- Fraudulent Claims: Workers’ compensation fraud can result in significant financial losses for businesses and higher premium rates. Implementing measures to detect and prevent fraud, such as monitoring for unusual claim patterns or conducting thorough investigations, can help minimize its impact.
- Penalties for Noncompliance: Failing to carry workers’ compensation insurance or not meeting your state’s requirements can result in severe penalties, including fines, legal actions, and even criminal charges. It’s essential to stay informed about your state’s regulations and maintain compliance.
- Workplace Safety Training: Regular workplace safety training for your employees can help reduce the risk of accidents and injuries, lowering workers’ compensation costs. Training can include hazard recognition, emergency response, and proper use of personal protective equipment.
- Audit Preparation: Workers’ compensation insurance audits are conducted periodically to verify that your premiums accurately reflect your business’s risk exposure. Preparing for these audits by maintaining accurate payroll records and employee classifications can help avoid unexpected premium adjustments.
- Keep Open Communication with Your Employees: Encouraging open communication regarding workplace safety and workers’ compensation concerns can help create a safer work environment and minimize the risk of accidents. Listening to employee feedback and addressing potential hazards promptly can contribute to a more effective safety program.
Understanding these 30 weird facts about workers’ compensation insurance can help you make informed decisions about your coverage and provide your employees with the protection they need. With a strong focus on workplace safety and employee well-being, you can minimize the risk of accidents, reduce workers’ comp costs, and maintain a productive and healthy work environment. Contact an insurance professional to discuss your unique needs and find the best coverage options for your business.
If you’re ready to explore your workers’ compensation insurance options and find the best coverage for your business, contact our team of experts at Page Insurance. We specialize in helping businesses in the Mountain West find the most suitable insurance solutions tailored to their unique needs. Contact us today for a free, no-obligation consultation, and let us help you easily navigate the complexities of workers’ compensation insurance.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
by benpage1974 | Feb 11, 2022 | Uncategorized
Check out one of our favorite marketing reps from MetLife. We love George! He has been joining us every year in a festival our family has been enjoying for over 50 years – Spud Day in Shelley Idaho.
by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
Insurance is not a one-size-fits-all product. Policies can vary widely from company to company and even between individuals with the same provider. While this customization is excellent for those who take the time to get the right coverage, it can be disastrous for those who don’t. The effort you put into understanding your insurance needs can save you money now and protect you from financial disasters in the future. To help you avoid costly mistakes, we’ve compiled a list of the top 20 most expensive insurance mistakes you must avoid.
1. Fragmented Planning
Comprehensive planning is crucial to ensure all your insurance needs are met. Avoid relying solely on direct or captive agents who can only offer their own products. Instead, work with Page Insurance, which has a broad array of products from various insurance companies, providing you with a more comprehensive plan.
2. Insufficient Liability Coverage
Having enough property coverage but not enough liability coverage is a common mistake. Get an umbrella policy that adds at least $1 million in liability coverage to your existing policies to protect yourself from substantial financial losses.
3. Lapses in Coverage
Never let your auto or home insurance lapse. If you do, reinstate it right away and keep it in force. Lapses in coverage can make it more challenging to obtain insurance or increase your premiums in the future.
4. Misplaced Loyalty
While some insurance companies offer loyalty discounts, shopping around every few years is essential to ensure you’re getting the best deal. With Page Insurance, you can easily switch companies anytime you want, and we’ll proactively suggest it when we find something better for you.
5. Overlooking Regional Insurance Companies
Regional insurance companies can offer excellent coverage and pricing, but gaining access to them can be challenging. Page Insurance can help you navigate your choices among all these companies, ensuring you only work with the best.
6. Assuming Coverage
Don’t assume your policy covers everything. When in doubt, ask. Page Insurance is here to help you get clarity on your coverage.
7. Not Updating Policies
Life changes and your policies should change along with it. Review your policies at least annually to ensure they still meet your needs.
8. Not Checking with Page Insurance
You haven’t truly shopped for insurance until you’ve checked with our team at Page Insurance. We have no salespeople, offer zero-pressure assistance, and strive to provide objective advice. Let us help you get the coverage you need with less hassle and headache.
9. Underinsuring Your Home
Ensure that your home insurance policy covers the total cost of rebuilding your home, not just its market value. This prevents you from being underinsured in the event of a disaster.
10. Skipping Renters Insurance
Don’t assume your landlord’s insurance covers your personal belongings if you rent. Get renters insurance to protect your possessions from theft or damage.
11. Ignoring Flood Insurance
Even if you don’t live in a high-risk flood zone, consider getting flood insurance. Flooding can happen anywhere and cause significant damage.
12. Overlooking Discounts
Ask your insurance agent about discounts you may qualify for, such as bundling policies, good driver discounts, or safety features on your car.
13. Not Reviewing Your Auto Policy
Review your auto policy regularly to ensure you have adequate coverage and aren’t overpaying for unnecessary add-ons.
14. Buying the Cheapest Policy
While saving money is essential, choosing the cheapest policy might leave you underinsured. Work with Page Insurance to find a policy that balances coverage and cost.
15. Failing to Document Personal Property
Document your personal property with photos or videos and keep an inventory to ensure you have accurate records in case of a loss. This documentation will make filing a claim much more manageable.
16. Not Insuring Your Home-Based Business
If you run a business from your home, make sure to inform Page Insurance. Homeowner’s policies typically don’t cover business activities, and you may need additional coverage to protect your business assets and liability.
17. Not Updating Beneficiaries
Life events like marriage, divorce, or having children can change your beneficiary needs. Review and update your life insurance beneficiaries regularly to ensure your loved ones are protected.
18. Skipping Umbrella Insurance
Umbrella insurance provides additional liability coverage beyond your standard policies. It can protect your assets in case of a significant claim or lawsuit. Consider adding umbrella insurance to your insurance plan.
19. Opting for Low Deductibles
While low deductibles can be tempting, they can lead to higher premiums. Consider choosing higher deductibles to save on your insurance premiums, but ensure you can afford the deductible in case of a claim.
20. Not Understanding Your Policy
Take the time to read and understand your insurance policy. If you have questions or need clarification, reach out to Page Insurance. It’s crucial to know what’s covered and what’s not before you need to file a claim.
Avoiding these 20 costly insurance mistakes can save money and protect your financial future. At Page Insurance, we’re here to help you navigate the complexities of insurance and find the best coverage for your unique needs. Don’t wait for a disaster before realizing your insurance plan isn’t up to par. Reach out to our team of experts today, and let us help you find the perfect insurance solutions for your life.
Click here to have us shop for you and find the best deal.
Ben Page, a Business Development specialist with over 20 years in the insurance industry, is an expert in Property & Casualty, Life, Health, and Disability insurance. Ben is licensed in all 50 states and dedicated to empowering clients with insider knowledge and making insurance more accessible. Passionate about client-centric service, he has helped build several successful insurance agencies. Ben enjoys Jeeps, Rock and Roll, cheese, movies, and spending time with his wife, three kids, and their golden doodle when not working.
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