by benpage1974 | Feb 11, 2022 | Insurance Tips & Tricks
A Closer Look at State Funds
There’s a common misconception that many small to mid-sized companies should have their workers’ compensation insurance with the State Fund when, in reality, another insurance company might be a better option. So, why do so many businesses end up with the State Fund?
Why Businesses Choose State Funds
State Funds are often more lenient than private insurance companies when offering workers’ compensation coverage. They are more likely to accept businesses that:
- Have less than two years of workers’ compensation history (newly formed businesses)
- Have a less-than-stellar claims history
- Operate in a high-risk industry
As a result, many businesses start with a State Fund because it’s the most accessible option. Insurance agents and agencies are more likely to turn to the State Fund for new businesses seeking coverage. However, after two or three years, it’s time to explore other options, which often doesn’t happen due to a lack of awareness or because agents find it more convenient to leave businesses with the State Fund.
Exploring Other Options: What’s Available?
Yes, there are other options! The State Funds of Idaho and Utah only account for a fraction of the workers’ compensation coverage sold. Dozens of regular insurance companies provide significant workers’ compensation coverage in both states. These private insurers can be more selective about the businesses they cover, but they often offer better coverage options and pricing for qualifying businesses.
When and Why to Shop for Other Options
If your business has been operating for over a couple of years and you have a good claims history, consider exploring alternative workers’ compensation coverage options. Private insurance companies are competing for your business, and they often provide more attractive offerings, including:
- Lower rates
- No deposit
- Pay-as-you-go billing
- Dividends
- Extra discounts
- Paperless processes
- Simplified payroll reporting
- Automated payroll reporting
These benefits can lead to a more streamlined and cost-effective insurance experience, making exploring alternatives to the State Fund worthwhile. Remember that insurance companies and State Funds are constantly changing and evolving. It’s essential to stay informed and work with a knowledgeable insurance agent who can help you evaluate and select the most suitable workers’ compensation coverage for your needs.
What About Other States Besides Idaho and Utah?
In some states, businesses must use a State Fund for workers’ compensation coverage. These states are known as monopolistic states, including North Dakota, Ohio, Washington, Wyoming, Puerto Rico, and the Virgin Islands. If your business is located in one of these states, your workers’ compensation coverage options may be limited. However, if you operate outside these states, you should actively explore and compare all available coverage options to ensure you get the best protection for your business.
Contact Page Insurance to Explore Your Options
Don’t let your business be stuck with suboptimal workers’ compensation coverage. The team at Page Insurance is here to help you explore all available options, including State Funds and private insurance companies. Our knowledgeable agents can help you identify the best coverage for your specific needs and risk profile, ensuring you receive the most comprehensive protection at the best possible price.
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 John Page | Feb 11, 2022 | Insurance Tips & Tricks
Clever Marketing vs. Informed Decision-Making
It’s hard not to notice Geico’s amusing ads and charming mascots. While their marketing strategy is undoubtedly effective, it’s essential to focus on their policies’ actual coverage and cost rather than being swayed by their advertising. At Page Insurance, we encourage clients to shop around and make informed decisions based on their unique needs.
Ad Spending vs. Grassroots Growth
Geico spends billions on advertising (catch that?; billions with a B), but those expenses are ultimately passed on to the customers. At Page Insurance, we work with companies that prioritize keeping rates low by minimizing ad spending. This approach allows us to provide more competitive options for our clients.
A Single Company vs. A Marketplace of Options
While Geico focuses on selling its policies, Page Insurance operates as a marketplace where our experts help you find the best coverage from a wide range of insurers. We maintain relationships with numerous companies, enabling us to offer personalized, ongoing service at no additional cost.
Sales-Oriented Approach vs. Pressure-Free Guidance
Geico’s representatives are motivated to sell their policies, whereas our team at Page Insurance isn’t about pushing some insurance company – it’s about helping you get what you want/need from among many of the best companies.
Limited Offerings vs. Comprehensive Solutions
Page Insurance is a one-stop shop for all your insurance needs, including home, auto, life, health, and more. We have the expertise and access to a wide range of products, ensuring we can find the perfect solution for your unique situation.
Inadequate Coverage vs. Comprehensive Protection
Geico is known to offer bare-bones policies with minimum coverage. While these policies might seem more affordable, they can be costly in the event of an accident. At Page Insurance, we prioritize providing comprehensive coverage that offers the best value and protection.
Personalized Service vs. Call-Center Shuffle
Geico has started opening local offices to provide better service, but their agents are still limited to selling Geico policies. With Page Insurance, you have a dedicated account manager and a team of experts who know you and care about your needs. We advocate for you and provide objective advice, giving you the best possible insurance experience.
While Geico might be the right choice for some, we encourage you to explore your options and make an informed decision. Contact Page Insurance to experience the personalized service, comprehensive offerings, and pressure-free guidance that sets us apart. Let our team of experts help you navigate the insurance landscape and find the best fit for your needs.
Click here to explore your options.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
You might be surprised that some insurance products are not publicly advertised. With over 5,000 insurance companies in the United States and over 100 operating in Idaho and Utah alone, if you only call the big advertisers, you’re missing out on many potential insurance options. This blog post will reveal the reasons behind this and show you how these hidden gems can benefit you.
The Strategy Behind Non-Advertised Insurance Products
There are two primary reasons certain insurance products are not advertised:
Cost Savings: Advertising is expensive. By relying on word-of-mouth and a strong reputation, insurance companies can keep rates low and pass the savings on to their customers. Customers who choose non-advertised insurance products can save up to 25% on their premiums compared to those who only use big-name advertising companies.
Niche Targeting: Some insurers focus on providing outstanding coverage for specific customer segments, resulting in better value and lower rates.
For example, one insurer we work with targets lower-risk states like Idaho and Utah and avoids high-risk individuals. This approach allows them to offer fantastic deals to those who meet their criteria and hear about them through word of mouth.
Specialized Products for Unique Needs
Even if you don’t fit the criteria for one of these secret products, we have a wide range of insurers that cater to various situations, from young families in rental properties to homeowners with teen drivers.
With numerous niche products available in Idaho and Utah, we can find the perfect fit for you, regardless of whether it’s advertised.
A Peek at Some Hidden Insurance Products
Here are some examples of lesser-known insurance products you can access through Page:
- Homeowners with good/excellent credit and clean driving records seeking bundled policies.
- Well-maintained second homes and cabins in urban or rural locations.
- Recreational vehicles like ATVs, RVs, and boats in Idaho, Utah, or nearby states.
- Classic cars not used as daily drivers.
- High-value item protection, such as firearms and jewelry.
- Coverage for at-home businesses not typically included in standard homeowners policies.
- Insurance for restaurants in Idaho and Utah that don’t offer self-delivery.
- Bars and saloons with a clean claims history.
The list is extensive, so the only way to know what’s available is to contact us.
Navigating the Trustworthiness of Lesser-Known Insurance Companies
Some of these hidden gems may have less name familiarity because they don’t advertise much. Naturally, this can create questions about whether you can trust them. It’s important not to judge insurance companies solely by their ads or how familiar their name feels.
Independent agencies like Page have extensive experience with a wide range of insurance companies, which allows us to help you navigate the landscape and find reputable insurers that meet your needs. In addition, you can also check ratings and consumer watchdog groups like AM Best and others to gain more insight into the trustworthiness of an insurance company.
Don’t miss out on these hidden insurance products’ potential savings and benefits. Contact Page today to discover the perfect insurance options tailored to your needs.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
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 John Page | Feb 11, 2022 | Insurance Tips & Tricks
Shopping for insurance can feel overwhelming, with numerous options and channels. However, one insurance shopping option consistently puts shoppers first: independent insurance agencies. In this blog post, we’ll explore the differences between direct, captive, and independent insurance channels, providing detailed information, statistics, and insights explaining why independent agencies like Page Insurance offer the ultimate shopping experience.
Direct Insurance: Quick Quotes, Limited Options
Direct insurance channels allow you to purchase policies directly from insurance companies, usually online or through call centers. While this method may seem convenient and fast, it comes with several drawbacks:
- A limited selection of products: Since you’re dealing directly with a single insurer, your options are restricted to their offerings, which may not suit your specific needs.
- No objective advice on coverage: Direct insurance providers have a vested interest in selling their policies, so you may not receive unbiased recommendations.
- Potential for higher premiums due to advertising and operational costs: Insurance companies that rely heavily on direct sales often spend more on marketing, which can result in higher premiums for policyholders.
Captive Insurance: Local Agents, Limited Choices
Captive insurance channels provide local agents who work exclusively for a single insurance company. Although they offer personalized service, their limitations include:
- Biased advice, pushing their company’s products: Captive agents are obligated to promote their employer’s policies, even if they aren’t the best fit for your needs.
- Time-consuming to shop each company individually: To compare offerings from multiple captive insurers, you’ll need to speak with multiple agents, which can be time-consuming and frustrating.
- Declining market share: According to the Independent Insurance Agents & Brokers of America (IIABA), captive agencies’ market share has been steadily declining, with independent agencies now accounting for over 35% of the market.
Independent Insurance: The Ultimate Insurance Shopping Experience
Independent insurance agencies, like Page Insurance, offer a one-stop shopping experience that puts shoppers first. By working with multiple insurance companies, independent agencies provide:
- A wide range of products and coverage options: Independent agencies can access policies from numerous insurers, allowing them to find the perfect fit for your needs.
- Unbiased, objective policy advice: Independent agents work for you, not the insurance companies.
- Competitive rates and lower operational costs: With the ability to shop multiple carriers, independent agents can help you find the best rates, and they often have lower overhead expenses, leading to more competitive premiums.
Finding the Right Independent Agency for You
To find the perfect independent agency, consider the following factors:
- Their knowledge of your state and local needs: Look for an agency with experience in your region and an understanding of local risks and regulations.
- Access to quality insurance companies and products: Ensure the agency partners with reputable insurers and offers a wide range of coverage options.
- Good customer service and investment in technology: Choose an agency that prioritizes customer satisfaction and utilizes modern technology for efficient service.
Page Insurance could be the perfect fit for you if you live in Idaho, Utah, or Wyoming. By choosing an independent agency like Page Insurance, you, the shopper, come out on top with the best coverage, personalized service, and competitive rates. Don’t hesitate to call us to learn how we can help you with all your insurance needs. Experience the ultimate insurance shopping experience that puts you in the driver’s seat!
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
by John Page | Feb 11, 2022 | Insurance Tips & Tricks
Saving on home insurance is crucial for homeowners looking to protect their investment without breaking the bank. With so many options and factors, finding the best deal can be challenging. Fortunately, we’ve compiled ten secrets to help you save on home insurance, and independent agencies like Page Insurance can guide you every step of the way.
1. Get the Right Type of Policy!
Understanding Home Insurance Policies
Homeowners’ insurance policies can be complicated, with at least eight different types and numerous coverage options and exclusions. To ensure you’re getting the right policy for your needs, work with an insurance professional like those at Page Insurance. They’ll help you find the perfect policy tailored to your specific situation, whether for a house, condo, or another property type.
2. Understand Coverage Options
Key Coverage Components
Most homeowners policies offer the following coverages:
- Damage to the house
- Damage to other structures
- Damage to personal property
- Additional living expense
- Personal liability
- Medical expenses of others
However, the extent of coverage for each component can vary between policies. Page Insurance experts can help you navigate these options, ensuring you get the best coverage at the lowest possible rates.
3. Prioritize the Big Stuff
Instead of focusing on small claims, prioritize coverage for incidents that could have a significant financial impact. Consider raising your deductible to free up funds for increasing your liability or building limits. This strategy enables you to get more essential coverage while reducing costs on less critical aspects.
4. Bundle or Separate Policies
While bundling policies (such as auto, home, and life insurance) can result in substantial savings, sometimes it makes more sense not to bundle. Page Insurance will shop each policy separately and in bundles, determining the best combination for your unique situation.
5. Eliminate High-Risk Factors
Reducing risks can lower your insurance premiums. Consider addressing the following high-risk factors:
- Aggressive dog breeds
- Swimming pools, trampolines, or other injury-causing items
- Poor property maintenance
Page Insurance can help identify these factors and guide you in deciding whether to address them for potential savings.
6. Improve Your Credit Score
Insurance companies often factor in credit scores when determining rates. While some companies weigh credit more heavily than others, improving your credit score can lead to better rates.
7. Maximize Discounts
Discounts can vary by company, but common ones include:
- No smokers in the house
- Recent home purchase
- Automatic premium payments
- Paperless billing
- Specific career types
- Security systems
- Safety features
Page Insurance will help you find all available discounts and determine the best overall value for the coverage you need.
8. Invest in Home Improvements
Specific home improvements can lower insurance premiums:
- Replacing the roof
- Updating electrical systems
- Updating plumbing systems
- Updating heating systems
Maintain your home, and remember that insurance is for accidental and sudden damage, not wear and tear.
9. Understand What’s NOT Covered to Manage Expenses
Homeowners’ policies don’t cover everything. Familiarize yourself with exclusions like earthquake or flood coverage to avoid surprises when filing a claim. By understanding what is not covered, you can make informed decisions on adding specific coverages or taking preventive measures to minimize potential damages. This awareness can help you better manage your overall expenses related to home protection and ensure you’re getting the most value out of your policy.
10. Be Strategic with Claims
Avoid filing small claims, as they can increase your premiums. Instead, consider home insurance for more significant incidents that are harder to handle personally.
Shop insurance companies every three years to maximize loyalty discounts without missing out on better deals. Page Insurance can assist you in evaluating your options at each shopping cycle.
Saving on home insurance doesn’t have to mean sacrificing coverage. By following these ten secrets and working with an independent agency like Page Insurance, you can find the best coverage at the most competitive rates. Remember, the key is to strike a balance between securing essential coverage and finding opportunities to save. Our team of experts is here to help you navigate the insurance market and ensure you’re well protected without breaking the bank. Don’t hesitate to reach out to Page Insurance for assistance with all your home insurance needs, and start experiencing the benefits of our personalized approach today.
Discover your Best Deal here – it’s easy and fast. Zero pressure – do things at your speed.
John Page, President of Page Insurance, has been a driving force in the insurance industry since 1998. As a licensed agent in Property & Casualty, Life, and Health insurance, John has won numerous awards for agency management and works tirelessly to improve agency operations with the clients in mind. He is passionate about building and investing in the Page team of experts, ensuring they deliver top-notch service to clients. In his free time, John enjoys snowmobiling, gaming, reading, and traveling with his wife and three kids, who are the loves of his life. John is a big hockey fan who loves rooting for the local Idaho Falls hockey team.
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