|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
When it comes to workers' compensation, one often comes across a good number of confusing and complicated legal jargons. However, for a work-related injury, there is no need to master an in-depth meaning of such terms like double indemnity, computation, statutory benefits and earning capacity.
It is, however, important to get the help of a lawyer who has a good understanding of these terms and can use them to win your trial. Although it is necessary to get the help of an attorney to deal with the legal procedures, completing details, and gather evidence, it makes sense to at least get a basic understanding of workers' compensation law and the situation where these laws are applied.
Workers' compensation law requires an employer to pay or provide insurance to employees who incur injuries while working on the job. The law is meant to provide injured workers with:
- Compensation for recovery from the injury and medical expenses
- Career rehabilitation services
- Provide temporary job for the victim till they are fit to work
- Benefits to dependents (in death)
Workers compensation law aims to provide the healthiest, safest, and fastest road to recovery when a worker is injured so that they can return to perform the same level of work as they used to do before the incident, and also provide support for both themselves and their family.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
The law also safeguards employers and businesses from experiencing huge losses in costly lawsuits. In most of the workers comp cases, there are no costly court proceedings and are dealt with in an administrative tribunal that works to bring the employee back to work fast, while lessening the cost and risk involved with the sued company.
The good thing about workers compensation law is the absence of any negligence in the dealings. This is not so in other personal injury cases in which the onus lies with the victims to first prove that the fault for the damage lies with the defendant due to their negligence.
In workers' compensation law, it is irrelevant whether it was the employer or employee's negligence that led to the injury. For any kind of injury on the job, the worker is entitled to receive compensation. It does not matter whose behavior was incorrect or who was at fault, and that makes almost all businesses to carry insurance.
However, making a successful claim is not that simple as it might seem. Sometimes insurance companies try to “bully” victims to accept a low or insufficient offer by arguing the existence of the injury before, is not the result while doing work or listing the cost of medical bill much cheaper than they really are.
Although employers pay the insurance companies to provide coverage of costs sustained by an injured worker, but the companies use devious tactics to find loopholes in the case, which is why it makes sense to find a lawyer who specializes in workers compensation law and represents you when dealing with your case against big insurance companies.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|