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Do You Participate In the Insurance Buying Process?

Posted By Ryan Hanley On August 22, 2012 @ 11:00 am In Small Business Operations | 7 Comments

This probably sounds like a silly question, right?  Of course you participate in buying your insurance.  You’re the one that did the Google search for insurance quotes.  You’re the one that clicked all the little buttons to get a quote.  You’re the one that hit the “buy now” button to purchase the policy.  And you’re the one that printed out the auto ID cards and stuffed them in the glove compartment of your car.

insurance

If that’s not participating in the insurance buying process then what is?

A Little Truth

Not to be rude, but with minimal training, a primate could have purchased that auto insurance policy and a well trained squirrel could have put the auto ID cards in your glove box.  You may have bought insurance but you didn’t participate in the insurance buying process.

It’s likely that you didn’t take the time to review your own insurance needs.  It’s very likely that you didn’t take the time to research the coverage that allows you to address your needs.  Its very, very likely you didn’t take the time to have a licensed professional review the insurance carriers within your geographical market that supply the insurance products to meet your needs.

I’m also pretty sure you didn’t take the time to receive competitive quote offers from multiple insurance carriers.  And you most certainly didn’t take the time to create a detailed personal insurance program adequate to fulfill your future insurance needs [1].

It’s Your Life… Be an Active Participant

Unless you are offensively naive, I’m assuming you have at least some conceptual idea that bad things happen no matter how careful you are.  Insurance is designed to take the financial stress out of the terrible things that may happen to you.

This is really important stuff. This is your life.

Sticking your head in the sand and hoping bad things won’t happen is no way to live.  Be a participant in your own life.

As apocalyptic as this may sound, participating includes purchasing insurance – auto, home, life, disability, etc.  It also includes planning for your retirement, shopping for better interest rates on car loans and personal debt and educating yourself.

The Rub

Doing something, just to get it done, never yields the most positive result.

This goes double for your business insurance, so general liability [2] and workers compensation to name a few.  Before you just plow through your next insurance renewal take a deep breath and put some thought into what you are purchasing.

To be more specific, go online and search for or ask a friend for the name of local independent insurance agent [3].

An independent insurance agent is going to be able to walk you through the process of properly insuring your business step-by-step.  You will still make all the decisions but an experienced independent insurance agent will guide and educate you on where you might have gaps in coverage.

Simply clicking through some buttons and purchasing a policy may seem quick and easy… but when you have a claim, quick and easy is the last thing you’re going to care about when it comes to coverage and getting your business running again.

Be present. Participate in the insurance buying process. I promise you’ll be happier in the long run.

Insurance [4] Photo via Shutterstock


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URL to article: http://smallbiztrends.com/2012/08/participate-in-the-insurance-buying-process.html

URLs in this post:

[1] future insurance needs: http://smallbiztrends.com/2012/01/3-reasons-insurance-lapse-is-bad-for-business.html

[2] general liability: http://smallbiztrends.com/2011/10/small-business-insurance-more-general-liability.html

[3] independent insurance agent: http://smallbiztrends.com/2011/10/how-to-choose-insurance-agent.html

[4] Insurance: http://www.shutterstock.com/pic-68428126/stock-photo-a-colorful-sticky-note-arrangement-shows-an-insurance-concept-with-health-life-auto-home.html