Insurance is a grudge purchase; you know you need it, so you buy it. But chances are you've never read your policy.
This webinar will help to cure that problem. We'll explain four basic insurance coverages: commercial general liability, property, employment claims, and cyber liability. At the end, you'll have a high-level understanding of what each policy covers.
You can sign up at this link.
Traditional insurers have their place as part of a risk financing plan. They have the financial size to absorb massive catastrophic losses (like hurricanes) and extensive claims services, while providing insureds with predictable expenses. All in all, these are clear benefits.
But that doesn't mean that your claim will be paid. From the Tampa Bay Times:
Nearly one out of every three people who have put in a damage claim from the two hurricanes that hit Florida this year won't receive a nickel to cover the cost, state data shows.
The Florida Office of Insurance Regulation released new statistics Tuesday that show hurricanes Hermine and Matthew caused a combined $824 million in insured losses. More than 120,000 claims have been submitted for the two storms combined, but about 42,000 have been resolved with no payments to the property owners. Another 33,000 claims have yet to be resolved.
State regulators say the payment rate, so far, isn't unusual. Florida's new insurance commissioner, David Altmaier, told Gov. Rick Scott and the Florida Cabinet on Tuesday that officials are closely watching insurers for trends showing companies are slow to respond to claims or engage in conduct that would prompt a reaction from his agency.
This is one of the drawbacks of dealing with large insurance companies. It's also a prime reason why companies often look at establishing and maintaining a risk financing facility.