Every so often, we think it is a good idea to talk about what may be happening regarding business insurance, personal insurance, and risk management. We review many different insurance publications, insurance company bulletins, and other professionals’ opinions to analyze these trends.

We hope you will consider these as part of your personal and business insurance review process.

Insurance and risk management trends to watch

With the recent cyber breaches, cyber liability is a hot issue. More firms are buying cyber coverage. Cyber threat is a hot, high-profile issue these days throughout the business and the insurance industry. The threat is real, and the economic exposure is potentially catastrophic. Basically, a company is liable for any damage, real or possible, caused by computer-based theft or vandalism. If attacked, a business is legally responsible for notification (ongoing communications with every individual whose records were possibly compromised) and it is liable for any legal action regarding identity theft.

There are more insurers entering the marketplace. While this can be a good thing, some of these insurers are not financially strong, which might lead to issues at a later date. We always recommend using stable and financially strong insurers.

Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers’ focus on claim reduction and potentially lead to increased investments in loss control.

Term life insurance continues to be very competitive. This will continue to allow more and more people to have an interest in life insurance.

Mobile applications are one of the fastest-growing areas of insurance. People are managing their insurance on-line, including premium payments.

Health insurance will cost more for most of Americans.

Retirement income innovations.  A groundswell of consumer interest in ensuring sufficient income in retirement has led to many innovative products for those planning retirement.

Let PlatinumOne Insurance Agency can provide you with an insurance check-up to make sure you have the best possible coverage. We have access to a number of different markets and can save you even more if you combine your home and auto together.  

Everyone needs some level of personal insurance. Most purchase, auto insurance, homeowners or renters insurance, life insurance, and maybe personal umbrella coverage. There are many choices that at times you may wonder which is best for you and your family.  We put together a list of questions you might think about as you consider your personal insurance. We always recommend you review your personal insurance annually to make sure it is still meeting your needs. 

Do Agents Offer Something Different?

We would answer that as a yes because agents have access to different kinds of insurance companies; they offer you a choice and work to provide the best possible combination of coverage price and service. Agents are a small businesses whose goal is to look out after their clients.

If I Rent, Do I Still Need Insurance?

Renters should purchase renters insurance to protect their personal property like; furniture, guns, electronics, and clothes. Your apartment owner may also require liability coverage, which can be included in renters insurance. Renters’ insurance is very affordable and can be an effective way to make sure you are covered in the event of a loss.

Does The Type Of Vehicle Affect My Auto Premiums?

Yes. The make and model of the car you drive play a factor in your car insurance rates. The cost of your vehicle also makes a big difference; the more it costs to repair or replace your vehicle, the more you will pay to insure it.

Are There Auto Insurance Discounts?

Many insurance carriers offer lower rates to good students, military personnel, and people with excellent credit. Ask your agent what discounts are available.

Will a Parking Ticket Affect My Auto Insurance Premiums?

Not usually. You can generally have one ticket on your history without it adversely affecting your premium.

When Should I Consider Life Insurance?

Life insurance is something you might consider when you get married or start having children. Some employers offer a small amount of life insurance, but these plans generally are not enough. Life insurance can provide peace of mind to loved ones in the event of an untimely death of a breadwinner. Life insurance proceeds can be used to fund college, pay for outstanding bills, to supplement lost income for a period of time.

Life insurance premiums are at all-time lows so it can be a very cost-effective financial planning tool.

Is A Personal umbrella Policy important?

Most of us engage in daily activities that put us in danger. Your danger of being sued simply increases if you own a car or an automobile. Many Americans only purchase vehicle liability insurance for $300,000 and homeowners’ liability insurance for no more than $300,000. A personal umbrella policy can give you an extra $1 million in liability protection. 

I Am Remolding My Home. Do I Need To Adjust My Insurance?

If your insurance is written on a replacement cost basis, there may be no need to make adjustments, but we always recommend you contact your agent to review this question. The answer depends on the kind of work you are doing. For example, if you are replacing your carpet with a similar product, you may not need to make any changes in your policy. But if you are adding a 500-foot addition on to your home, then this would definitely require adjustments in the value of your home.

For example, say your insurance valuation is based on a kitchen with laminate countertops and generic cabinets. But then you spend $60,000 on granite countertops, custom cabinets, and top-of-the-line appliances. Would your existing coverage be sufficient to rebuild your remodeled kitchen after a loss? Most likely, you would have an issue.

Before you enter into any renovation project, contact your agent, and they can help you identify which areas may require insurance updates.

I Have A Home-Based Business. Should I Get Additional Insurance?

Homeowners or renters’ insurance policies do not cover any business risks. If you run a business out of your home, we recommend you purchase a business insurance policy. If you have customers in your home for business purposes, your home insurance does not provide any coverage.  Depending on the type of business, coverage may be added to your existing homeowner’s policy through a rider or endorsement.

I Just Bought A Personal Watercraft. Is That Covered?

Unlike small boats, personal watercraft are not generally covered by your homeowners This would include; bodily injury to you that is caused by an uninsured watercraft operator. The legal costs if you’re sued due to an accident.  And any damage to the personal watercraft you own.