When you decide to purchase low-cost insurance, It is essential to be sure that it does provide the coverage you need. Whether its personal or commercial type, the target should be to strike a balance between cost and coverage to ensure that you are getting the coverage you need at a reasonable price.
In this article, we shall discuss the thin line between insurance cost and coverage,
Property insurance
Among the best way to cut down cost on your property insurance is to increase your deductible. By doing this, you will maintain adequate coverage while reducing your premium. If applicable, you should consider letting your lender know as most lenders fixed maximum amount. You can also take some measures that would help reduce risks of hazards such as installing a sprinkler fire alarm system, security cameras, smoke alarms, and other safety devices.
Disability Insurance
At this point, you probably know how much you need to survive. Having a stable income is necessary for survival especially if you have a family to care for. Purchasing a disability insurance policy is very important as it ensures that you get compensated for the amount you need to pay your bills in case you ever face disability. The easiest way to determine how much disability insurance you should buy is by summing up all your monthly bills and subtracting your spouse’s earning or any other reliable source of income. The remainder is the amount you should ensure.
Liability Insurance
If you own business, It is crucial that you get liability insurance as it protects you in the incase a customer sues you for personal injury or damage to property. Although it can seem cost serving not to have any coverage, running a business with little or no coverage can have catastrophic consequences for your business in case someone files a lawsuit against you. On the other hand, this risk can be reduced by making sure that your working conditions are safe and clean, all products sold out to customers have been extensively tested and approved, your business adheres to disability law requirements, and other elements as described by your state.
Business Interruption Insurance
Well, you can consider this as a form of disability insurance for your business. In case of a catastrophe such as natural disasters that causes your company to close down, having a business interruption insurance in place will ensure that you have everything you need to stay operational and pay bills until you can re-open. You can reduce the risk/cost of this coverage if you can fully operate online or run an alternative office.
Umbrella insurance
This is perhaps the most valuable form of protection that every business and individual should purchase. You can buy personal or commercial umbrella insurance depending on your needs. However, this type of coverage not only covers you in case you face any lawsuits but also fills in any other gaps that home or auto insurance won’t cover.
It’s NOT always the best choice to get the least insurance coverage. To have the best possible protection, make sure that you purchase the best coverage at the lowest price.
Contact us!
At Kunevich & Lau insurance, We offer various types of insurance quotes including, Personal, Auto, homeowners, business, life, umbrella and so much more. With over 40 years in the industry, we offer very competitive rates and put your satisfaction as our primary goal!
For more information or appointment scheduling, Call or email us via (617) 731-1015 or Info@weinsurema.com respectively. Alternatively, you can also check our website at http://weinsuremass.com/ or visit us at 241 Washington Street Brookline, MA 02445 or 268 Centre St Newton MA 02458. We take customer servicing very seriously and have a team of professionals waiting to pick your call or answer your email. Get in touch with us today!