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How Does Insurance Work?

You have insurance, but do you understand it?

In this article, we’ll be tackling the question, “How does insurance work?”

 

You know that insurance is designed to protect you from the financial consequences of a loss. But how does insurance work, exactly?

In this article, we’ll be looking under the hood of the insurance industry to show you how the process works (and how you can be sure to get the biggest bang for your buck).

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Farmers vs. Nationwide

Farmers vs. Nationwide

It’s time to talk about heavyweights, ladies and gentlemen, this is the moment you’ve all been waiting for. With total assets nearing one-quarter of a trillion dollars, Nationwide is a major player in the insurance space.

When it comes to some of the largest insurance companies on the planet, Nationwide is in the conversation. You’ve seen the Peyton Manning and Brad Paisley commercials, rivaling the J.K. Simmons commercials for Farmers. Both companies have incredibly catchy jingles. Let’s take a look at the particulars to frame this matchup.
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Just started a business? Here's the types of business insurance you'll probably need.

What Types of Business Insurance Do I Need?

Every new company needs protection.

Find the right level of coverage with these 11 types of business insurance.

An estimated 44% of small business owners have never had insurance.

That number is much too high!

Commercial insurance losses are too common (and too expensive) not to have adequate protection in place to stave off disaster.

If you’re reading this, you understand that business insurance is well worth the cost of your premiums. The question you need help answering is, “How much insurance coverage do I actually need?”

In this article, we’ll take a look at the essential types of business insurance you absolutely need to have.
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5 Professional Insurance Policies You Can't Do Without

5 Professional Insurance Policies You Can’t Do Without

Your professional insurance needs go way beyond property damage.

Protect your clients, your reputation, and your livelihood with these five professional insurance policies.

Most business owners understand the risk fire poses for a restaurant, or the consequences of a hurricane flooding a retail store. But many people don’t stop to think about the intangible risks that threaten professional services businesses like accounting firms, law firms, or marketing agencies.

Risks that property insurance and general liability coverage can’t protect you from.

Insurance works best when it’s custom fit to you. If you’re running a professional services business, you need professional insurance policies that fit.

Businesses that provide a professional service often seem “low-risk,” but just because you’re not working with open flames or heavy machinery doesn’t mean that you’re immune to disaster.

Here are five professional insurance policies that no professional services business should be without.
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Auto Liability Coverage Explained

Auto Liability Coverage Explained

Welcome back!

Let’s have a chat about automobile liability insurance. Your auto policy has a lot of moving parts, and it’s important that you understand them.

Florida’s a pretty odd state in that, presently, we only require property damage and what we call PIP, or Personal Injury Protection, to be legal on the road.

It’s hardly any coverage, and if you’re in an accident, you’re likely going to wind up with a court-ordered requirement to buy a lot more insurance than that moving forward if anybody gets hurt. Or worst case, you’ll have liens and judgments or even wage garnishments that are levied against you by a court because you are underinsured or not insured at all.
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Dwelling Insurance Explained

What is Dwelling Insurance?

Welcome back to Harry Levine Insurance on YouTube. I’m Jason Levine and I’m here to talk to you today about dwelling fire insurance.

 

What is Dwelling Insurance?

A lot of people don’t know the difference, nor should they, between homeowners coverage and dwelling fire insurance. The two types of policies are actually very, very similar; the principle difference is in the design.
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What is a Hard Insurance Market (& What Can You Do About It)?

What Is a Hard Insurance Market (& What Can You Do About It)?

Have you started seeing higher insurance premiums with less coverage?

A hard insurance market is likely to blame. (And the bad news? It’s just getting started.)

 

From a layperson’s point of view, your insurance policy can appear pretty nebulous. An underwriter puts your data into a computer, calculates a few algorithms, gazes into a crystal ball, reads some tea leaves, writes down the last number they dreamed about, and that’s your premium amount.

Wait…is that not how it works?
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Farmers vs. Travelers

Farmers vs. Travelers

Both Farmers Insurance Group and The Travelers Companies are impressive Fortune 500 companies with huge assets, market caps, and tons of employees.

In fact, Farmers employs about 12,700 employees with about 48,000 exclusive and independent agents, ranking in the top 300 companies on the Fortune 500. Travelers is 106th company on the 500 with 30,400 employees, and bragging rights as the second-largest writer of U.S. commercial property casualty insurance. Those are just some of the facts.

Now, let’s line them up, side-by-side:
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What Is a BOP?

What Is a BOP (Business Owner’s Policy)?

Those “in the know” know that a business owner’s policy (BOP) can be one of the most efficient ways to kick off their commercial insurance coverage.

But exactly what is a BOP? In this article, we’ll discuss what a BOP policy covers, why you want one, and who can benefit from it.

When it comes to your business, you don’t want to miss a single detail. You purchased the right furniture and equipment, leased the perfect location, and hired the right employees. When something goes wrong, you’re on top of it.

But how much thought have you put into your business insurance?

The right level of insurance coverage is crucial to making sure that your doors stay open for years to come. And for some business, that starts with a BOP.

 

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Builder's Risk Insurance for New Construction in Horizon West, FL

Builder’s Risk Insurance for New Construction in Horizon West, FL

Nestled between Clermont, Winter Garden, and Windermere lies the burgeoning neighborhood of Horizon West, Florida. With easy access to both Disney World and downtown Orlando, it’s easy to see why Horizon West could make 34787 the next “it” zip code.

Local builders seem to think so. Construction is underway for dozens of subdivisions in the area. And one thing that no new construction project should be without is adequate builder’s risk insurance.

Just because new construction homes aren’t occupied doesn’t mean they aren’t full of risk. Here’s everything you need to know when purchasing builder’s risk insurance.
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