5 Things You Need to Know About Your Preferred Insurance Company

The Internet has given us so many things: ease of communication, viral memes, and among all the information it contains, a large swath of insurance policy options. Thanks to Google, in particular, you can now compare and contrast insurance policies even while you’re commuting to and from work. There’s no need to meet an overzealous insurance agent who will offer you a range of policy features and options.

Still, the process of researching on your own tends to get confusing. Terms such as exclusions, coverage, and endorsements are overwhelming, especially if you’re looking for freight, demurrage and defence insurance, which in itself is highly technical.

Searching for the right insurance provider and policy might not be fun or exciting, but this is something everyone should do to protect their personal lives and their businesses. If you’re feeling overwhelmed with all the information, you can do a simple list of pros and cons and weed the good from the bad to find the perfect insurance partner.

Company Ratings

First, you need to have an idea about the company’s own financial status. Why would you want to get insurance from a company that can’t handle its finances well? Companies such as Moody’s and A.M. Best publish financial analyses of insurance companies. In their reports, you can check for the company’s ratings. Make sure that you’re aware of the grading system—Moody’s highest rating is AAA while A.M. Best’s is A++.

History and Reputation

You can visit an insurance company’s website and get to know a lot about its history and reputation. Some of the things you need to look for are the years they have been active in the business, the states they are selling their policies in, their mission, values, and corporate social responsibility, their involvement in community projects, and the company leadership.

Policy Features

If you’re looking for freight, demurrage and defence insurance, you might be better checking surety corporations that focus on offering marine and motor insurance vehicles. These companies are better suited to fulfil your business’ insurance needs. It is also worth noting that better-rated insurance companies do not mean that they also offer the best policies. Look at the ratings of the policies, too, since they are graded according to their features.

Quality of Customer Service

Couple inquiring for insurance

The inability of any representative from an insurance company to respond to your queries is a red flag. Insurance companies should be accessible at all times. Accidents do not happen on schedule, so you, as a client, should be able to contact them no matter the time of day. One of the best qualities of insurance companies or any company, for that matter, is the ability to accommodate their customers’ needs quickly and proactively.

Cost-effective Premiums

You want quality insurance policies, but that does not mean that you are willing to overpay. You shouldn’t have to pay an expensive premium just to get the features that you want from a policy. Shop around first before agreeing to sign the contract and make sure that you’ve made the necessary comparisons to know you’re getting the best deal.

Picking an insurance company is no small feat. This company will be responsible for any future mishaps on your part, especially in the field of shipping and freight services. Never compromise on the features you want out of your insurance policies.