A recent column article in Parade (an online entertainment magazine) handles a question on when getting insurance makes sense. The answer was interesting and succinct - you get insurance when you’re dealing with a risk that is difficult to avoid, reduce the occurrence of, or bear the financial and physical repercussions of. Why? Because purchasing insurance means you transfer and share this expensive, unavoidable risk with your insurance provider.
The fact is, the chances of something terrible happening to you are usually low - but they exist. Unlikely, but costly - that’s the kind of risk you want to be insured for. Health insurance, for instance, can protect you from paying for expensive healthcare (unfortunately, such is the sad state of healthcare in America today) for the rather severely contagious diseases, like COVID-19). Auto (and auto liability) insurance financially protects you from the consequence from the unlikely, but possible risk of having an accident (provided you didn’t cause it of course).
Also, if you have a company or run a non-profit, you can get business insurance, commercial property and casualty insurance, and commercial health insurance too to protect against the same unlikely but possible and expensive risks that could damage your firm’s property and employees/members.
There’s a ton of reasons why insurance is the smart way to stay financially protected this year. Of course, it doesn’t make sense to insure yourself against low-impact risks that occur commonly without resulting in too much financial/physical damage (like spilling water on your files or getting a common cold//headache).
The best way to know exactly what kind of insurance you or your firm needs, and what type of coverage and benefits you can get for your budget, you should consider talking to an insurance broker. These guys specialize in all the terms and conditions of more than a few insurance providers, and they’ll be able to point you to the right provider and get you the best market rates for the coverage you need.
Carriage Trade is one such company situated in NY that handles all the technical details for you, so you can have your financial risks taken care of as quickly, hassle-free, and seamlessly as possible. Contact any one of their seasoned insurance experts today or give them a quick call at 516-358-5600.