What Makes A Good Insurance Company?

When choosing the best insurance company for you, your family, or your company, you have a lot to consider. You’re paying to protect the most precious and valuable people and things in your life. You want to make sure that every dime you spend each month is going exactly where you need it to be and exactly where you’ve been told it would go. Researching the best insurance companies can be difficult and time-consuming. Policies can look similar, so many variables and options need to be considered, and how do you know who to trust? Since insurance is so important, we wanted to take some of the stress off your plate. In this blog, we want to talk about what qualities make up a good insurance company, and what qualities you need to be looking for!

When taking your first steps into buying an insurance policy, the first deciding factor that many customers dwell and focus on is cost. You start looking for the best or cheapest deal out there. Take caution when making this your first priority. A good plan at a good price is important, but if something sounds too good to be true, it usually is. When you put price ahead of everything, you might end up with a terrible plan or something truly lacking to your needs. What’s worse, you might not even know it’s a terrible plan until you need coverage. These are not times when you want to hear that you don’t have proper support. Make sure you’re smart about the price tag attached to any plan. Compare prices, shop around, and always read the fine print before signing on the dotted line.

When buying insurance, make sure you are only getting the coverage that you need. If you’re being pushed into a bigger plan than what you can afford or than what you need, it might not be the company for you. Choosing coverage can be a little uncomfortable. You have to consider a lot of “what ifs” in what could happen and what you might need coverage for. A good company and a good insurance agent will take the time to get to know you or your company and walk you through what you need to be considering. A company that doesn’t make time for you isn’t one you should be spending your time on. Find a company that values who you or what your company is beyond a price tag or a sale.

The next factor you need to pay attention to is the company’s customer service and how they interact with their clients every day, even after they’ve made their sale. Insurance isn’t a product you buy once, use, and throw away. It’s an ongoing necessity that needs to be accessed and depend upon at all hours. Accidents don’t always fall between business hours. Do your research and see what current and past clients are saying. Were they respected? Does it take weeks to get a claim taken care of or is it addressed quickly? Do they have multiple platforms of communication? Do they have a working phone number, a good email address, online chat, an app, and more? How long does it take to get an actual person on the phone and not just a bot or answering machine? Make note of their social media, too! Are they active participants in their community? Are they posting interesting, up to date, and important content? Or are they just trying to sell something? You’re spending money on a product that needs to support you. Make sure you know they’ll always be there for you.

When you file a claim with your insurance company, one that you’ve been paying for, you want your money as quickly as possible. You’d be surprised to know that not every insurance company can cover their bases for every claim filed. Some companies invest huge portions of their money (which was your money) and leave only a small portion of their resources to cover claims, according to Eugene Financial Info. What happens if a bunch of big claims comes rolling into a company that practices this way? Claims will go unpaid or it will take an obscene amount of time to finish the claim. Get back on the internet and start researching. What are their clients sharing about how quickly their claims are handled? Do they get the full amount that they’re entitled to? Does the company make it easy and accessible to file a claim at all? Make sure that you’re not stuck in a situation where you’ll need to jump through hoops to file a claim and receive your money. Have your potential insurance agents walk you through the process. If you’re uncomfortable with how they go about it, it might not be the best company for you. Don’t get pressured into something you don’t want or don’t trust. There are other companies out there.

This is a quality you can’t go without checking. You must make sure that the company is licensed, and licensed to work within the state you’re in. Doing online research can also help you with this key point. You won’t find a perfect streak of reviews, but pay attention to what they’re saying about reputation. Visiting their website can also give you great insight into any company’s reputation. See how long they’ve been in business and if they’re transparent about who they are, what they offer, their mission, their values, their vision, and the products they’re selling! If anything is hidden or missing from this key information, that should be an automatic red flag.

It’s important to get to know the insurance company you’re looking at doing business with. They’re taking your hard-earned money and promising to protect the things you’ve worked hard to achieve. You will need to spend time researching, reading, asking around, and thinking about what’s important to you. If you do take the time, it will be worth the outcome. Don’t forget friends! Never hesitate to contact us with any questions or concerns. We are here to help you develop excellent software for your insurance company. Continue to stay safe out there everyone. We will see you next time.