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Insurance

All Insurance is Not Created Equal

July 26, 2011 by Eric Rosenberg

If you are in the market for insurance, you know that it is a jungle out there. You have a huge list of options for auto, home owner, renter, personal property, health, life, and, if you are a famous entertainer, body part insurance.

If you are an entrepreneur, you have a whole different list of needs. You need to understand a whole different side of the insurance world. You need to protect your business, employees, and yourself from accidents and lawsuits.

Indemnity

Indemnity insurance protects you from any major “oops” that can happen when you run a company. Negligence, accidental contract breaches such as confidentiality, copyright, defamation, or libel, loss of data, and loss of goods are covered by this type of policy.

Liability

If your employee goes onto a customer’s property and breaks it, you have to pay for it. That is where liability comes into play. Injuries to third parties and damage to third party property are both covered by a liability policy. Liability also covers you if your product or service injures someone.

Property Insurance

Your company most likely has a physical office, factory, or warehouse. Property insurance covers that location against damage caused by a wide variety of possibilities including weather, fire, earthquakes, and other unexpected events. These policies generally cover the contents of the location, such as computer equipment and manufacturing equipment.

Business Interruption Insurance

If you are struck by a tornado, your office and equipment are covered by property insurance. However, the revenues you lose by now being able to operate are not covered. Insurance policies are available that cover you in case your business has to temporarily cease operations. Your livelihood and your employees’ livelihoods depend on your business operating. Make sure you are covered by a good policy just in case.

Where to Get It?

Shop around for your insurance when you are finding a new policy. Price differences and service levels can vary dramatically between companies. Companies have a wide variety of policy options to protect your business from disaster.

Filed Under: Insurance

Shopping for Car Insurance

April 21, 2011 by Eric Rosenberg


For years I knew that one day my Dad would kick me off the car insurance. That day has come, and I have been doing diligent shopping, quality, and price comparisons to help me make a decision.

Price

The first thing that most people look at when shopping for insurance is the price. Obviously that is a major factor, and you should compare several companies to find the best price.

From commercials, we know about companies like Geico, Aflac, AllState, State Farm, e-surance, and a handful of others. Some claim to save you “15% or more” with one call. Others will compare your rate with other companies.

There is no right or wrong way to do this. You can call in and get a quote or you can do it yourself online. Either method has its own advantages and disadvantages regarding time, speed, and discounts.

One caution, however, is your credit. One of the major factors in determining your rate is your credit score. To get your score, some companies use a ‘soft hit,’ which does not impact your credit report, and some use a ‘hard hit,’ which impacts your report and can lower your score. If you get a lot of quotes, ask about how they pull your credit first.

Quality

All insurance companies are not equal. If you read customer satisfaction surveys and check Consumer’s Report, you will find that some of the older, high service companies like Liberty Mutual and All State score higher than the low price focused sites.

Make sure that your plan gives you extensive coverage. I have only taken quotes for low deductible (about $250), high coverage plans that include uninsured motorist, medical, and comprehensive vehicle coverage.

Some companies are able to offer a lower rate because they do not offer as extensive coverage. You have to decide for yourself which is more important, but I would rather err on the side of having better coverage.

Customer Service

If you have ever had to file a claim, you know it can be a miserable process. Dealing with approved shops, quotes, rental cars, repair schedules, surveys, deductibles, and customer service representatives can be a nightmare.

Again, read online customer satisfaction reports and certain trends emerge. You will easily find which companies have good service and coverage and which will leave you angry, upset, or frustrated.

Any Advice?

I have not made the final choice yet, but two companies are the frontrunners. What companies have you been happy with? Which left you with a bad experience? Any other tips that I missed? Please give your thoughts in the comments.

Photo by Dospaz.

Filed Under: Budgeting, Credit, Insurance Tagged With: Aflac, AllState, Customer service, Geico, Insurance, Liberty Mutual, State Farm Insurance, Vehicle insurance

America, We Have Health Care!

March 22, 2010 by Eric Rosenberg

Last night, the United States government made possibly the biggest step forward for the American people in my lifetime.  219 United States House representatives voted to bring long overdue reforms to the US health care system.  We are still behind what is being done in pretty much every other country on the planet, but at least everyone will have insurance.

I know that a huge part (about half) of the country disagrees with meon this.  While I think it is great, some people think that the system works (though I argue just for rich insurance executives) or needs a different type of change, it has been passed and will impact you.  Like it or not, 30 million people, about 10% of the population, that were not insured will be.  Within a couple of years, the term “pre-existing condition” will be extinct.  Everyone will be covered, not matter what, by a health plan.

The bill, once signed, will be rolled out over about ten years.  The first changes will go into effect within the next six month.  After that, each year something new will kick in.  If you want to know how this impacts you, the best resource I have found is from the New York Times.  They have an interactive diagram that tells you exactly what to expect.

The Wall Street Journal gives a good breakdown of what is going to happen each year.  For example, the next two years have this in store:

2010

Coverage

  • Subsidies begin for small businesses to provide coverage to employees.
  • Insurance companies barred from denying coverage to children with pre-existing illness.
  • Children permitted to stay on their parents' insurance policies until their 26th birthday.
2011

Coverage

  • Set up long-term care program under which people pay premiums into system for at least five years and become eligible for support payments if they need assistance in daily living.

Taxes and fees

  • Drug makers face annual fee of $2.5 billion (rises in subsequent years).

I also enjoyed Five Cent Nickel's post on the new legislation.  And, in case you missed the news and want to see how the events unfolded, here is an article from my local paper, The Denver Post, on how everything happened.

I don't talk about politics often on this blog, I stick to the money.  I don't know how many of you are Democrats or Republicans, liberals or conservatives, libertarians or communists.  I am interested to see what you all think.  Please give your opinions in the comments.  I hope to see a lively discussion of health care reform here at Narrow Bridge.

Filed Under: Insurance

Birthday Blogging: The Perks of Age Edition

February 4, 2010 by Eric Rosenberg

Hi everyone.  If the title didn't give it away, today is my birthday.  This twenty something is half way to thirty something.  On February 4, 1985 at 9:02am central time, I was born.  On February 4, 2010, I am excited to take advantage of the last birthday that comes with something new.

My car insurance, as a 24 year old guy, was about $125 per month.  That is a lot of money.  Even with good grade discounts and a good driving record, it is expensive to drive if you are a guy between 16 and 24.  At twenty five, I am magically less likely to cause an accident.  That means cheaper car insurance.

I ran through a quote program online last week and found that most insurance companies will lower my rate by over 30%.  I will probably find something around $80 per month.  That is a $45 per month, or $540 per year, in savings.  That is a weekend vacation to the mountains in savings.

The only other perk of turning 25 is also car related.  I can now easily find a rental car anywhere in the United States without paying extra fees for my age.  Pretty sweet, huh?

What do I have to look forward to from here?  Wrinkles?  At least I know that many women think men look better with age.  I am going for the Anderson Cooper or George Clooney look.  Girls think they are attractive, right?

(P.S. I didn't pick the Progressive girl from the ads for any particular reason.  I just like her commercials better than the Gecko from Geico.  I have a different insurance company.)

Filed Under: Insurance, Live Better

The Benefits of Insurance

October 18, 2008 by Eric Rosenberg


As someone who cares about their financial situation, which all Narrow Bridge readers surely are, you probably care about your stuff too. As a stuff owner, it is important to have stuff insurance.

If you are a twenty-something renter like me, you do not own a home or have considerable assets. However, if you add up the value of your TV and electronics, DVD collection, laptop, shoes (for the girls), and other odds and ends, you probably have a lot of value in your house/apartment. How should you protect your stuff? Renters insurance.

Renters insurance is fairly cheap (most plans are about $20 a month). Considering the price of replacement in case of a break in or fire, this is a small price to pay. Make sure to take pictures of everything you own so it can be quickly and easily replaced.

If you have a car, insurance is probably required by law. This insurance will protect your car, other cars, and anyone in those cars in the event of an accident or vandalism. My car was vandalised this week (and inspired this post). The cost of repairs was over $3000. My deductible (the part I have to pay) was $250. Either way it sucked. However, I was protected for all costs over my deductible. This coverage costs more, and will depend on age, gender, where you live, and the car you drive. As a 23 year old male in Colorado with a nice, new car, I pay about $120 per month. This is a small price to pay for the big “what ifs” on the road.

If you own a home, you are generally required by the lending bank to have insurance. So, your homework today is to get renters insurance if you do not already have it.
P.S. That is not my car
Image by Tommy and Georgie.

Filed Under: Insurance

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I started a little side hustle blog in 2008, and left my full-time day job as a Senior Financial Analyst to turn my side hustle into a full-time gig. Learn how I did it so you can build your side hustle. It all starts with the first dollar.

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