Insurance Insights from Clark Howard

Why You Need to Review Your Insurance Policies Regularly

As a consumer, it's essential to stay informed about your insurance policies and make adjustments as needed. This is especially true in today's rapidly changing world where new risks and threats emerge every day. By regularly reviewing your policies, you can ensure that you're adequately protected against unexpected events.

For instance, if you've recently purchased a new home or car, it's crucial to update your insurance coverage to reflect these changes. Similarly, if you've experienced a significant change in income or family size, your insurance needs may have changed as well.

The Importance of Having the Right Insurance Coverage for Your Business

As a business owner, having the right insurance coverage is crucial to protect your assets and ensure continuity in the event of unexpected events. This includes liability insurance, property insurance, and workers' compensation insurance, among others.

It's also essential to consider the specific risks associated with your industry or business model. For example, if you're a restaurant owner, you may need specialized insurance coverage for food poisoning claims.

How to Save Money on Your Insurance Premiums

One of the most significant concerns for many consumers is the cost of their insurance premiums. However, there are several ways to reduce these costs without sacrificing coverage.

For instance, you can increase your deductible, which will lower your monthly payments but may result in higher out-of-pocket expenses if you need to file a claim.