Insurance is Evolving – Calculating Premiums

With the recent bouts of severe storms leading to floods, sewer backups, roof damage and many more examples of losses, insurance companies are being forced to increase premiums for upcoming insurance terms.

Our friends at Intact Insurance explain why this is the case and provide valuable information about how our insurance premiums are calculated.

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Preparing for a Rainy Day – Umbrella Liability Policies

thumb2The Umbrella policy gets its name because its coverage goes ‘Over and above’ the limits of your regular policy. I’m sure your initial questions are ‘Why would I need that? Isn’t my current policy enough?’. They are good questions and the answer is that your current limits of insurance may not be enough in certain situations and that is exactly why an Umbrella policy could be crucial for you, to protect your business and your assets. If you are earning a good wage, you own recreational vehicles, properties or watercraft, maybe you have a swimming pool or trampoline on your property or you just like to travel abroad regularly then an Umbrella policy could be exactly what you need, even if you already carry insurance to cover these risks.

That sounds crazy, right? You already have insurance. You’ve been diligent in making sure you are protected if you should need it, so why do you need more insurance? The truth is that your lifestyle puts you at risk for being sued for large amounts of money should someone get injured on your property, injured using your belongings or if you damage the reputation of someone or their business. All insurance policies have their limits, and in the case of you being sued, these limits may be exhausted leaving you vulnerable and your assets exposed. An umbrella Liability policy provides an additional layer of security should you find yourself in this unfortunate situation and it also protects against libel, vandalism, slander and invasion of privacy. Umbrella Liability Policies can increase your coverage up to around $5 million, they are available for Worldwide-coverage (with added conditions) and often fill gaps in the coverage you already have.

Nobody wants to think about the worst-case scenario, but Umbrella Liability policies, like real umbrellas, are extremely useful when the rain does come. If you are concerned about potential exposures, or you are just not sure if this is something you need, then please do not hesitate to call us or to come into the office to speak with one of our insurance experts. We would be honoured to guide you through your options.

Challenging Choices – We are here to help.

We are here to help.

I remember as a young boy eagerly looking forward to my birthday. The excitement of waking up and getting to open gifts, the anticipation of my friends and family coming round to celebrate with me and also the hope that I would receive a birthday card that might have a crisp $5 note inside, and with it the opportunity to go shopping and getting to choose what to buy.

There is something thoroughly enjoyable about making the decision of what to buy when it is something we want, something we are excited about and something we will get to enjoy. Unfortunately, buying insurance just doesn’t have that same level of anticipation and excitement attached to it! Most of us dread having to ‘shop around’ and find the best deals and the most suitable coverage. This often leads us to merely renewing our policies blindly rather than looking to see if we can find more adequate coverage or the same coverage at a better price. This is probably because insurance is a necessity and not something we ‘get’ to buy, but rather something we need to buy. No one would deny the importance of having insurance, it is something that protects our assets and our family’s futures, and this is what makes the decision of buying insurance so difficult for us.

This is where your insurance broker can help you to take the stress out of your insurance purchase. Insurance brokers, like us here at Astro, are independent of the insurance companies. This gives us the freedom to go shopping for you, as we have access to all of our insurance partners and therefore, a wide selection of insurance policies. This means we can ensure that you receive the best insurance coverage at the best possible price. Shopping directly with an insurer doesn’t allow for this, they only have access to the one market and this removes the choice from you, the client.

As well as helping you shop for the best insurance, your insurance broker is also one of your key advisors, along with your accountant, lawyer and banker. Your insurance broker is licensed and is required to meet ongoing educational requirements to maintain that license, assuring you of expert, unbiased advice. Whether it’s finding the best coverage at the best price or negotiating your next claim, we at Astro are here to help you protect your family, your possessions, and your business. So come on in and let us take the stress out of your insurance shopping, and we will give you more time to do the things you do enjoy!