An Explainer on Insurance Agents
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The most populous city occupies an important position as the capital of the Centennial State. Ranked no. 6 on Forbes Magazine’s 2013 list of Best places for businesses and careers, the city has seen an influx of new residents and businesses. Insurance agents cater to the insurance needs of customers in the regions. They offer both personal insurance for individuals and commercial insurance for businesses.
Auto insurance is mandatory for all vehicles, whether they are owned by private individuals or businesses. In addition to cars, boats and ATVs must have insurance as well. After moving from no fault to the tort system, drivers can be held liable for any damage or bodily harm they may cause to other motorists in case of an accident. The state has also introduced med pay from 2009. Customers can reach their insurance agent to make sure they have the adequate coverage and liability limits.
Homeowner’s insurance is compulsory for all financed homes but owners of finance-free homes can also opt for such policies. The insurance protects homes from damage caused by natural events like storm damage or by accidents like fire. Flood insurance is usually not included in the standard homeowner’s policy and must be purchased separately. Renter’s insurance lets tenants protect against the risk of payment in case of damage to rented or leased homes. Life insurance is an optional type of coverage, but it is recommended for all adults. It ensures that the policyholder’s immediate family or nominees are compensated financially in case of the policyholder’s untimely death. Health insurance policies are taken to ensure that policyholder’s get financial payout from insurers in case of their unexpected hospitalization because of illness or an accident.
Commercial insurance is a very complex field. As the business sector has evolved over the years, the options offered by insurers have kept in sync with the requirements of corporations. Business owners rarely have the specialized knowledge and information about the type of coverage offered by insurers. They can get in touch with an insurance agent to get their insurance coverage. Businesses must compulsorily have auto insurance, worker compensation insurance, lender-required insurance for assets bought with loans and professional liability insurance. In addition to the mandatory commercial insurance, businesses can opt for inland marine insurance, farm and crop insurance, casualty insurance, general liability insurance, business property insurance, key employee insurance and employee health insurance.
Role of Insurance Agents
Insurance agents act as an intermediary between customers and insurers. They collect customer information after a consultation and send the information to the insurer. Independent insurance agents can ask for quotes from several insurance firms. If the quote is acceptable to the customer, the insurance company issues the policy. Insurance agents collect the premium from policyholders and forward it to the insurer. Agents can also suggest how insurance premiums can be lowered; say by installing stronger locks to buildings, fencing for property or anti-theft devices to vehicles. The agents have a fiduciary duty to the policyholder. They are bound by ethical codes of conduct and are required to conduct their operations with probity.