Here at Northern Insurance Brokers, our tagline is “Know the Risks. Know the Solutions. No More Maybes.” In summary, our proactive approach helps clients understand and manage risks by providing protection solutions they can mitigate.
Here are some common risks that individuals and businesses may face regarding their insurance:
1. Underinsurance Risk: Insufficient coverage may leave individuals or businesses vulnerable to financial losses in a claim. Solution: Our Brokers will help you assess and update your policy to ensure that the limits and protection adequately cover your current assets and liabilities. |
2. Unfamiliarity with Policy Terms Risk: Individuals may not fully understand the terms, conditions, and exclusions of their insurance policies. Solution: Our Brokers will take the time to ensure you understand your policy documents and wordings. We always encourage our clients to seek additional clarification if needed. |
3. Delay in Claim Reporting Risk: Failing to promptly report a claim can result in complications and delays in receiving compensation. Solution: For optimal outcomes, we recommend prompt reporting of claims. Our brokers will assist you with policy procedures. They will also support you if any issues arise. This will give you peace of mind when dealing with your insurance claims. |
4. Failure to Disclose Information Risk: Withholding or providing inaccurate information during the application process may lead to claim denials or policy cancellations. Solution: Be honest and transparent with your Broker when providing information regarding your insurance. This ensures accuracy during the application and allows for tailored protection solutions based on your information. It will also assist with the renewal process. |
5. Dependency on Basic Policies Risk:Relying solely on bare-minimum insurance policies without considering additional coverage for specific risks may leave gaps in protection. Solution: Our Brokers will help to evaluate your individual needs and consider additional policies or endorsements to address specific risks that basic coverage might not adequately protect. |
6. Inadequate Cybersecurity Coverage Risk: With the increasing prevalence of cyber threats, having inadequate coverage for cyber risks may leave businesses exposed. Solution: Assess the need for cybersecurity insurance and ensure that policies provide comprehensive coverage against cyber threats. Our Brokers can help secure the right cyber protection for your individual needs. |
7. Failure to Plan for Life Changes Risk: Life events such as marriage, parenthood, or changes in employment may impose adjustments to insurance coverage. Solution: Regularly review insurance needs, aslifeevents can impact your insurance protection. Make sure to update your policies with us when changes happen. Contact us to determine what adjustments to your protection may be recommended. |
By actively working with the Northern Insurance Brokers team, we can ensure you are aware of these risks and can make informed decisions to mitigate potential challenges and uncertainties, ensuring you have the proper protection when you need it!
Know the Risks. Know the Solutions. No More Maybes.