Not all companies are licensed to operate in every state. Many companies sell insurance policies and the prices vary a lot from one to the other, so it's worth comparing prices. You've probably heard me say that I'm an insurance fanatic. When I ask people who their insurance company is, they usually answer: “I don't know, or they give me the name of their local agent.
If a loss occurs in your home, car, or business, the last thing you want to do is find out who your insurance company is and who is your agent and how they can help you when your life is turned upside down. For more information on independent rating agencies, see “How to Evaluate the Financial Strength of an Insurance Company”. Founded by a small group of California Dental Association members in 1980, The Dentists Insurance Company has grown to protect a community of more than 24,000 dentists in 15 states. While the number of insured persons and products has increased over the years, the TDIC continues to focus on dentists and is led by a board of dentists with peer-approved products.
This leadership develops the policies, procedures and regulations for the operation of the TDIC. If, for example, the company's insurers weren't going to insure a dentist, that person could appeal to a panel of their peers. To protect dentists better than any other insurance company, a company must better understand dentists and their profession. TDIC's experts, analysts and in-house claims unit offer specialized expertise.
With a singular focus on dentists for 42 years and counting, TDIC understands the details that make the difference in dentistry. In addition to reliable financial support, the TDIC offers policyholders a free advice line for individual consultations and a wealth of risk management resources. These resources include reference guides, publications, sample forms, and ongoing seminars and online learning courses designed specifically for dental professionals. Nancy just bought a new car and house and is considering protecting her new assets by purchasing insurance.
Access to objective information about insurers' financial strength and stability can help you make informed decisions about coverage. The insurance company (West Bend) works in partnership with an independent agent before and after the sale of the policy. The financial stability of an insurance company is important because customers need to know if the company can make timely and accurate payments for multiple claims. Nancy can review the financial statements and performance of each insurance company to determine if the company can make payments.
A lower price can also mean that the insurance company has entered a new market for them, so they may not have the experience that another insurer would have. There are hundreds of insurance companies out there today, and it's very important for Nancy to understand what factors she should consider when choosing an insurance company that meets her needs. The purpose of this blog is to share different aspects to consider when deciding where to place your insurance business. Check with your authorized insurance agent for specific details of coverage and your insurance eligibility.
Checking the financial stability of your insurance company before purchasing coverage should be a priority. To learn more about the benefits of working with an independent insurance agent, see my blog, “Benefits of an Independent Insurance Agent”. Just as you wouldn't deposit your savings in cash in an institution without FDIC support or a sophisticated security system, you shouldn't trust an insurance company to protect your office and property unless you've verified that company's ability to resolve claims reliably.