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A proper insurance scheme can address your need and get you a wider coverage for a lesser premium. Here are a few tips insurance that can help you choose with care:

Choice of Companies:
Unlike life insurance, for general insurance, it is difficult to predict which company is better than the other, as products and features will be same for all. Also, rates are standardized as per IRDA regulations. However, components such as OD discounts, loadings, voluntary / compulsory deductibles may vary from product to product and company to company.

Getting the Right Insurance Broker:
You can minimize your insurance headaches by finding yourself an rite insurance broker. So, in order to get the best available coverage and rates, an insurance broker who knows your business is always better than an agent who represents a single company. A good insurance broker will have tie ups with many companies and have got the experience to compare the products and quotes of different insurance companies. This will help you to get you the best in terms of rates as well as products.

Assess your Assets:
Correctly estimate the assets that need to be insured and regularly update them on your policy. This will avoid the risk of under insurance or over insurance.

For contents insurance, it is required to list the valuable contents and estimate their replacement value. Make a note of serial numbers or identity marks for electronic items and machineries.

For commercial policies, assess the average value of the products in your premises and their possibilities of wear and tear. Review the recent law suits and settlements in your field. Also talk to your peers and find their level of their coverage.

If your house / office is in a rented premise, check your agreement carefully. You may be covered by the owner's policy.

Keeping Policy up to Date
It is important to keep your policy up to date to ensure that you are covered at the right level for the right amount of money. Checking the amount and value of your assets against your insurance cover on a regular basis is highly recommended during policy renewal time. Always ensure than your policies are renewed at least a day before the date of expiry. This is because if an event occurs even in an hour's gap between policy expiry and renewal, the claim will not be considered.

Tailor Made Policies
Insurance companies today sell products in combinations as package policies, both pre underwritten and underwritten after considering the needs of a customer. Such tailor made package policies available combine categories which comes under one roof. For example, a business owner's assets may also include the property of his clients in his premises. So, if a fire damages a customer's car in your workshop, you are liable to your customer also. A Commercial Package Policy combines both property and liability insurances, covering your liabilities along with your assets.

Buy an insurance package of policies, which may be less expensive than purchasing individual policies. It not only save your premiums, but combines various aspects which otherwise may get omitted. Also, it releases the hassles and head aches of renewals.

Read the underwriting guidelines carefully
It's important to understand each policy terms and conditions completely before finalising. Take time to go through the underwriting guidelines to know about the coverage, extensions, riders, omissions, voluntary / compulsory deductibles.

Make sure that the risk of loss involved is greater than the cost of insurance. If the premium payments are high compared to the risk of loss involved, it may be advisable to just bear the risk! On the other hand, if the occurrence of any contingency would lead to a heavy financial burden, it is wise to insure yourself against such contingency!

Insurance Is the Subject Matter of Solicitation | All rights reserverd Jaika Insurance Brokerage Pvt. Ltd.

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