Insurance companies know all of the tricks to make sure they stay profitable and give you as little as possible for your losses. According to Russell Longcore, author of Insurance Claim Secrets Revealed! (www.insurance-claim-secrets.com) here are two things that you, as a business owner, must do:
1. Avoid co-insurance penalties. If your insurance policy says that you have to insure your building and contents for 80% of the replacement value and they deem that you’ve only insured it for 50% of the replacement value, then you’ll get less when there is a loss.
2. Make sure that you look at the depreciation tables. Insurance companies sometimes guess when they establish depreciation. If you Google (www.google.com) your asset and depreciation you can often find the depreciation tables for your assets.
Russell was fired from his insurance job when his book was published. Why? Because they felt that the public shouldn’t know all of the behind the scenes workings of insurance companies. Russell felt that consumers should know these facts to get as much of a settlement as possible.
Russell made an offer to anyone reading this blog. The first person who emails him a question (russlongcore@bellsouth.net) will receive a free copy of his book. (And we will report the winner).
You can find out more ways to save money and make sure you are protected when an insurance claim hits by watching this week’s The Ugly Truth about Business program on ibusinesschannel.com. Click on the join button to receive this and other valuable information for time starved business owners that will take your business to the next level.