Life insurance rates are calculated with advanced mathematical formulas that take into account a wealth of information. The insurance companies in Albany, New York draw upon statistics from national databases and use their own local experience to determine rates. They must take into account the mortality (or morbidity) rate, assets and liabilities, market trends and coverage, as well as other factors when performing risk analysis.

Mortality Rate

The mortality rate, or morbidity rate, is actually only a small portion of the overall picture that life insurance companies must consider. They use statistics to determine how long an individual will live, on average. This part of the formula must take into account personal health, occupational hazards, life expectancy in Albany and more.

Assets and Liabilities

Life insurance companies also must consider their own assets and liabilities before issuing a policy. For, companies that are positioned conservatively might be willing to take on more risk, but companies that have many liabilities and few assets might have to curtail the policies they offer. Insurance companies must keep a specific ratio of these, by law.

Market Trends

The premiums life insurance companies do not just sit under a giant mattress. After paying administrative costs and paying out claims, insurance companies invest these premiums. Therefore, insurance companies must be able to forecast market trends and predict how their investments will fare.

Coverage

Finally, the coverage of a policy directly affects its premium. Insurance companies take on additional risk when you select higher levels of coverage… The premiums must cover this additional risk.

If you would like more information about life insurance, contact us. As an independent agent, we are able to shop around and find the best policy for you.

If you own a business in New York, you’ll definitely need adequate insurance that offers yourself and your business protection from bodily injury or property damage claims. For this purpose, you’ve probably thought about purchasing a Business Owner’s Policy (BOP), but should you also opt for commercial property insurance coverage as well?

What is a Business Owner’s Policy?

In addition to coverage for your property, your Albany-based business should also have protection against third-party claims and coverage for both company vehicles and non-business vehicles used by employees. A Business Owner’s Policy (BOP) combines property and liability policies into a single, simplified package. The average BOP policy can also be tailored to suit your business’s needs.

BOPs include a wide spectrum of coverage options for companies, but the most common forms of coverage involve general liability and property insurance:

• Property insurance under a BOP provides coverage for personal property, permanently attached equipment and structures that you own or lease for your business. It also includes coverage against business interruptions due to a natural disaster.
• General liability insurance provides protection against third-party claims due to property damage or bodily injury that occurs on your premises or as a result of your operations.

BOP or Commercial Property Insurance: Which One Should I Choose?

Commercial property insurance simply covers your business’ leased and owned physical property and the property of your clients and customers whereas, a BOP covers not just your building and other property, but it also provides general liability and other forms of coverage.

Since a BOP already includes commercial property coverage, you’re better off having the comprehensive protections afforded by one. In addition, you’ll also save money by having all the coverage your company needs in one package. Contact us to get in touch with an independent agent in Albany to further discuss your options.

Filing a claim on your Albany home or auto insurance is the first thing you should normally do in the event of a loss, but what happens when the loss amount is less than your deductible? Should you still file a claim or is it better to take care of your loss out-of-pocket?

How Deductibles Work

Let’s say your insurance deductible is $500 and you suffer about $2,500 in damages to your home or car. That means you’ll have to pay $500 out of your own pocket before your insurance provider covers the remaining amount.

On the other hand, if your losses total $500 or less, your insurance provider won’t cover anything, since there’s nothing over the $500 deductible to cover. In other words, you’ll wind up paying out-of-pocket to cover that loss yourself. Another common scenario is a loss that’s only a couple hundred dollars more than the deductible amount. Paying $500 out-of-pocket just to have your insurer cover part of a $650 claim doesn’t make much sense

Why Shouldn’t You File a Claim?

Depending on your personal situation and the type of loss you’re dealing with, filing a claim may actually cause your rates to increase significantly. In some cases, it may even cause your insurer to drop your coverage. With that in mind, it might not be worth risking either scenario just to recoup a couple hundred dollars over your deductible. If the loss is significantly less than your deductible amount, it’s usually best not to file a claim at all.

But What If Someone Got Hurt?

When a loss involves bodily injury, it’s best to go ahead and file a claim. Otherwise, the injured party could come back and sue you months or even years later. If that happens, your insurer will be under no obligation to defend you in the lawsuit. For more information, contact us to speak to your New York independent agent today.