List some red flags to look for when choosing an insurer.
What will be an ideal response?
Some red flags to look for while choosing an insurer are as follows:
a. An agent who delays giving answers, fails to hand over a policy, or neglects to provide proof of endorsements.
b. Routine answers such as: "Don't worry about it, it's a computer glitch."
c. A delayed premium refund.
d. A hand-delivered policy instead of one sent directly from the company.
e. An adjuster who says it will cost a small business owner more to process the claim than the amount of the owner's deductible.
f. Delay tactics to encourage one with the insurance policy into a lower settlement.
g. Attempts to minimize one's damages to save the insurance company from having to pay on the claim.
h. Request by the adjuster to keep the claim or proposed settlement a secret.
i. An offer of a new policy to replace one that is flawed.
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What will be an ideal response?