www.mybaycity.com November 27, 2011
Business Article 5844
Sponsored by Bay Area Chamber of Commerce

Insurance - Who Needs It?

November 27, 2011
By: Brandon Sutkowi


Do We Benefit From Insurance, or is it a Necessary Evil?

Why isn't insurance easily understood? Let's examine public perceptions about insurance.


Insurance is an Intangible Item -- An insurance policy is a piece of paper you hold in your hand, a contract, if you will. However, more important than black type on white pages, an insurance policy represents a promise. An intangible promise to pay for losses, a security blanket which allows many to sleep better at night.

Insurance is a Difficult Field, Full of Jargon There are hundreds of terms, policy types, companies, agents, adjusters...

It is easy to get confused as to who does what or what does who. Let's not get frustrated. With a calm, rational approach, we can see that insurance is a contract, a promise to pay in the event of a loss. All other items are supporting cast that fit in around the concept: sales and service, before and (hopefully never) after a loss.

If I Never Have a Claim, Have I Wasted my Money Buying Insurance? Many folks feel that if they did not have a loss last year, they wasted their money buying insurance. However, the general principal of insurance is based on the law of large numbers - spreading the losses of a few among a larger number of exposures to loss. Insurance provides peace of mind, helps businesses obtain credit and financial stability, and generally helps our communities in preventing and recovering from losses.

Disclaimer: The brevity of this article prevents comprehensive consideration of all issues. The information contained herein should not be considered as insurance advice; such is expressly disclaimed. For specific matters, consult with your insurance agent.

Brandon Sutkowi, Personal Lines Manager
Meadowbrook Insurance Agency

I invite your questions and feedback

To Reach Brandon Sutkowi By Telephone -- (989) 799-8390


0202 nd 09-13-2019

Designed at OJ Advertising, Inc. (V3) (v3) Software by Mid-Michigan Computer Consultants
Bay City, Michigan USA
All Photographs and Content Copyright © 1998 - 2019 by OJA/MMCC. They may be used by permission only.
P3V3-0200 (1) 0   ID:Default   UserID:Default   Type:reader   R:x   PubID:mbC   NewspaperID:noPaperID
  pid:1560   pd:11-18-2012   nd:2019-09-13   ax:2019-09-17   Site:5   ArticleID:5844   MaxA: 999999   MaxAA: 999999
CCBot/2.0 (https://commoncrawl.org/faq/)