Brigham Cluff: What do you do when a client walks through your door and they know that they need insurance but they don’t know much beyond that?
Derek Wilcock: Depending on where we are in our stage of life really depends on how much insurance we need.
We kind of look at the client when they come in and find out what is their risk to exposure for financial loss. If it’s a teenager that just needs his own policy he may not get all the bells and whistles or the extremely high coverage that maybe someone who has a net worth of millions of dollars would have, because he doesn’t need it. But he still needs protection, even at, he or she at their young age if they’re a teenager. We try to evaluate where they’re at in life and what they need to protect them, but also at the same time what they can afford.
Brigham Cluff: Why is there a difference? Why does that person with a net worth of millions of dollars need more insurance than the teenager who’s working a minimum wage job?
Derek Wilcock: That multi-millionaire or person who has those assets, they’ve accumulated them and the last thing you want to do is have a claim or a loss go after those assets because they didn’t protect themselves, and insurance is that protection. They need liability protection to protect them from being sued. If they were to cause injury to someone else, let’s say they’re driving down the road and they hit someone and cause serious injury where that person may not be able to walk again, for example, that could be a huge lawsuit. The last thing you want to do is take all those assets that you’ve worked so hard to accumulate and lose them because of that, and so insurance will be there to step in. That’s where that individual, hopefully, will have a few million dollars of liability protection that the insurance company is giving them to protect them against that financial loss of their own assets.
If you’ve been injured and want to know if you have a case, please contact us today! Our team is standing by to help you with your claim.