Insights from the Insurance Industry: What to Steer Clear Of
Working within the realm of insurance provides an unparalleled insight into the countless mishaps and claims that life can throw at us. With this exposure, certain products and activities naturally become less appealing.
What, then, do those in the insurance world tend to shy away from, based on their professional experiences?
In a similar vein, I once posed this question to a trauma nurse familiar with the consequences of risk-taking. Her response was clear and confident: she adamantly avoids motorcycles, ATVs, and snowmobiles.
It’s fascinating how various professions influence personal choices, particularly when the risks are laid bare so frequently. If you’ve ever spoken to someone in the insurance field, you’ll know they often have their own list of no-go items, shaped by the claims they’ve encountered.
What products or activities make your own list of avoidances? Let us know in the comments!
As someone who has spent considerable time in the insurance industry, I’ve come across a wide array of claims that provide a unique lens through which to evaluate risk. While each individual’s risk tolerance may vary, my experience has highlighted certain products and activities I personally choose to avoid or approach with caution. Here, I’ll share my insights, which might also help others make informed decisions:
Trampolines: While trampolines can be a delightful recreational activity, they come with a surprisingly high risk of injury, particularly for children. I’ve encountered numerous claims involving fractures, sprains, and even more serious injuries like head trauma. If you do choose to have a trampoline, ensure it’s equipped with safety nets and always supervise its use.
Inadequately maintained homes: Homes that have deferred maintenance issues can lead to costly claims. Simple things like neglected gutter cleaning can result in water damage, and overgrown trees can lead to collapse-related incidents. Regular maintenance, including roof inspections and ensuring appliances are in good working order, is crucial to prevent significant damage and claims.
Luxury or Underinsured Vehicles: Specialty or luxury vehicles can lead to high repair costs and insurance premiums. Many are also not adequately insured to reflect their value, leading to potential financial loss. Ensuring that any vehicle is adequately insured with comprehensive and collision coverage can mitigate these risks.
Non-compliance with Safety Equipment: Engaging in activities like boating, skiing, or construction work without proper safety gear like life jackets, helmets, or harnesses is a recipe for disaster. Claims often show a recurring pattern where lack of proper safety equipment exacerbates the severity of injuries. When engaging in these activities, prioritize top-tier, approved safety gear.
Lack of Umbrella Insurance: While not an activity or product per se, foregoing umbrella insurance can leave individuals significantly exposed to financial ruin. This additional liability insurance goes beyond the limits of your regular insurance policies and can be invaluable in cases of severe accidents or lawsuits. I often recommend it to anyone looking to truly protect their assets.
Water Sports without Proper Training/Guidance: I’ve seen claims arising from accidents in activities such as jet skiing or parasailing, often due to inexperience or inadequate supervision. Ensure that you have proper training or guidance and that the equipment is operated under safe conditions.
Public Events with Poor Crowd Management: Large public gatherings like concerts or festivals can, unfortunately, turn hazardous in poorly managed environments. Crow