What’s Included in Your Schedule of Benefits
Every Schedule of Benefits is different, depending on the type of insurance and the provider. However, most include these key elements:
- Covered Services or Items: For Business Insurance, it could cover property damage or legal liability.
- Benefit Limits: This refers to the maximum amount payable for each service which typically ranges from $5 million to $20 million.
- Waiting Periods: Some benefits have waiting periods before you can claim.
- Exclusions: These are things the policy doesn’t cover, such as intentional damage in Business Insurance.
- Co-payments or Excess: Any costs you’ll need to contribute, say, a $200 excess for a claim.
- Claim Process: Brief details on how to claim benefits which is handy for planning ahead.
Navigating Your Schedule of Benefits
As an insurance broker, we always encourage our clients to dive into their Schedule of Benefits before signing up for a policy.
Here’s how you can make the most of it:
- Read It Early: Review the Schedule of Benefits when comparing policies. It’s the quickest way to see what you’re getting for your money.
- Check for Gaps: Look for exclusions or limits that might affect you. For instance, if you’re a small business owner, ensure the policy covers your specific risks (e.g., equipment breakdowns).
- Ask Questions: If something’s unclear, reach out to an insurance broker. A broker can explain the terms and help you find a policy that matches your needs.
- Keep It Handy: Save a copy of the Schedule of Benefits for quick reference when you need to make a claim or check coverage.
A Schedule of Benefits isn’t just another piece of paperwork. It’s your guide to understanding what your insurance policy can do for you.
This document is your starting point. Take the time to read it, ask questions and work with a trusted broker to find a policy that works for you.
Explore your options with us at Tank Insurance. Contact us now to learn more and read our blog for more info!
