Okay, this article is going to start this article off a bit differently:
Cna yuo raed tihs? Tehy say …olny 55 plepoe out of 100 can. i cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was rdanieg. The phaonmneal pweor of the hmuan mnid, aoccdrnig to rscheearch at Cmabrigde Uinervtisy, it dseno’t mtaetr in what oerdr the ltteres in a word are, the olny iproamtnt tihng is taht the frsit and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can still raed it whotuit a pboerlm. Tihs is bcuseae the human mnid deos not raed ervey lteter by istlef, but the word as a wlohe. Azanmig huh? yaeh and I awlyas tghuhot slpeling was ipmorantt!
On the surface, insurance policies really look the same. Just like when reading the above paragraph, very few people actually review their policy wording to truly understand the benefits they are purchasing.
I am embarrassed to admit I’m also speaking from experience; A few years back, I returned from a trip to a basement full of water and was shocked to find out that my home insurance policy did not cover water damage if it came in the window. I chuckled when friend of mine asked why I hadn’t reviewed my policy for limitation/exclusions, as I’m constantly telling others to do. I guess I fell into the trap like most people and just filed the policy with my other important documents. Needless to say, I now have a different home insurance provider.
When O/O’s are researching what alternatives to WSIB they should purchase, they usually want to know two things: how much it will pay them if they are injured and unable to work, and of course, the cost. However, we know the reality is that there is a lot more to a policy than those two things.
Recently we have been getting a number of inquiries from our members and fleets to compare our program to a lower cost program that has surfaced in the market place. The first question I usually ask is, “Has this competitor provided you a copy of their wording with the analysis they provided you?” Nine times out of ten, the answer is “no”. In many cases the analysis does point out some additional low cost features of their program, but they neglect to point out that their policy wording has some very important limitation that would leave their OO’s (and the fleet) fully exposed.
It makes perfect sense for a fleet to benchmark their suppliers from time to time to ensure costs are in line with what’s available in the marketplace. Saving money is something we all want to do, and I strongly agree it’s good to take a look at our options every now and then to ensure our O/O’s are getting the most out of their hard earned money. However, it is important to get all the facts before making a change, so remember as my dear mother always said, “If it sounds too good to be true it usually is.”
Saving money on our insurance (disability, drug/dental, home or auto) is something that we all want to do however be sure to review the policy details with someone that knows what to look for (your broker or specialist in that field) before making a change. Getting all the facts up front certainly avoids those uncomfortable conversations at claim time… It’s all in the wording.
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