Aulsbrook Law - September 2018



HELPING YOU NAVIGATE TheWorld of Insurance M y first job right out of college was as a financial advisor with A.G. Edwards, which is now known as Wells Fargo their lives back following medical malpractice.

Advisors. While I was there, one of the top financial advisors told me that if he had to do it all over again, he would have owned an insurance agency. His reason? “They never work and they’re always on the golf course.” I can say from experience that’s not completely true, but having your own insurance agency does allow for a great work-life balance, which is what a lot of people strive for. More importantly, though, it allows you to get more personal with the people you work with. You can help people one-on-one. When I say “insurance agency,” I’m talking small and independent. The big insurance carriers are a different story. They’re also why I moved into law. People need help fighting these giant companies — companies that make billions of dollars feeding off the little guy. Tort reform has made it even easier for these big insurance companies in Texas. For instance, if a doctor performs a surgery and makes a mistake, and the patient sues, that patient may only see up to $250,000. The problem is that Texas caps medical malpractice lawsuits at $250,000 — and this doesn’t even include attorney fees. Many attorneys throughout Texas now shy away from these cases because they feel they aren’t worth the risk. They don’t want to spend thousands of dollars investigating the case for a possible win at trial. This hurts people who just need help and want to get

Thankfully, most people don’t need to worry about medical malpractice. Much more often, they’re dealing with home and auto insurance companies. These are companies that often increase premiums only to pay out as little as possible on claims.

The old adage, “Pigs get fat and hogs get slaughtered,” is not the case here. So many of the big insurance carriers are like hogs, but it doesn’t seem like they’re going to get slaughtered anytime soon. They keep getting bigger and bigger. As an attorney, I try to keep them in check and help my clients get what they deserve. Hearing stories about how awful insurance companies are can be discouraging, but insurance is still important. It provides money for you, your family, and others should an accident occur. Insurance is necessary to protect you and your assets when life throws you a curveball. But there are steps you can take to protect yourself when it comes to working with your insurance. It all comes down to being properly educated. Many people think they have a certain level or kind of coverage, when the truth is they don’t. A full review of your insurance coverage with a qualified insurance agent can give you peace of mind that you have the right coverage for your needs — before you have to call on it. When you know how you’re covered, you can be better prepared. If your water heater breaks and floods part of your home and you don’t have coverage for water damage, you’ll be left with out-of-pocket expenses. The same can be said if you’re in an auto accident and your collision coverage isn’t what you expected, resulting in you having to pay out of pocket for a rental car while yours is in the shop. Furthermore, there are a lot of business owners who aren’t fully educated on the coverage they need to protect themselves and their business from general liability claims. All too often, these folks need additional umbrella coverage in order to be protected from problems they haven’t anticipated.

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