Managing Your Risks

Risk is defined as the possibility of a loss, and insurance revolves around risk. Insurance protects against specified risks, or losses, as long as a premium is paid by the insured to the carrier. The key to risk management is in knowing what can and can’t be insured.

“Risk management starts with reviewing all the assets a customer has,” said Elissa Boos, Personal Lines Account Manager at McGrath Insurance. “Once we have that information, we then look into what will give them the most coverage at a price they can afford.”

McGrath Insurance gathers this information in a way unique to the industry. Using the company’s Freedom Plan questionnaire, account representatives are able to gather a very detailed description of your auto, business and home needs. From this research, representatives then customize the Freedom Plan using some of the top insurance carriers in the country to meet your needs at the best possible price.

“The underwriting questions are where we can best assess where your risks are,” said Darlene Ball, Personal Lines Account Representative at McGrath Insurance. For a homeowner, risks can be anything from whether you own a trampoline or pool, how far you live from a fire hydrant, what breed of dog you have, or even how your home is heated (wood stove, electrical, etc.).

From a risk management perspective, a personal umbrella policy is a very beneficial investment. It provides liability coverage that exceeds your primary insurance policies. This coverage is important in the event of a significant or catastrophic loss, which may exceed the limits of your primary policies. A personal umbrella policy may be able to protect you against losses not fully covered by your primary policy.

Additional coverages and endorsements can be added onto the initial policy to increase protection. Endorsements include, but are not limited to, earthquake and identity fraud expense coverage. Flood coverage is a separate policy from a homeowner’s insurance policy.

Contact an account representative today and find out what our Freedom Plan can do for you! Call McGrath Insurance at 800-342-3859, or email us at

*This article is written for informational purposes only and should not be construed as providing legal advice.