Insurance FAQs
Professional Liability Insurance policies help protect small businesses from errors or omissions. Professional Liability Insurance policy may be able to save you from having to pay high legal costs.
General Questions
What if I need specialty coverages that are unique to my industry?
We provide different types of insurance policies for different kinds of business needs. However, if you need specialty coverages for risks that are unique to your industry, talk to a representative at Meghani Insurance group to get a better understanding of what each policy can do for your business.
How can I compare this policy with what I have today?
A certified insurance agent and a representative from Meghani Insurance Group can help discuss and compare your current policy to the new one. We will help you identify gaps in your current policy, so you know what to look for in your next one. Our goal is for your new policy to meet the evolving needs and risks that come with your business.
How is this different from a Business Owner’s Policy (BOP)?
A Business Owner’s Policy is a packaged insurance policy that is meant to cover typical risks in small to medium-sized businesses. On the other hand, this policy is tailored to your industry’s unique risks and needs.
Does this include umbrella coverage?
Umbrella coverage refers to extra insurance that covers risks beyond your existing policies’ limits and terms. This can be added on top of your current insurance policy. Talk to a Meghani IG advisor to know more about umbrella coverage.
Why don’t any other companies offer a policy like this?
Meghani Insurance Group’s mission is to provide insurance policies that actually protect our policyholders and cover their special needs. Not all basic policies can do that. Here, we take the time to understand your business and examine your needs so you can be assured that no matter what happens, your business is secured.
How can I check if my Meghani IG policy satisfies the insurance requirements of certain projects, clients, or contracts?
You can review the terms in your policy together with a Meghani IG advisor to make sure that your policy satisfies the insurance requirements of certain projects, clients, or contracts. Your policy terms will be indicated clearly so you can review and examine them at any time.
Is Meghani IG properly licensed to provide insurance in my state? Has their new policy been approved by regulators?
Meghani IG is licensed to provide insurance in Texas. If you are located in a different state, talk to a Meghani IG advisor to know more about the policies available for you and your business.
What if I have locations in multiple states?
The good news is that you don’t have to get another policy when you have different locations in multiple states. As long as you don’t have a location to cover outside the United States, you can use a single insurance package. Just make sure to let our representative know where your other businesses are located.
How can a Meghani IG Advisor help me?
A Meghani IG advisor can help you navigate the ins and outs of business insurance. After identifying the unique risks in your industry and examining your current policy, your advisor can guide you toward the best insurance policy options you can enroll in. They make sure your business is covered in all areas, so there are no surprises when unforeseen events occur.
What kind of training do Meghani IG Advisors have?
Our financial advisors at Meghani advisors are trained and certified, with licenses issued by state regulatory boards, according to the U.S. Bureau of Labor Statistics.
What do I do if I suspect my systems have been hacked, or my electronic data has been compromised?
Meghani Insurance Group places extreme importance on all our clients’ data security. If you suspect your financial information is compromised, change log-in details on all your systems and contact us (and your banks) to let us know.
Why does the policy I received have more than three pages?
Your insurance policy usually comes in 2 to 3 pages. However, if your policy exceeds that, it may be because of added terms and conditions. Talk to your Meghani IG advisor to know more about your policy.
Getting a Quote
How long will the quote process take?
Our quote process is incredibly quick and you can expect a quote within the same business day. If you come into one of our locations, you may even walk out with a quote in hand.
How do I adjust my limits or deductibles?
Raising deductibles or limits can save you more money in the long run. To make changes to your limits or deductibles, contact us and talk to a Meghani IG advisor to help you with the process.
Is this quote my actual price?
The quote may or may not include additional fees but your Meghani IG advisor will explain everything in detail to you.
What options are available for payment of my premium?
Enjoy hassle-free payments by choosing how to pay your premium. You can choose to pay monthly, quarterly, semi-annually, or annually.
How can I compare my Meghani IG quote with my existing policies?
Comparing policies is the best way to determine which policy works best for you. Examine your quote and review coverage limits and their corresponding rates.
What if I have multiple starts and end dates for existing policies?
Having multiple insurance policies is legal and even recommended for certain businesses when previous policies are not sufficient for their current needs. If you have multiple start and end dates for existing policies, talk to your Meghani IG advisor about it for more straightforward payment schemes and efficient updates.
Do I really need all of this coverage?
Your preferred coverage really depends on what your business needs. Some terms may not be necessary for your industry while you may request for additional coverage. If you’re unsure if your current coverage is sufficient for your business, talk to a Maghani IG advisor for more information.
Policy
How do I update my contact information?
Updating your contact information is easy. You can contact a representative or a Meghani IG advisor, who will provide the necessary steps to update your contact information.
How do I amend my coverage?
It is possible to make changes to your insurance coverage when your current policy terms are not sufficient for your changing business needs. The best time to do this is upon contract renewal, but you can still do this at any time. Call a Meghani IG advisor or visit our office to amend your insurance coverage.
Who is eligible to be designated as beneficiaries?
A beneficiary refers to a person who is entitled to receive benefits upon the release of the insurance compensation. This is typically your spouse, children, or family member.
Talk to a Meghani IG advisor who knows the ins and outs of state laws regarding insurance to assist you with the designation process.
What are the types of beneficiary designation?
Beneficiaries are categorized into primary and contingent beneficiaries.
A primary beneficiary is the first in line to receive the benefits of your insurance policy. A contingent beneficiary, on the other hand, is your backup beneficiary for when your primary beneficiaries are already deceased.
Can I change my beneficiary anytime?
Yes, you can change your beneficiary anytime. You can talk to your Meghani IG advisor to help you with the process.
How do I update my name and status?
To change your name and status in your insurance policy, you need to fill out an information sheet and submit it to us along with your valid ID.
Can I assign my policy?
Most business insurance policies have an anti-assignment clause that prevents you from assigning your policy to someone else. However, there are laws in some states that allow transferring of policy rights to other parties under certain circumstances.
Contact us to know more about these conditions.
How do I file for a cash loan against my policy?
Visit us at Meghani Insurance Group with your original policy document and fill out a loan application form, valid ID, and proof of income. Typically, you can borrow up to 90 percent of your policy’s total cash value.
What are the different payout options available?
Insurance payout options refer to how you will receive your benefits during a claim. These payout options include lump sum payments, installments and annuities, and retained asset accounts. To explore other payout options, talk to a Meghani IG advisor.
How do I reactivate my lapsed policy?
If you have lapsed payments, you can reactivate your policy with a reinstatement application. If it has only been six months or less since the policy lapsed, you may only need to fill out the application form and pay the accumulated unpaid premiums (plus interest). However, if it has been more than six months since the policy lapsed, you may also need to pay a minimal penalty fee.
File a Claim
How does the claims process work?
The claims process starts with a claims application. After investigation and approval, we will release the benefits or payment to you or a third-party on your behalf. A Meghani IG advisor will guide you through the entire claims process.
How does my deductible impact a claim?
Deductibles refer to the amount taken out from your total claim value. These act as a cushion or a form of risk-sharing between the insurance provider and the policyholder. This helps keep insurance costs affordable.
How does my limit impact claims payments?
An insurance coverage limit is the maximum amount an insurer pays for a covered claim. Coverage limits depend on your policy and the amount you spend on it. This can be discussed with your Meghani IG advisor upon application.
How will a claim impact the policy premium?
Insurance premium rates may increase after a claim, and this may go up by 20 to 40 percent. How long this will stay in effect depends on many factors such as how much the rate hike is and how much was claimed.
How do I get an update about the status of my claim?
You can track your claim progress by calling us or reaching out to one of our Meghani IG advisors in our physical location.
How will I get paid for a claim?
Once your claim is approved, you will receive a payment based on your losses and damages. Payment options will depend on the type of claim. You may be paid in a lump sum or installments.
How do I submit documents for a claim?
Fill out a claim form and submit it together with your other documents via email. You can also file the claim in person at our physical location.
When should I contact you about a claim?
You should contact us as soon as an accident happens or as soon as damage or loss is incurred. The faster the report, the faster the claims process is going to take. However, if you cannot contact us right away, try to file a report within seven days for more immediate approval.