Frequently Asked Questions




	Find our most requested forms online Check here for news and special programs Browse our tips, FAQs, or ask your question Connect to the RMV, community resources and useful sites				10 Things you should know about insurance and investments (but probably don't) When is it time to update my coverage? Murphy Insurance What should I look for in an insurance agent? How will Murphy Insurance work with me if I have a claim? Personal Insurance What do I need to know in case of an accident? Business Insurance How can Murphy Insurance help my small business be more competitive? What do you mean by risk management? Does Murphy Insurance specialize in one type of insurance? Financial Services Do I need a life insurance policy? Why have I been hearing so much about long-term care insurance? Why should I turn to an insurance company for investments? *10 Things you should know about insurance and investments (but probably don't)* Your homeowners policy only provides $2500 coverage for personal business property in your home. If you have a home office, you may need to increase coverage to fully protect your computer, office furniture, equipment, filing cabinets, etc. If a tree falls on your vehicle, the damage is not covered under your homeowners policy. You are covered only if you carry comprehensive coverage on your auto policy. Without a renter's policy, the contents of your apartment are not covered if they're stolen or lost in a fire. Your homeowners policy alone does not cover flood damage. If houses in your neighborhood have flooded in the past, you should check into a flood policy. You can lower your payments on most policies simply by raising your deductible. But, a higher deductible does mean you'll pay more out of pocket if you have a claim. On average, Social Security and a traditional pension provide only 45% of the retirement income needed by most people. You can help bridge the gap by contributing to an IRA. If you drive in a carpool, you might need to increase the medical coverage on your auto policy to fully protect your passengers. An employee who is injured while driving a business vehicle is covered under workers' compensation -- not under the commercial auto policy. 3 out of 5 people over the age of 65 require nursing home assistance. A long term care policy can help protect you from the financial burden of nursing home costs. Your company could be liable if an employee has an accident while operating their own vehicle for work purposes. Back to Top *When is it time to update my coverage?* Insurance is really about protecting the things important to your life against the unexpected. So, anytime you make significant changes in your life it's time to think about your updating your coverage. Here are some examples: A change in marital status An addition to your family Kids away at college Changes in your income A new job or new business Retirement New drivers in your household Paying off a car loan Improvements to your home Moving to a new apartment New jewelry, computer equipment or other expensive items For more details, download a copy of our Life Events Checklist. Fax a completed checklist to us and we'll be happy to help to you evaluate your insurance and financial needs. Back to Top Murphy Insurance What should I look for in an insurance agent? In a word, service. We think a good agency will offer you several things: they'll take the time to find out what you need, help you make decisions, answer questions clearly, and stick by you throughout the claims process. A good agency should also offer extras, such as local offices, bilingual staff and help with the registry. Back to Top *How will Murphy Insurance work with me if I have a claim?* In an emergency, you can reach us 24-hours a day. Call us at 800 222 8711. You can also report a claim on-line. We will help you sort out the situation, gather information and submit your claim as quickly as possible. We'll continue to work with you, helping you see a traumatic experience through to a happy ending. Back to Top Personal Insurance *What do I need to know in case of an accident?* Most importantly, stay calm. Don't move an injured person -- unless they're in immediate danger. Don't move your vehicle unless it impedes traffic. Don't blame the accident on anyone -- including yourself. Give your full description of the accident only to the investigating police officer. Exchange information with the other driver. Contact our office immediately. Back to Top Business Insurance *How can Murphy Insurance help my small business be more competitive?* We'll certainly do more than just sell you an insurance plan. We'll advise you on how to use insurance wisely to meet your financial and business goals. We begin by sitting together and looking at how your business approaches and manages risk, then we'll develop a risk management plan just for your business. Back to Top What do you mean by risk management? It means identifying the factors that are a financial or property risk for your business, then figuring out the best way to navigate those risks. Succeeding in business is all about managing risk. Insurance is one component of a risk management strategy -- but it is not the only solution. Back to Top *Does Murphy Insurance specialize in one type of business insurance?* We serve a large and diverse business community. Therefore, we offer literally hundreds of insurance products to serve the needs of all our clients. Because of our size, we can choose among insurance companies to help our clients find just the right coverage -- whether this means one policy from one company, or a variety of policies from specialized providers. Back to Top *Why have I been hearing so much about long-term care insurance?* People are discovering that long-term care insurance provides a means of paying for extended care without exhausting personal finances. As the general population gets older, long-term care -- including nursing home and in-home care -- has become a costly necessity for many families. Families that don't have long-term care insurance can find their homes, savings and other assets in jeopardy as they struggle to pay the costs. Back to Top Financial Services Do I need a life insurance policy? Almost everyone can benefit from life insurance. It is the best way to ensure that your survivors remain financially secure. Life insurance serves several purposes. First, it can provide mortgage protection -- ensuring that your family would not need to give up their home. It also serves as replacement for income lost by a family wage earner. It can also help pay for services provided by a family member who usually works in the home. Back to Top *Why should I turn to an insurance agency for investment help?* There certainly are many choices for how and where to invest. We believe that working with one agency for insurance and investment helps you keep an eye on your overall financial well-being and all the things that are important in your life. As a full-service agency -- with an emphasis on service -- Murphy offers you access to a whole team of professionals who can help you make good decisions about your future. Back to Top