General FAQs
Policy Basics
A premium is the amount you pay to keep your insurance active. It may be billed monthly, quarterly, or annually.
Premiums are based on factors like your location, claims history, coverage type, limits, deductible, and the value of what you insure. Higher limits and broader coverage usually result in higher premiums. Working with an independent advisor helps you compare options across carriers.
A deductible is what you pay out of pocket before insurance begins paying a covered claim.
Higher deductibles typically lower your premium, while lower deductibles reduce out-of- pocket costs during a claim. Your advisor can help you choose a deductible that fits your budget and risk tolerance.
Coverage Options
Your insurance needs depend on your lifestyle, assets, and goals.
Personal Coverage
• Auto insurance
• Homeowners or renters’ insurance
• Condo insurance
• Life insurance
• Umbrella liability insurance
Business Coverage
• General liability insurance
• Property insurance
• Workers’ compensation
• Professional liability (errors and omissions)
• Commercial auto insurance
• Business interruption insurance
Many clients need both personal and business coverage. Ward & Co. Insurance helps align everything under one coordinated plan.
Coverage should reflect what you own, what you earn, and what you could lose financially.
Important factors include property values, income, dependents, liability exposure, and personal comfort with risk. An advisor helps identify gaps and right size coverage as your life changes.
Claims and Protection
Do I need insurance if I’ve never had a claim?
Yes, insurance protects against unexpected events, not past experience.
Major losses such as home damage, lawsuits, or business interruptions can exceed most savings. Insurance provides financial stability when something unexpected happens.
What happens when I file a claim?
The process usually includes:
1- Ensuring everyone is safe
2- Documenting the damage or incident
3- Reporting the claim to your advisor or carrier
4- Providing requested information
5- Claim review by an adjuster
6- Payment based on policy terms
Your advisor helps guide the process and keeps communication clear.
What is liability insurance?
Liability insurance covers legal costs and damages if you’re responsible for injury or property damage to others.
It is included in most home, auto, and business policies.
Many clients add umbrella insurance for additional protection beyond standard limi
Cost and Savings
How can I lower my insurance costs?
You may reduce premiums by:
- Bundling policies
- Increasing deductibles
- Improving safety features
- Reviewing coverage regularly
- Removing outdated coverage
- Maintaining a strong claims history
Savings should never come at the expense of essential protection. We can help you balance affordability with getting comprehensive coverage.
Is insurance required by law?
Some coverage is required, such as auto insurance and workers’ compensation for businesses. Mortgage lenders usually require homeowners’ insurance.
Even when not required, insurance helps protect against major financial loss.
Life Insurance
What is the difference between term and whole life insurance?
Term life insurance provides coverage for a set period and is typically more affordable.
Whole life insurance lasts for your lifetime and builds cash value. The right option depends on your financial goals, family needs, and long-term plans.
Personal Lines FAQs
Personal lines of insurance protect individuals and families against everyday risks. This typically includes coverage for your home, vehicles, personal belongings, liability exposure, and future income through life insurance.
Coverage is designed to protect what you own and what you’re building.
Yes, many clients bundle auto, home, and umbrella insurance under one carrier or advisor.
Bundling often reduces cost and simplifies policy management while improving coverage coordination.
Commercial Lines FAQs
Yes, business owners often benefit from aligning personal and commercial policies under one advisor.
This approach helps identify coverage gaps, avoid overlaps, and protect both business and personal assets.
Coverage should reflect what you own, what you earn, and what you could lose financially.
Important factors include property values, income, dependents, liability exposure, and personal comfort with risk. An advisor helps identify gaps and right size coverage as your life changes.
Locations FAQs
Ward & Co. Insurance serves individuals and businesses throughout the Chicago area and surrounding Illinois communities.
Our team understands regional risks, carrier requirements, and coverage considerations specific to the local market.
Location affects pricing, eligibility, and coverage needs. Factors such as weather patterns, traffic density, property values, and local regulations all play a role.
Working with a local advisor ensures your coverage reflects where you live and operate.
Working With an Advisor
Why work with an independent insurance advisor?
Independent advisors work with multiple carriers, offering more choice and flexibility.
They help you understand coverage, compare policies, identify gaps, adjust plans over time, and assist with claims. You gain a long-term partner, not just a policy provider.
Can I update my coverage after purchasing a policy? Yes, coverage can usually be adjusted at renewal or after major life changes such as buying a home, starting a business, or growing your family.
Regular reviews help ensure your coverage stays aligned with your needs.
Understanding Insurance Terms
What insurance terms should I know? Common terms include:
Premium – What you pay for coverage
Deductible – What you pay before insurance responds
Endorsement – An optional coverage change
Coverage limit – The maximum the policy will pay
Exclusion – What is not covered
Knowing these basics helps you make informed decisions.
Choosing a Provider ​
What should I look for in an insurance company?
Consider financial strength, claims service reputation, coverage options, and pricing. An independent advisor can compare carriers and help you choose the right fit.
Final Thoughts
Insurance should feel clear, manageable, and tailored to your life. With the right advisor, coverage becomes a tool for confidence rather than confusion. Ward & Co. Insurance works with you to build protection that evolves as your needs change.
Get a Quote
Connect with our team to receive a personalized insurance quote tailored to your needs.