Freelancers

Freelancers: What to Do When You’re Unhappy With Your Insurance Plan

Some relationships don’t last forever. As a customer, you have the right to break up with your insurance plan provider. Insurance plans renew annually. Thus, customers have the opportunity to compare shop before the renewal date.

In some cases, customers can cancel their plans before the year is over.

If you find yourself unhappy with your current policy, don’t let it lapse. Instead, have a conversation with your policy contact. When the conversation still doesn’t rectify the situation, take action.

For example, obtain referrals from your peers. Freelancers in the same niche and field have similar policies. If your peers remain happy with their plans, they can point you in the right direction.

Let’s look at what freelancers can do when they feel unhappy with their current insurance plan.

1.Determine Why You’re Unhappy with Your Plan

Before taking action, ensure that you understand what is causing you distress.

Common reasons why consumers change their insurance providers include:

  • Price
  • Bad customer service
  • Lifestyle changes
  • Benefits

For a business, the reasons to change providers don’t differ a lot. You might need to change your policy when your company grows or you decide to downsize.

Times became difficult for business owners in 2020 and 2021. As the economy shut down, their revenue streams thinned. Thinner income streams made paying the bills tougher.

When you need to scale your business down, you can scale down your policy. If your business has improved, ensure that you still have enough coverage by increasing the policy and its benefits.

Bad Customer Service

If the reason why you want to obtain a new policy is bad customer service, you’re not alone. The service could indicate what you should expect when you file a claim.

Insurance companies cannot pay out all claims without conducting thorough investigations first. The number of life and disability insurance claims that providers received in 2021 increased significantly.

Although providers built their models to pay out these claims, it strains their risk and profits. Thus, work with agents that provide good service from the beginning. It can make filing a claim a better experience too.

It’s not just business insurance providers that you can change; sometimes you need new health or dental insurance plans.

Learn more about dental plans.

2. Comparison Shop Online

Comparison shopping online is a great way to find out what else is available to you. After a year or more of operating your freelance business, you’ll have a better lay of the land. You’ll understand your business needs and necessities better.

With experience under your belt, comparison shopping becomes more efficient. You’ll know how much coverage you need, the best policy types to obtain, and the price you can pay.

To make comparison shopping easier, several online tools remain at your disposal.

3. Speak with Insurance Agents

Speaking with independent insurance agents who represent more than one provider might net you some positive results.

Entrepreneurs benefit from keeping their fingers on the pulse of the factors that impact their business operations and bottom line.

When you speak with insurance agents, you find out what’s happening in the market. You also develop worthwhile business relationships. In the process, you might find a new policy that makes you happy.

4. Obtain Referrals from Other Freelancers

If you don’t have time to comparison shop or cold-call insurance agents, you can ask trusted freelancers for referrals.

After obtaining the referral, follow it through. Ideally, the agent will expect your call. Even better, they’ll reach out to you first.

The goal is to speak with an agent who understands your current situation. They’ll offer a solution and want to gain your business.

5. Sign Up for a Service

Freelancers depend on themselves to keep their income streams flowing. If you still find yourself short on time, sign up for a service that caters to freelancers.

The number of freelancers continues increasing since 2008. Entrepreneurs have caught on to this fact. Thus, they have started services that offer freelancers discounts and exclusive prices.

In short, someone else completes the legwork for you.

Conclusion

When you’re unhappy with your insurance plan, you can switch to another that better serves your needs. It takes some legwork to find a plan that makes you happy. However, finding it means you’ll worry about one less thing.

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