Ryan’s a Total Goober
Description: The ultimate guide to insuring yourself. Learn why it’s often a good idea and can save you money!
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Insurance, at its most basic, protects you from financial losses. You pay a little up front in the form of premiums to protect you from unexpected or catastrophic losses in the future.
By self-insuring, you essentially pay the premiums to yourself then pay claims out of your own pocket. By cutting out the middleman, you don’t pay for their offices, employees, advertisements and other overhead costs—not to mention their profits—and therefore... you save money!
Self-insurance is the default setting for everything you buy and use—even something as small as a pack of gum at the corner grocery store. Theoretically, you could buy a policy to protect you in the event the gum fell out of your pocket while walking home or someone swipes it off the desk in your office. Nobody would insure something as cheap as a pack of gum, of course. If the pack of gum is lost, damaged or stolen, you will bear the cost directly because you are self-insured.
Ryan’s a Total Goober