Handyman Insurance – What is AM Best Rating?
An insurance company’s ability to pay claims without delay is always a top concern. Companies with healthy finances are less likely to encounter issues that may prevent them from meeting their obligations as insurance providers. AM Best has a tried-and-true formula to determine which companies are positioned for long-term success and which may have murkier futures.
This credit rating agency focuses specifically on the insurance industry and reviews various aspects of a company’s financial circumstances and creditworthiness to assign it a rating. The highest rating— A+ —indicates that the company has a “superior” ability to continue providing insurance to its customers and paying out claims. While customers don’t necessarily need to use an insurance company with the highest AM Best insurance rating possible, it’s generally advisable that they approach low-rated providers with some degree of caution.