In the journey of life, several uncertainties exist and we can’t foresee becoming victims of an accident, natural disaster or suffer through any other kind of injury. Insurance provides us with some amount of financial protection in case of an injury.
A variety of insurances exist, which might make it difficult to know which ones are truly essential. Several factors such as children, age, lifestyle and employment benefits need to be taken into consideration to find yourself an appropriate insurance.
Common Types of Insurance to take Cover from Injuries
This type of insurance protects you against damages caused to your house and the items inside it. It protects you from accidents that may occur inside the house as a result of your actions, for eg., slips and falls. Protection against natural disasters may be covered by separate policies.
Renter’s insurance is a sub-set of homeowner’s insurance that is used by renters. This insurance protects you against damage to the physical property, contents of property and also personal injuries occurring inside home.
An essential form of insurance is the car insurance that covers all road vehicles and may protect against both physical damage and bodily injury resulting from the accident. It also covers liability arising from the collision.
Life insurance provides an insured individual against the monetary losses that occur due to death of a party. This works on the payment of a monthly premium in exchange for the payment of benefits to a designated beneficiary in case of you death. This kind of insurance provides for peace of mind since your it provides you with a promise that your death would not result in heavy financial burden upon your family.
Insuring a property ensures protection in events of fire, vandalism, theft, etc. Property insurance can extend to buildings, office equipment, computers or any other inventory. Small businesses can consider this insurance to protect their earning in case the business is unable to operate any further.
6Business Owner Policy (BOP)
Business owner policies include business interruption insurance, property insurance, vehicle coverage, liability insurance and crime insurance. This insurance is based on the specific needs of your company. You may also alter whatever was included in the BOP. Usually a business owner would save money by choosing a BOP since the bundle of services would cost lesser than purchasing all individual coverage separately.
Originally posted 2017-07-14 06:33:20.