Another type of policy that is often required is auto insurance. Most states require by law that you have basic auto insurance. While it may be a law, too many people still drive around without it. The most common reason to have auto insurance is to cover the replacement of an expensive asset. Like a home, automobiles can be quite expensive and if it gets damaged you want to be able to repair or replace it. But there is more to auto insurance than just covering the car itself. Most automotive insurance policies cover bodily injury or death of another person in an incident that you are legally responsible. While it generally pays for medical expenses related to the incident it can also cover legal defense costs. You will also generally find medical payment coverage that pays for medical treatment for you and your passengers during an accident regardless of who was at fault.
One type of policy that for most people that is actually mandatory to have is homeowners insurance when you have a mortgage. If you borrow money from the bank to purchase a home they will require the asset to be insured. For many people this insurance premium is built into the mortgage payment. For many people their home is their greatest asset so it is vital to adequately protect it. If you rent instead of own, a renters insurance policy is just as important. Your belongings inside the dwelling can add up to a significant amount of money. In the event of a burglary, fire or disaster you should be able to at least have a policy that can cover most of the replacement costs.
If you have a business organization, be it small or big, you should always opt for business insurance policies to protect it from any mishaps. Under business insurance, you can avail policies that provide coverage for business property and liability. The most popular business insurance policy that is availed by various business concerns is BOP (businessowners policy). BOP is a package that provides coverage for property insurance, business interruption insurance and liability protection.
One of the most important types of insurance to have is health insurance. Your good health is what allows you to work and earn money and otherwise enjoy life. If you were to come down with a sickness or have an accident without health insurance you may find yourself unable to receive treatment or even in debt to the hospital. Thankfully, many employers provide health insurance benefits to full-time and even some part-time employees. If you do not currently have health insurance coverage this is the first place to check as it will generally be the most affordable. If you are married, you may both be able to receive coverage under just one of the employer plans. If your employer does not offer health insurance or you are self-employed you still need it. While it may not be cheap the fact remains; what do you have if you don’t have your health? Even a basic hospital bill without insurance can run into the thousands of dollars. It isn’t worth risking financial ruin to save a few bucks on a health insurance premium.
Home-Based Business Insurance.
According to the National Bureau of Labor Statistics, 3 out of 10 homeowners operate a business out of their homes. More than 66% of the estimated 20.7 million people who work at home are self employed and run a home-based business. It's estimated that more than half of home-based business owners are underinsured and the Independent Insurance Agents of America (IIAA) say nearly 40% of those they surveyed are uninsured primarily because they thought their homeowners policy covered their business. However, a typical homeowners policy usually only covers damages up to $2,500 on the premises of the home-based business, and $250.00 off the premises. In addition your homeowners policy won't typically cover liability arising from your home business, for example if a delivery person slips and falls when delivering a package.
This type of policy is more important if you are married and/or have children. Your life is valuable because it is what allows you to work and earn an income to provide for your family. When you are gone you create an income gap which could put your spouse or children in financial trouble. Death is hard enough; don’t make it even harder by putting your loved ones in a financial jam if the unfortunate does happen. Funerals alone can be expensive and it creates even more stress on the family. At the very least you should have enough to cover basic funeral expenses and provide a cushion for your family, and at most it should provide a stream of income for your family that can replace what is now gone. If you do not currently have life insurance your best bet is to check with your employer first. Many employers offer a basic life insurance as a benefit and some even allow you to purchase additional coverage at a very affordable rate. Outside of employer plans there are hundreds of insurance companies that can provide the right coverage for you.
Disability insurance is the financial coverage provided to an insured individual when he looses his ability to work due to any illness or accident. There are two types of disability policies: Short Term Disability (STD) and Long Term Disability (LTD). In short term disability, compensation is provided for a period of maximum 2 years. On the other hand, if you choose the long term disability plan, you could receive benefits for the rest of your life.
Special Event Insurance.
Today, any group, club, business, association or individual organizing an event is exposed to liability claims brought by spectators, participants, attendees, and contractors. Special Events Insurance is there to protect your business or organization from claims arising from events not covered in you general liability insurance policy. Special Event Insurance is often required by auditoriums, parks and other venues where events are held. Coverage can be tailored to the duration, size, activities, and nature or your individual event. Other examples are sporting tournaments, weddings, fairs,