Life insurance can provide much needed help for a surviving spouse, children, and other dependents of a deceased person. These funds are necessary to help maintain standards of living and help repay any outstanding debt. The amount of coverage varies based on your situation and premium payment options. Life insurance can be an especially important financial decision for many reasons, the most important of which is protecting your family.
Auto insurance helps protect you from damage due to a car accident and from liability for damage or injury caused by you or someone driving your vehicle. Additionally, it may help cover expenses that you or anyone in your car may incur as a result of an accident. Auto liability coverage is necessary for anyone who owns a car. Many states even require you to have this insurance before you can register a vehicle.
Property Insurance is one of the most commonly purchased policies, and luckily, one of the most affordable policies on the market. Many landlords require renters to purchase this policy. Most Property Insurance policies allow the insured to recover losses from the most common incidents, like fire, theft, or wind damage.
General Liability Insurance is one of the most frequently purchased types of insurance, as accidents do happen. All General Liability Insurance policies protect both businesses as well as individual employees against lawsuits. However, General Liability Insurance only protects small businesses from claims of property damage and bodily harm.
Workers’ Compensation Insurance makes sure that your employees' medical bills and lost wages are paid for if they suffer an on the job injury, or work-related illness. It is extremely important to review your state's laws and regulations, as the specifics and requirements of your Workers' Compensation package will greatly depend on them.
Standard auto insurance policies only cover the depreciated value of a vehicle, which begins to happen the moment it leaves the car lot. The importance of GAP Insurance covers the “gap” between what a vehicle is worth and what you owe on it. For example, if you finance a new car and only put down a small deposit, the loan amount may exceed the market value early on in the loan, and you would be responsible for anything over the depreciation value of the vehicle without GAP Insurance.
Flood Insurance is often excluded from basic homeowners’ or business insurance policy due to the catastrophic nature of floods, hurricanes, tropical storms, heavy rains and other conditions. Even if your home or business is located away from water, you may still need Flood Insurance as mother nature is unpredictable.
Homeowners insurance can allow you to replace your home inside and out after a catastrophe and even help to cover the costs of lawsuits if someone is injured on your property. On average, for you to be covered for the cost of repairs, coverage of at least 80% of your home's value, minus the value of land and foundation, is necessary.
On average, employers cover about 40% of all workers with some form of company-paid disability insurance, which generally covers up to 65% of your salary. Ideally, you should have total coverage of two-thirds of your current pre-tax income. This type of policy is used for replacing a portion of your lost income if you are unable to work for an extended length of time.
Health Insurance is no stranger to anyone. Most people have the luxury of having medical insurance as an employee benefit, with their employers often paying all or part of the premiums. If you are unemployed, or your employer does not offer Health Insurance, you can privately purchase it, however, it can be more expensive, depending on deductibles, location, and coverage choices.
Business Owners Policy, also known as a BOP, works well for small businesses without specialized risks, or where basic property and liability coverage may be sufficient. BOP's automatically include various standard coverages, such as employee dishonesty, property, general liability, business income, securities, accounts receivable.
In conclusion, with so many choices for different types of insurance to choose from, you can cover yourself for just about any reason. From your health, to your vehicle, your employees, and even your tenants, all of these items can be insured for a more secure future.
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