Life is just like a real-time movie, with the only difference being the former not based on any script. So, meeting an accident, sustaining an injury or facing a natural disaster cannot be predicted beforehand. That is why, having insurance is so much important as it functions like an umbrella in both sun and shower, whenever you need protection in the event of financial disaster.
Insurance policies come in a wider range of varieties. In absence of a one-fits-all-sizes solution, it gets difficult for laymen to understand what will work best on an individual basis. Different factors including age, lifestyle, employment benefits and children play a role in figuring out which type will be the best fit for your purpose.
Insurance – Common Types
Insurance policies come at a price. As you are investing your hard-saved money, it’s important to assess your risks to ensure maximum gains and avoid financial ruins. Followings are some of the commonest types of insurance policies and what they cover:
It offers protection against damages to the house structure as well as your belongings at home. Such type of insurance protects the buyers from an accident such as, slip and fall that may take place at their home or what have left them injured due to their own action. Depending on policies, you will have a different level of coverage for liabilities and certain high-risk natural disasters.
This type, used by renters, is a sub-set of homeowner’s insurance. Its coverage offers protection against damages to your physical property, contents of your property and also personal injuries sustained at home.
Auto insurance is a very important type of insurance. Should you get in an accident, you’ll need insurance to cover you and anyone else or property involved in the wreck. An experience car accident lawyer like Albrecht law can help you in such events. Car insurance covers all types of road vehicles including motorcycles, four-wheelers, trucks etc. Auto insurance covers for bodily injury and physical damages caused by a car crash. It also covers liability ensuring from a collision.
It protects an insurance buyer against the death-associated financial losses. You are required to pay a monthly premium in lieu of payment of benefits to a nominated beneficiary after your death. This kind of insurance gives a peace of mind as you know that your near and dear ones will not land into financial trouble when you are no more in this world.
If as a business operator, you own a building, inventory, office equipment or computer, this insurance is a good option. Property insurance offers protection in the event of theft, vandalism, smoke damages, fire etc. For small business owners, it’s important to consider loss of earning/business interruption as a part of the policy to protect income if the business is not able to operate any more.
Business Owner Policy or BOP
A BOP package provides all necessary coverage that a business owner-operator may require. BOPs often include insurance property, business interruption insurance, liability insurance, crime insurance and vehicle coverage. Depending on your business’s particular needs, you may choose what your BOP package will cover. A BOP is a cost-effective insurance policy. The package usually costs less than what you will have to pay for individual coverage separately.