Life throws many unexpected things at all of us. While we usually can't stop these things from happening to us, we can opt to give our lives a bit of protection. Insurance is meant to give us some measure of protection from life's unexpected events, at least financially, should a disaster happen. There are numerous insurance options available. Yet, with so many options, it can be difficult to determine what insurance you really need. Purchasing the right insurance is always determined by your specific situation. Educating yourself and looking at your options ensures that you have the right insurance, at the right price, for the right protection.
If you use your automobile in your business, you need to be certain that your automobile insurance will protect you from accidents that may occur while conducting business.Reiew your policy and discuss the matter with your insurance agent or auto insurer. Make sure you auto insurer knows that you use your car for business purposes. If you do not inform your insurer about this, your insurer may cancel your coverage if a claim occurs that reflects business use.
Disability Income Insurance:
Disability income insurance is designed to replace the income you lose if you become so sick or injured that you're unable to work for a period of time or never able to work again. Disability insurance pays you a regular benefit during the time you're unable to work. Individual, group, and professional disability insurance are ways to odtaim disability insurance.
Life insurance is intended to provide for those who are dependent on you and that you leave behind. Many types of life insurance policies exist.
Health insurance helps you manage your eligible health care costs such hospital, doctor, prescription, preventitive care, and other medical expenses. Individual and family policies cover you and your family.
Long-Term Care Insurance:
Long term care insurance covers eligible medical expenses generally not covered by regular health insurance or by Medicare, such as nursing homes and home health care services.
For most people, their home is their single most expensive asset. Homewoners insurance protects your structure and its contents from various disasters. If you work from your home, you will want to notify your homeowner insurer as you may need to obtain either a separate business liabilty policy and or a supplement to your existing homeowners policy.
Flood insurance protects your home from damage caused by flooding. A regular homeowners policy does not cover flood damage. Many people mistakenly think that, because they do not live on or the water, they do not need a flood policy. This can be a very poor decision should you experience a flood damage event.
Umbrella Liabilty Insurance:
An umbrella policy is designed to supplement regular liability insurance. It protects you if you siffer a major liability loss than exceeds the limits of your auto and homewoner's liability policy amounts.
If you are a renter. a renter's poicy will protect your contents if a covered event occurs.
Worker's Compensation Insurance:
Worker's compensation insurance is designed to provide replacement income and cover medical expenses for employees who suffer work-related injuries or illnesses. Each state has its own workers' compensation system and requirements for employers and their employees.
Other or Additional Types Of Insurance To Consider: BUSINESS OWNERS Should Consult With Their Insurance Agent To Determine What Specifice Types Of Insurance They May Need For Their Businesses. Here are a few to consider:
Business Interruption Insurance
Cyber Security Breaches
Electronic Data Processing Insurance
Employee Embezzlement or Theft
Errors & Omissions
Key-Man Life Insurance
Product Liability Insurance
Buildings, Equipment, Machinery, etc.
How To Select The Plan That Is Right For You:
It is important to select an insurance plan or plans that are right for you and your family. You will need to consider many factors and should talk with your insurance agent or insurer to be sure the plan your select meets you specific needs. Know what is and is not covered. You can easily research insurance plans on the internet to get an idea of what they are, how they work, what they cover and don't cover, and various other details. It's important to select both an agent and insurance company that is right for you.
Ways To Save On Insurance:
1-Comparison shop an be sure you are comparing the exact policy details with the various companies you speak to.
2-Increase your deductibles and co-pays.
3-Purchase a comprehensive or bundle policy with the same insurer.
4-Review your policies annually with different insurers to compare prices.
Insurance related to your business is a deductible business expense on your federal income taxes.
Insurance Company Financial Ratings & Financial Strength:
Always check a company's ratings and financial strength before doing business with them.
NOTE: COVID 19 EXAMPLE
The current pandemic has been a wake up call for all uf us, especially for ALL business owners. Probably no one could have ever imagined the magnitude of the economic pain and suffering that would result. That's why RIGHT NOW is the perfect time for ALL business owners to review their insurance policies and coverage to see what additional options are available to try to insure against these types of events.