1. Life Insurance

Your family or other designated beneficiaries are taken care of by life insurance upon your passing. There are two basic types: whole life insurance offers savings in addition to insurance and can allow the insured to collect prior to death. Term insurance offers coverage only during the policy’s term and only pays out on the insured’s death.

2, Health Insurance

Hospitalization, doctor visits, and the cost of prescription medications are all covered by health insurance. The most helpful insurance, offered by many businesses, are those that pay 100% of the hospitalization costs and 80% of the costs for medication and medical care. The insurance will often specify a deductible amount; the insurer won’t start paying until the deductible has been met. The deductible today is frequently far larger than it was twenty years ago, when it might have been the first $100 or $250 in expenditures.

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3. Disability Insurance

If an employee becomes unable to work due to illness or an accident, a disability policy will pay a set percentage of the employee’s wages (or a predetermined amount) each week or each month. Longer waiting periods before payments are due result in cheaper premiums: an insurance that starts paying an injured employee after thirty days may cost twice as much as one that delays payment for six months.

4. Homeowner’s Insurance

A homeowner’s policy offers protection against losses or damages brought on by fire, theft, and other specified risks. No insurance plan consistently covers all risks. By considering the possible dangers in his location, such as earthquake, hailstorm, flooding, and other disasters, the homeowner must evaluate his demands. If a property is not covered for at least 80% of its replacement price, homeowner’s plans offer lesser coverage.

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In periods of inflation, this requirement means that the policyholder must either buy a rider that automatically compensates for inflation or raise the policy limits annually. The owner of a home (or a business structure) may find savings by reducing the policy’s covered amount where property values have fallen significantly.

5. Automobile Insurance

Automobile insurance is perhaps the most commonly held type of insurance. |Automobile policies are required in at least minimum amounts in all states. The typical automobile policy covers liability for bodily injury and property damage, medical payments, damage to or loss of the car itself, and attorneys’ fees in case of a lawsuit.

Other Liability Insurance

A person can be sued for almost anything in today’s litigious environment, including a slip and fall on the sidewalk, an irately said harsh phrase, and a baseball field disaster. A personal liability policy can provide coverage that is greater than that offered by house and auto insurance for many of these hazards. Typically, this umbrella insurance costs around $250 per year for $1 million in liability.

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1. Workers’ Compensation

Almost every business in every state must insure against injury to workers on the job. Some may do this through self-insurance—that is, by setting aside certain reserves for this contingency. Most smaller businesses purchase workers’ compensation policies, available through commercial insurers, trade associations, or state funds.

2. Automobile Insurance

Any business that uses motor vehicles should maintain at least a minimum automobile insurance policy on the vehicles, covering personal injury, property damage, and general liability.

3. Property Insurance

No business should take a chance of leaving unprotected its buildings, permanent fixtures, machinery, inventory, and the like. Various property policies cover damage or loss to a company’s own property or to property of others stored on the premises.

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 All Types Of Insurance For Individual & Businesses Insurance 

4. Malpractice Insurance

Professionals such as doctors, lawyers, and accountants will often purchase malpractice insurance to protect against claims made by disgruntled patients or clients. For doctors, the cost of such insurance has been rising over the past thirty years, largely because of larger jury awards against physicians who are negligent in the practice of their profession.

5. Business Interruption Insurance

Depending on the size of the business and its vulnerability to losses resulting from damage to essential operating equipment or other property, a company may wish to purchase insurance that will cover loss of earnings if the business operations are interrupted in some way—by a strike, loss of power, loss of raw material supply, and so on.

6. Liability Insurance

Numerous hazards that businesses encounter could result in significant liabilities. There are many different types of policies available, including those for owners, landlords, and tenants (covering liability incurred on the premises); manufacturers and contractors (covering liability incurred on all premises); a company’s products and completed operations (covering liability resulting from product warranties or injuries caused by products);

owners and contractors (providing protection for damages brought on by independent contractors hired by the insured); and a host of others (for failure to abide by performances required by specific contracts).

Some years ago, different types of individual and business coverage had to be purchased separately and often from different companies. Today, most insurance is available on a package basis, through single policies that cover the most important risks. These are often called multiperil policies.