Person holding home insurance form

Types of Insurance

Insurance is a diverse industry with many types of coverage available to fit specific needs. No matter if you need personal or business insurance an insurance agent can help you get the coverage and protection you need. Here is a brief overview of the different types of insurance possible. Do note that different insurance agents can specialize in different areas so knowing what insurance you need can ensure you speak to an agent experienced in the type of insurance you are looking for.

Personal Insurance

Personal insurance covers various areas to keep you safe in the event of an emergency. These can include but are not limited to:

  • Auto Insurance: to help in repair and replacement of your automobile in case of an accident and also matters such as injury and liability. Accidents can be minor such as running into a pole, or more involved, such as an auto accident.
  • Home Insurance: to protect your home or dwelling in cases of accidental damage such as fire and water and criminal activities such as vandalism and theft. Home insurance policies not only protect your home but also the contents therein.
  • Life Insurance: to provide monetary compensation in case of death to your next of kin or assigned person to finalize financial matters should you pass away. Life insurance is not just for older people or those with illnesses. Also, you do not need dependents or next of kin for life insurance to serve its purpose.

Business Insurance

When you run a business having insurance is a legal requirement and something you need to carry to properly and safely run your business. Here are some types of business insurance you may need.

  • Freight and Transportation: if your business provides transportation of goods and materials, you will require insurance once the weight of the products you carry exceeds a certain amount. If your transportation service involves the transportation of people (such as a taxi service) a policy is required for reasons of liability and consumer protection. There are situations and industries where this can vary so be sure to check with your insurance agent.
  • Building and Property Insurance: similar to a homeowner’s policy, a building policy protects your company’s building (s), assets, equipment, and stock from loss. These can include incidents such as fires, theft, and other types of criminal or accidental acts.
  • Automobile Insurance: business automobile insurance covers many of the same issues a personal policy does (damage and injuries) and is designed to protect your company in cases of an accident involving a company’s automobile.
  • Personnel Insurance: is a broad group of several types of insurance policies designed to protect your employees and yourself from work-related incidents resulting in an accident, illness, or injury. Types of personnel insurance can include disability, trauma, life, and income guarantees.
  • Liability: a liability insurance policy protects third parties and non-employees from injuries, death, and various types of financial and personal loss. An example of a liability insurance claim can be a customer getting injured on your company’s property.

Final Thoughts

Accidents happen every day, and sadly they are often unpredictable. Insurance helps protect you from those events you cannot predict. By having the right insurance and the right coverage levels, you can rest easily knowing you are protected in an often unpredictable and ever-changing world. Hiring an insurance agent not only helps you have the coverage you need it also provides you with expert advice and someone who will be watching out for your wellbeing in the future.