Types of Insurance Programs And Their Relative Popularity

There are many types of insurance in the market place today and many of them are overlooked by the masses. No one considers how important insurance can be until they have a loss. Most people know the different types of car insurance out there, but there are many kinds that you are not as familiar with. Investigating the different types of insurance will help you find the coverage that you need. Here are some different insurance coverage that are available.

Disability Insurance

There are many different types of disability insurance available in the market place today. If you are currently in the workforce, you probably have access to some sort of disability coverage through your employer. Most states require that they carry disability insurance that covers you for at least 26 weeks after an injury. However, what if you need to be covered longer than 26 weeks? Many people become disabled for life. Would you be able to pay the bills for you and your family if you became disabled? This is a very important insurance policy to own as it ensures that your family will be taken care of in case of an accident or illness.

Renter's Insurance

Most renters do not stop and think about the need for renters insurance. They think since they do not own a house, if something happened to their property it would not hurt them that bad. However, if you stop and think about how much stuff people own inside the house, it can be staggering. If your apartment burned down tomorrow, would you be able to replace everything in it? Most renters have an expensive TV, a computer or two, stereo, couch, chair, bed, and a lot of other stuff. This can add up to be several thousand dollars. If you are living paycheck to paycheck, you may not be able to replace all of these things in your new home. This is a policy that is not as popular as it should be for many who are renting.

Business Insurance

There are also many different types of business insurance. If you are a business owner, you will have many different options to help insure your company and eliminate risk. One essential piece of insurance is liability insurance that will insure you against any accidents occurring on the property. This is one type of insurance that nearly every business owner already has. In fact, they have a policy that is called a business owner's policy or BOP that is a general form of protection that includes many other types of coverage. It includes liability, property, and several other forms of coverage.

One policy that many business owners do not have is business interruption coverage. This type of coverage will insure the owner of the business for any lost profits during a business interruption. For example, if a factory burns down or experiences some other disaster, the owner of the company will be reimbursed for any lost profits or expenses that they will incur while the factory is down. Although it might be overlooked, this is a vital piece of coverage that every business should invest in.

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