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Monthly archives for February, 2015

Different Types Of Insurance

There are many types of insurance and many of these are necessary depending on the type of protection and coverage you need.  Basically, people get insurance to protect their overall interest – which of course is usually on the financial side.  It is the protection from having to pay for something due to claims, damages, repairs, or injuries.

One type of insurance is auto insurance.  This type of insurance is a necessity for every road-going vehicle because it provides the vehicle owner financial protection assistance should his vehicle get involved in a road accident that results in property damage, bodily injury, or even death.  There is even coverage involving car protection involving vehicle theft, theft on personal property inside the car, car damage, as well as ‘acts of God’ insurance type that results in damage to the vehicle.  Of course, you are only protected by insurance if the instance or situation involved is within the coverage of your auto insurance policies.

Another type of insurance is home insurance.  There are a good number of home insurance policies that you may want to consider having as this gives overall protection to your home and you as the homeowner.  Types of home insurance coverage includes dwelling insurance, personal property insurance, other structures, loss of use/additional living expenses, and other additional coverage.  Of course, all of these have different policies involved under them so you would want to get the most ideal home insurance that is ideal for the protection you need.

Professional Liability Insurance is insurance for those practicing a particular profession that provides professional services to people.  Those who need professional liability insurance are medical professionals, healthcare providers, architects, engineers, and accountants.  Clients can sue you for malpractice or on errors and omissions done on your part and many of these lawsuits can be really expensive and may even have your professional license get revoked.  By having professional liability insurance, you get the financial backing of an insurance company.  In fact, they may even provide you with a lawyer if you do not have one.  Basically, professional liability insurance keeps your personal profession protected from the cost of such lawsuits.

What Is Liability Insurance?

When people talk about liability insurance, they either talk about general liability insurance or professional liability insurance.  Both types of insurance fall under as liability insurance yet they are actually very different from each other.  Nevertheless, both type of liability insurance are protection from your source of income – either from business or from profession.

Getting sued by third parties due to negligence, injury, or just total dissatisfaction is something you would not want happening with your source of income.  Not only are they financially damaging, but they can also ruin the operations of your business or profession.  If you are equipped with liability insurance, the financial expense will be covered by your insurance company, provided that the liability claims being made is within your insurance policy.

General Liability Insurance – this type of insurance is the most basic and is the most necessary type of insurance for all businesses to have.  Although there are different policies available under this particular type of insurance, the most common general liability insurance to have is the commercial general liability insurance.  Basically, what this insurance policy does is provide coverage when clients or customers get injured within the business premise.  Depending on the policy and exclusions, it may also provide coverage on damages or injuries incurred by employees while working at a client’s site.

Professional Liability Insurance – this type of insurance is something that all professionals should.  Doctors, medical professionals, healthcare professionals, engineers, architects, accountants, and all those who provide professional services should have this type of insurance as it provides them with the necessary protection against malpractice, and errors and omissions they may have incurred while performing their professional duties.  Any mistake on the part of the service they provide may incur legal actions, particularly if the mistake happens to be damaging, life-threatening, or incurs loss of finances.  Having professional liability insurance protects them from the expenses brought to them by claims and lawsuits.  Not having the protection of this type of insurance may not only lead to staggering amounts of financial loss, but it may also lead to the revocation of the professional license if settlements are not clearly paid for.

When it comes to having a business or practicing a profession, it is important to be equipped with the necessary insurance that provides you with protective coverage against any lawsuits that may be held against you by your clients.

Why Getting Auto Insurance Is Necessary

These days, there are more cars on the road than there was a decade ago.  Despite the ever-increasing cost of fuel, it seems that more and more people are investing on cars.  This is not unusual because cars and any other type of automobile are after all very convenient to have.  If you have your very own automobile, you can travel anytime you want whenever you want.  In addition to this, you can carry as much luggage as your automotive vehicle will allow you,

Of course, even with all the advantages and conveniences a car offers, it is the responsibility of the car owner to have auto insurance.  This auto insurance is not just for their best interest, but also the interest of the public.  This is because having auto insurance provides the necessary financial assistance if there should be any mishap on the road.  In fact, the government has mandated that auto insurance becomes a necessity or requirement when renewing car registration.  This is why any type of road-going vehicle must be equipped with some type of auto insurance.

There are actually many benefits to having auto insurance.  Depending on the auto insurance policies that you acquire, you will have the necessary protection based on the insurance coverage you have purchased.  Having auto insurance is actually a win-win situation for you.  Although it may look like an unnecessary expense on your part, you surely would not want your car to get involved in a road accident and not have the necessary insurance coverage that will protect you from the financially damaging expenses your car is involved in will surely cause great damage to your finances.

If you own a car, it is only proper that you acquire the necessary auto insurance for your vehicle.  It is equally crucial that the coverage you get is the most ideal based on your daily driving situations. Not having the ideal auto insurance coverage means you are vulnerable to the different financial responsibilities should your car get involved in road accidents that are not covered by your car insurance policies, which in turn makes you liable to shoulder the costs as a result of any mishap.


February 2015
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