What Are The Types Of Persona And Business insurance?

Are you always worried that some disaster may ruin your solid financial footing, which you have built up in years? If you wish, you can have adequate insurance to save yourself from ruining your financial stability. There are different types of insurance, which can be primarily divided into personal insurance and business insurance.

Types of personal insurance

There are different types of personal insurance policies, which you should buy to protect you and your family members from any unforeseen circumstances. There are also certain insurance policies to protect your valuable assets (such as, your home or car) against damage. Therefore, you need to buy different types of insurance, to get the adequate coverage. There are primarily 8 types of personal insurance policies, which are discussed in the following lines.

Life insurance – Insures your life in order to save for your family’s future. Your family members or the designated beneficiary get cash benefit in the event of your death.
Health insurance – Helps you to save for future medical treatment costs, so that you can afford the right treatment in need.
Disability insurance – Through this policy, you can get financial support for repaying mortgage or credit card loans if you’re unable to earn due to sickness or injury.
Automobile insurance – The policies cover the risk of theft or any damage to your car along with the liability for claims in case of an accident caused by your car.
Home insurance – with the help of this policy, you can protect your home against any damage caused by theft or natural disasters.
Personal liability insurance – Covers against any legal claims; it is twofold comprising legal defense (in case of lawsuit against the policyholder) and indemnification (payment on behalf of the insured).
Income protection insurance – Pays a livable wage if you are unable to work because of sickness or in case of any accident.
Travel insurance – Covers certain losses (such as, loss of personal belongings, medical expenses, travel delay), which may occur during your trip.Types of business insurance:

If you have a business of your own, then you should buy business (commercial) insurance policies to protect your company from theft, damage or liability. You should have different types of insurance in order to get sufficient coverage in need. There are mainly 3 types of business insurance, which are discussed below.

Business property insurance – Provides coverage to the building and the assets (that your business owns) in case of damage or theft.
Worker’s compensation insurance – Policies can provide coverage from on-the-job injuries of the employees in case of any accident. It also prohibits your employee from taking any legal action against you in case of any work related injury.
Liability insurance – Protects the policyholder (the business owner) from injuries caused to any third party. It can also protect you from lawsuits.It is advisable that you buy different types of insurance policies, so that you get the right amount of coverage in need. If you wish, you can take help of a knowledgeable and licensed insurance agent, who can guide you in purchasing the right types of insurance, according to your requirements.