Whether you run a small business or want to protect yourself against other problems, you need to carry adequate amounts of insurance. If you don’t, not only will you not have peace of mind, but you are one incident, large or small, away from a serious financial catastrophe. While true, it’s easy to overspend or buy the wrong kind of insurance. With this in mind, here are five forms of insurance to protect your assets.
Contractors insurance: If you are a contractor, or if you own a house and hire a contractor, you will want to carry adequate amounts of contractors insurance. Think about it, when a person works on a house, he or she is one slip or fall away from a serious injury. When this happens, the contractor will need to head to the hospital and get plenty of medical care. This can become costly. In fact, a short hospital stay can cost an individual tens of thousands of dollars, or more. However, with contractors insurance, one will avoid problems as the policy will pay out in case of serious injury.
Life insurance: All-too-often, a person will end up putting their family in a bad situation. Think about it, when dying, the primary wage earner will leave his or her spouse in a bad place. Fortunately, with an adequate life insurance policy, you can pass on the money to your spouse and children. Then, they can take care of themselves. Otherwise, if you don’t carry a life insurance policy, your children and spouse will suffer.
Renters insurance: Believe it or not, if you rent a house, you still need insurance. Since most renters own a few expensive items, they will suffer greatly in the event of a robbery or flood. Not only that, when renting a house, the renter is responsible if something breaks and floods the rest of the house. Luckily, with an inexpensive policy, the renter can protect his or her net worth.
More than the minimum for auto insurance: Now, when driving, it’s easy to rush out and buy the cheapest and simplest car insurance policy. However, if you have assets to protect, you will want to find a policy offering higher coverage. While it’s easy to buy the cheapest policy, one accident can leave you in a financial bind. Remember, whether you crash into a rich person with a Jaguar or cause a person a serious injury, you will end up in a world of hurt if you don’t carry a proper policy.
Specialized home insurance: A homeowner will often forget to buy specialized home insurance. This is true whether a person lives in a hurricane-prone area or a fire prone area. Since these incidents are not always fully covered by the insurance company, it’s wise to buy a full policy. Otherwise, if you don’t carry a specific policy, you will end up in serious trouble down the road. Fortunately, specialized home insurance is inexpensive.
If you want to go through life without fear, you need to carry plenty of insurance. While true, this is not enough. No, you need to take the time to find the best policies fitting your specific wants and needs. Otherwise, if you don’t do so, you will struggle to live a happy financial life.