Why is it important to have insurance?
If you ask the owners of a Tennessee fireworks store that caught fire last 4th of July weekend, they’ll say insurance is everything. It took firefighters hours to put out the flames.
While there weren’t any injuries, the store was completely ruined. Thankfully, you can replace things, and with the right insurance coverage replacing them is easier than ever before. Even if you’re not a business owner, having insurance means you’re protecting your assets and health.
Read on to find out why insurance is a good idea for you.
Why Is It Important to Have Insurance for Liability
Why is it important to have insurance when it comes to liability? Liability coverages help in the event you’re found liable for damages or injuries.
Personal liability coverages help when you’re found liable for someone else’s injuries. For instance, if someone comes over to visit you and they get hurt, you could find yourself facing a lawsuit. Personal liability coverages, such as the ones found in homeowners’ policies, will help pay for medical and legal fees.
Why Commercial Liability Coverages Matter
Let’s say you’re performing work at a client’s house. Everything’s going great until one of your new hires leaves a tool on the ground, and your client trips on it and twists their ankle.
Your company is now legally liable for the injuries, as well as any expenses related to the injuries. Commercial liability will protect your business, while also assisting with the cost of the client’s medical bills.
What Is BOP and Who Needs It?
BOP stands for a business owner’s policy. When you get a BOP it’ll combine your business liability coverages with your business property coverages.
You’ll instantly know why insurance matters if your business ever experiences a theft of fire. Your BOP coverages will be able to help cover the damages, so you can get things back up and running. If you design your policy with a company like captive insurance, you can even look into adding on special insurance endorsements.
Benefits of Insurance for Your Car
Finally, everyone can benefit from having car insurance. Whether you need a personal or commercial policy, here are a few of the coverages you’ll enjoy:
- Bodily injury liability
- Property damage liability
- Medical payments
- Uninsured motorist
- Rental reimbursement
- Roadside assistance
Every 6-12 months should evaluate your auto insurance policy with your insurance agent or broker. By regularly reviewing your policy, you’ll be able to guarantee you have the right coverages and limits.
How to Get Insurance Discounts
Do you think your insurance premiums are too high? Here are a few tips to help you lower the cost:
- Raise your deductible
- Set up auto-pay
- Pay in full
If you decide to raise your deductible, make sure the savings are significant enough to justify the change.
Cover All Your Bases
Why is it important to have insurance? Now you know the truth! Whether you’re a small business owner, a freelancer, or a corporate employee, everyone can benefit from liability coverages.
Remember to ask your insurance agent to review special endorsements to help you customize your coverages. For more articles like this, check out the rest of this site.