Example: Assume the coverage limit on the liability portion of your auto insurance totals $300,000. If you purchase an umbrella policy of $1 million, and you cause an accident that exceeds your the $300,000 limit on your auto policy, your umbrella insurance can cover the remainder, up to $1 million dollars (a total of $1.3 million total liability coverage, in this case)
Boat Insurance
The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example.
Renters insurance provides low-cost coverage for your personal belongings, so you can recover from loss, damage or theft. It also covers your personal liability. Your landlord’s policy covers the building and grounds, but will not reimburse you for the costs of your personal items in the event of a loss, or cover the costs of injuries or damage that happen inside your apartment space.
Home Insurance
Broadly speaking, insurance covers you for potential loss resulting from risks such as burglary or theft, severe storms, fire and also your personal liability. The specific risks you may face as a home owner could include floods and earthquakes, which you must cover with separate policies, as these disasters are not included in home insurance.
Condo Insurance
Condo insurance provides coverage for the inside of your condominium (drywall, wallpaper, paneling, flooring, carpeting, or built-in cabinets); the external areas fall under the jurisdiction of your condo association and must be covered under the association’s insurance policy. Depending upon the specifics of your condominium association’s master policy, your condo insurance needs may include coverage for...
As with all insurance, life insurance plans are about preparing for the unexpected. We don’t plan to have a heart attack or meet an untimely end. We may fret about the unforeseen, but there are few ways to prepare for it. Life insurance provides a way to be prepared and get peace of mind.
Disability Insurance
With both key man life and disability insurance, the business secures the policy on the life of the key person. It will own the policy, pay the premiums and be the beneficiary in the event the key employee dies or is disabled. The premium payments made by the company are not tax deductible but in most cases, the proceeds received are income tax free¹.
Every commercial operation needs business insurance. The specific blend of coverage types you need for your business depends on many factors.
Commercial Property Insurance
Workers Compensation Insurance
While you certainly do not need all of these coverage types to safely run your business, it’s nice to know that you have a variety of ways to manage the specific risks your company faces.
Commercial Liability Insurance
In this day and age everyone is exposed to the internet and all its inherent dangers. Cyber Liability Coverage protects businesses and individual users from internet based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial liability policies.
Professional Liability Insurance
Professional liability insurance: If you provide consultation, design work or advice as a part of your professional services, this form of liability coverage can protect you. Also known as “errors and omissions” insurance, this coverage is designed to cover potential claims due to a loss that a client may experience from your services.
Builders Risk Insurance
Builders risk insurance: You can think of this as construction liability insurance. It provides coverage specifically for on-site property damage of a site under construction. This coverage varies by company, but may also cover the construction materials on site, prior to installation. The coverage limit is based on the value of the structure when completed.
Your primary insurance coverage, like your homeowners and auto policies, includes liability coverage up to a certain limit. Liability is your legal responsibility to pay for damage to a person or to a person’s property. An umbrella policy increases your liability coverage substantially—more types of claims are covered and at a higher limit.
Flooding occurs in all 50 states and is not covered in home or renter’s policies. But does that mean everyone should have flood insurance? The choice comes down to your level of risk. Unfortunately, that can be difficult to determine.