Types of Business Insurance

Insurance business has a broad understanding that can be broken down into a list of nine types of insurance policies and here will be briefly described. Nine species are still related to the following insurance with insurance business we discussed.  

Property Insurance  

Property insurance is insurance that guarantees against loss or damage to the business location and contents.
It can also be ensured that belongs to someone else in your control when losses occur. Property insurance can also be for a specific risk. For example, fire insurance policy guarantees only fire losses to the location where the incident. Therefore, the loss will not be discussed or questionable, because the location is insured and can be owned or rented

Accident Insurance  

Some insurance companies will have property and casualty insurance together and refer to the coverage as property and casualty insurance. In fact, packaged policies of property and casualty business owners are often the best purchases can be made. However, to have an understanding of the difference between the coverage. Accident insurance guarantees against loss or damage to the business. 

Liability Insurance  

Liability insurance is insurance that insure against the legal obligations imposed on your business due to the negligence of a business or its employees. In other words, protect your business when business was sued for negligence.  

Commercial Auto  

Your personal auto policy covers vehicles used by your business. If your business uses vehicles or anything that needed to be titled by your state, then you need a commercial auto policy. Commercial auto coverage insure against property damage to vehicles and damage caused to others.  

Workers' compensation  

Workers' compensation is a system where employees are not allowed, by law, to sue their employers for improperly employed or hurt him, but, in return, employers must participate in a system that provides almost automatic payments to employees in the event of injury to the bill medical and damage. There are many options for workers' compensation coverage. Some states allow employers to choose from if the system is self-insured employers, some run by private insurance system while others use state agencies. 

Business interruption 

Business interruption insurance guarantees against loss or damage to cash flow and earnings from a business that is caused by the business being unable to operate due to interference. The easiest example is to think about an important part of the machine struck by lightning. Repairs to the machine may be covered by other coverage such as property or casualty insurance. But, if you can not make a widget for three months, than no income replacement without this coverage.  

Health Insurance 

To be competitive, most businesses need to offer their workers insurance is health. Insurance offers health benefits coverage for employees and others.  

Life and Disability Insurance 

Life insurance and disability insurance protects a business against the death or disability of key employees. For example, one couple brought a life insurance policy naming the partnership as a beneficiary. If the spouse is dead, and businesses have planned properly, the policy can be used by businesses to purchase shares of the partnership interests of decedent estates.

Of the types of business insurance that are above, it can be used as our guide in choosing an insurance there business. Of course, with attention to the factors that greatly affect our business. The importance of insurance can be seen from the magnitude of risks that will face when starting and running a business.

Of course, by thinking carefully and quality, rather than one factor that ultimately makes us change our insurance options. Good luck to choose something that is right for your business, insurance is very important, make good.

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Types of Insurance

Amid the uncertainties in life, insurance is one option to keep the assets or yourself from things that do not desired. Who knows, tomorrow or the day after you had an accident and takes care of the course fee will be very big. And than that there are several types of insurance that can be said owned. The following is mandatory for the types of insurance that should or must you have. 

Disability insurance 

The prospect of long-term disability is very scary that some people just choose to ignore it. While we all hope that, "nothing will happen to me," relying on the hope to be able to protect your future earnings power is not a good enough idea. Instead, choose disability insurance that provides adequate protection allows you to continue your current lifestyle even if you can no longer continue working. 

  

Life insurance 

Life insurance protects those who are financially dependent on you. If you are a parent, spouse, child or other loved ones would face financial hardship if you die, life insurance should be the highest in the list of the required insurance policy.  

Think about how much you earn each year (and the number of years you plan to remain active work) and buy an insurance policy that will replace that income in this case even if death come more quickly for one thing. Calculate the cost of the funeral, because of unexpected costs also become a burden for many families. 

Health Insurance 

Skyrocketing cost of medical care is reason enough to make health insurance as a necessity. Even a routine visit to a family doctor can produce sizable bill. Pain or more serious injuries resulting in hospitalization in the hospital can produce a much larger bill than one week at a luxury resort.  

Pain that requires surgery can quickly add to your hospital bills digits. Despite the ever-increasing cost of health insurance is a financial burden for almost everyone, the potential cost of not having health policy can be much higher. 

Home Insurance 

Changing your home is an expensive proposition. Having the right home insurance can make the process a little easier. When buying a home insurance policy, look for a policy that covers replacement of the structure and contents of the house in addition to the cost of living elsewhere while your home is being repaired. 

Keep in mind that the cost of rebuilding does not need to include the cost of land, because you already have it. Depending on the age of your home and existing facilities therein, the cost to replace it can be more or less than the price you paid. To get an accurate estimate, find out how much it cost from local developers per square foot and multiply that number with an area of ​​your home that need to be protected policyholders. 

 

Do not forget to calculate the cost of upgrades and special features. Also, make sure the policy provides adequate reimbursement for the cost of injuries that occur on your property. 

Vehicle Insurance 

Vehicle insurance is not something that looks compulsory but accidents can happen anywhere and anytime. By having insurance means you're protecting valuable assets you have, not only the value of your car but also protect your safety and other road users.  

Keep in mind that traffic accidents are not necessarily involve only your vehicle, and often there are multiple parties involved and you could be sued for negligent (if the accident caused by you) according to law. This course will spend a lot of cost, and if you already have vehicle insurance, have at least one load you reduce the risk.

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Importance of Insurance Education

Understanding of insurance education is a primary insurance that aims to offer a variety of benefits to education, especially in this case the costs involved. Insurance education is a long-term funds are deposited in insurance education for the child's future education expenses. 



Importance of Insurance Education 

Insurance education is very important especially for those who already have families and children, the main reason is because the insurance education can serve to finance your child's education at a later date. Premium to be paid in insurance education that must be paid in accordance with the amount and a specified time and of course in accordance with the choice of each customer. 
 
When choosing an insurance education, monthly premium payments are determined and adjusted by education funding required by the child as well as how much money should be provided by insurers.

Insurance Benefits Education 

Insurance education also has some benefits, the benefits that such investment as the benefits to be paid to you in accordance with the agreement in the policy that has been agreed upon, of course, payment has been determined and adjusted to the child's school time, the Mass when the child enters primary school education up to university high.  

If something happens to the owner of insurance education, for example, something happens that is not desirable and result in such a breadwinner father or mother can not work anymore or even death, insurance education will still be paid or given away without the owner's insurance must pay a premium education. Insurance also has the benefit of education as a protection that will be useful in risk of death and will provide some money for the education of a dependent child where the money is already determined from the policy that had been previously selected.



Why Education Is Important Insurance? 

Insurance education is very important to say at the present time due to several factors. One of the main factors that make insurance education to be the one thing that is so important is because of the high cost of education today. 

Not only the cost of education, universities, education costs even Kindergarten was already expensive. We can see the high cost of university education from the regular classes that cater for new students graduate from high school. The cost of college education is increasing, especially for extension classes that cater for those who already work or its employees.  

Because of these factors, then you as parents or people who make a living for the family must begin to pay attention to the cost of your child's education by thinking about how important it is to buy an insurance product education for the child's future education.  

Before purchasing an insurance product that education you should also take into account the premium to be paid and how much funding was received. This should be adjusted to fund the education needed in the years when your child starts school or begin to enter higher education.

Choosing Property Insurance (Losses)

If you already have insurance, there are times when we will start selecting some type of insurance is right for us. Therefore, the selection of the proper insurance is something that must be considered. The following will explain the selection of appropriate yanng insurance, and the things that need to be considered in the selection:


Separate the items / objects in accordance with the calculation of economic.



Choose the items that really need to insured so you have nothing to lose.  

For example, if you intend to take fire insurance for the house and household furniture, then you do not need to enter the computer and all the accessories into the calculation. Why? Because the recovery value for the company's computers is very low when compared to the current value of the computer or at the time of purchase will be insured. 

Another example, you will take the insurance of motor vehicles (cars) the company's assets. If the cars to be insured are aged over 10 years, the economic cost of insurance premiums will be greater. Another case when a company can set their own / self insurance on vehicle assets. 



Identify items / objects are clearly 

We recommend that you first identify the goods / objects that will be insured. For example, the Toyota Corolla sedan 1998. At the company, such a garment factory and its machinery, generators and other equipment associated with the event factory. 



Choose the insurance company with good reputation 

Do not be fooled by insurance companies who provide premium rate (amount paid for a unit of the protection provided) is low or high cut premiums. If you do, can-can the insurance company can not settle the claim at the time you make a claim against them. 



Give the information as clearly as possible 

Give information about an object as clearly as possible will you insured to the insurer / insurance broker. Instead, ask for more-complete information about the insurance products they offer. You can ask about the types of insurance, extensive warranties, rate premiums, deductibles (the amount of fees you would pay before the insurance starts paying compensation), pieces or claim procedures. 



Ask your insurance coverage (insurance coverage) is best 

You should ask the most extensive insurance before the insurance company guarantee insurance policy issued.
For example, for fire insurance Fire Insurance you can ask or 4.1.A 4.1.B RSMD + + earthquake (earthquake) + flood (flood). For property insurance building, you can ask property covers all risks (PAR). If you want to insure your vehicle, ask your motor vehicle insurance covers all risks RSMD 4.1.A +, etc.. 



Ask the system "First Loss Insurance"  

Special coverage for objects that have a value / number of very large, eg above 100 billion, have the system of "first loss insurance" to the insurance so the premiums you pay are not too large.  



Ask the system "Adjustable Policy" 

The value / amount of insurance stock merchandise usually show a different volume each day or each month. To fix this, you can ask the system of "adjustable policies". With this system you will pay premiums in accordance with the volume / transactions that actually you have done. 



Read, carefully and ask 

Carefully read and examine the contents of the policy statement and the article-the article. Ask about the procedures that will claim you did before approving the issuance of insurance policies.
If there are errors in writing, either on the object of insurance and other information, immediately notify the insurer / insurance broker. They will soon issue a written improvement in the policy. 


Once you have approved the issuance of the policy in question, have the original documents as well as duplicate the policy, complete with receipts as a sign of ownership and payment of insurance premiums

Vehicle Insurance Selection Explanation

In the previous article has described the selection of vehicle insurance. Here is a continuation of previous article.

In assessing the financial strength of this there are some benchmarks that need attention:

1. Assets and liabilities. This can be seen from the financial balance sheet is published in the newspaper. See also, whether the investment is planted in the current or longterm. In terms of liability (the ability to pay off liabilities) will look at the balance sheet, how the debts by reinsurers, how he fulfilled his obligation to pay claims, and so forth.
2. Underwriting Policy. On the balance sheet and annual report will be seen that the insurance is still a profit, or profit growth. This means underwiting policy was good.
3. Underwriters him. Insurance has personnel qualified or not. It is known from the profile companies that includes the underwriters him.

 

Services (service) is the extent to which a mirror of human resources at the company's qualified or not. Moreover, insurance companies are selling a service, so excellent service is the key. For example, the extent to which the speed of service in both the policy issue especially in the payment of compensation or claim.
In addition, about the service can actually be felt by the customer. Is this insurance company was absolutely the best service for its customers. 


In this connection it should also be questioned, whether these insurance companies reinsurance  in-class safety. This can be seen from its annual report. It is important to note, because if the company is not backed up by reinsurance, the company is likely to be speculative in receiving the premiums.


Today the government has set a benchmark of health insurance (not the only one) is through mekanime RBC (Risk Base Caital). If the RBC number was large, this means the company is valued in good condition. But we should not be fixated solely with RBC numbers. Therefore, it could also be a large company that is doing great expansion like to open many branches, then his RBC numbers would be small.  


Conversely, there is a small insurance company but never to expand, the RBC number was probably much greater.  


Thus, RBC numbers can not be used as the sole measure of whether the insurance company is healthy or not. In this case, also noteworthy is the company's performance in the last two or three years. How big profits every year, how much gross premiums they receive each year, how much additional capital and assets every year.  


And, last but not least is how the company's management behavior during this time. Is there a management company for this broken promise? Has this company experienced management defaults and others.

Health Insurance Benefits

 

To overcome our confusion in choosing the insurance then we need to know the benefits of insurance itself.

1. Hospitalization provides for daily room and board charges; routine nursing care; hospital expenses, such as x-rays, anesthesia, medicine, and operating room; and other services relating to medical care and treatment of patient while in the hospital. The agreement may set dollar allowances for the different items or provide full service. Hospital expense insurance is the most widely used type of health insurance.
2. Surgical provides payment in accordance with a schedule of fees, fixing maximum reimbursement for each type of operation. Fees for office calls made before and after the operation may be included. The cost of the policy bears a direct relationship to the maximum the company contracts to pay.
3. General medical covers medical expenses other than surgery. It pays for doctor visits at the hospital, office, or home with certain limitations on the number of calls and the fee per call. The benefits and coverage vary with the policy. This is normally written with other types of health insurance, not as a separate contract.
4. Major medical helps meet the large costs of serious (catastrophic) accidents or prolonged illness. It is a form of protection against large medical bills not covered by hospital- surgical plans. It does not specify the exact amount for various services, but shares with you the expense of major medical insurance. There are 1) high maximum limits; 2) a deductible provision, similar to that found in most automobile collision insurance; and 3) a co-insurance clause. This requires the insured person to pay part of the total bill, over and above the deductible.
5. Comprehensive expense insurance is a health plan that combines features of the four insurances listed above (hospitalization, surgical, general medical, and major medical). It generally has a co-insurance provision and a deductible clause. Maximum benefits on these plans are generally high.
6. Dental expense insurance is coverage that helps pay for normal dental care as well as Damage Caused by accidents. This type of insurance is available through group insurance Generally plans and Sometimes Offered by Employers as a fringe benefit. Almost all policies cover oral exams, x-rays, fillings, cleaning, extraction, bridge work, dentures, oral surgery, root canal, etc. There is usually a deductible, and usually a co-insurance feature requiring the insured to pay from 20 to 50 percent of the cost above the deductible.
7. Loss of income or provides disability benefits you can not work  Because of sickness or accident. The terms of the policy determine:  

1. the length of the waiting period before payment is made​​,  
2. the amount of regular cash benefits,
3. the number of payments to be made​​. 

An individual policy insures up to a Certain percentage of a person's gross earnings and provides benefits, Often for a lifetime. Loss of income is the oldest kind of health insurance. In a previous article also explained the meaning of health insurance, for more details click here.

Sources of Insurance

Many are available in our environment with various forms of insurance, there are some groups, or there is also an individual. To overcome confusion about insurance options, with explanations below can hopefully make your selection.



Options Group

Group health insurance coverage through an employer or other group also has both advantages and disadvantages. Advantages include part or all of the premium being paid by the employer or other policy holder. 

Group policies are usually less expensive than individual policies. Usually everyone is eligible for coverage regardless of health. Group health insurance coverage is typically comprehensive, and premiums can be deducted from paychecks if the policy holder is the employer. Coverage generally cannot be cut off because of the number of claims someone has. With most group health insurance policies, you can select your own health care providers.

Disadvantages of group health insurance policies include losing coverage when you no longer belong to the group. However, the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985 requires a continuation privilege meaning that you can keep group insurance coverage by paying the premium yourself if you leave the group for a specified time period. 


Widows with dependent children, and divorced or separated spouses and dependent children, and divorced or separated spouses and dependent children may do so for three years. Retired people, their spouses and dependent children may do so for 18 months as can unemployed and reduced-hour employees and their dependent children.



Individual 

If you are self-employed or if your company does not offer group policies, you may need to buy individual health insurance. Individual policies cost more than group policies. 

The advantages of having an individual health insurance policy include being able to tailor the policy to one's particular situation. For example, added protection not available under a group plan may be included in an individual plan or additional protection over and above that available plan or additional protection over and above that available through group plan may be part of one's individual health policy.

Selecting one's health care provider including doctors is another advantage individual health care policies have over some group policies.

But individual health policies do have disadvantages. Requirements to be met before being fully covered may be more restrictive. Individual policies are usually more expensive than group policies. Claims must be filed which is not the case with all group policies. Preventive health care may not be covered. 

A higher deductible may be part of the individual health care policy, and lower limits for some coverages including major medical, mental health, and chemical dependency treatment may be part of the individual health policy. 

Some organizations. such as unions, professional associations, or social or civic groups. offer health plans for members. You may want to talk to an insurance broker, who can tell you more about the indemnity and managed care plans that are available for individuals. Some States also provide insurance for very small groups or the self-employed.  

Medicare

In many parts of the country, people covered under Medicare now have a choice between managed care and indemnity plans. They also can switch their plans for any reason. However, they must officially tell the plan or the local Social Security Office, and the change may not take effect for up to 30 days. 

For those people enrolled in the traditional Medicare plan, there are private insurance options that help cover some of the gaps in Medicare coverage. These supplemental policies are sometimes called Medigap or Medicare Supplements (MedSupp). These policies must cover certain expenses, such as the daily coinsurance amount for hospitalization. Some policies may offer additional benefits, such as coverage for preventive medical care, prescription drugs, or at-home recovery. 



Medicaid

Medicaid covers some low-income people (especially children and pregnant women), and disabled people. Medicaid is a joint Federal-State health insurance program that is run by the States.
In some cases, States require people covered under Medicaid to join managed care plans. Insurance plans and State regulations differ, so check with your State Medicaid office to learn more.