You Must Have This Insurance Policy

Why Insurance is Important for Millennials

     Who says insurance must be owned only by people who are already married or have a family? The millennial generation also needs to have insurance. It's better for you to prepare insurance from now on, instead of spending money on lifestyle needs,

An insurance policy can protect you from life hazards, natural disasters, accidents, and life-threatening illness.

You can't stop bad things from happening, but a good insurance policy can provide financial coverage for these unexpected costs.

These are five insurance policies that you should consider in your life.

1. Life insurance

The purpose of life insurance is to protect the people who depend financially on you. If your parents, spouse, children, or other loved ones face financial difficulties in the event of your death, compulsory life insurance should be at the top of your list of mandatory insurance policies. Think about how much you earn each year (and the number of years you plan to keep working), and purchase a policy to replace that income if you die prematurely. Funeral costs factor in as well, as unexpected expenses become a burden for many families.

2. Long Term Disabilities Insurance

The prospects for long-term disability (LTD) are dire, but some people choose to ignore it. Even if you think "nothing will happen to me", relying on hope to protect your future earning power is not a good idea. A disability policy that provides sufficient coverage to allow you to enjoy your current lifestyle even if you are unable to work anymore.

Long-term disability provides a monetary benefit equal to a portion (for example, 50% or 60%) of the insured's wages for the covered disability. Long-term disability usually begins where short-term disability ends. In order to receive benefits, the disability must occur after the issuance of the policy and then, usually after a waiting period. Medical information certified by a doctor, must be provided to the insurance company for consideration.

Most long-term disability insurance policies categorize disability as either self-employed or any occupation.

Self-employment means: the insured, due to disability, is unable to perform his regular job, or similar work. Any employment means: the insured person, due to disability, cannot perform any work for which he is qualified.

3. Homeowner's Insurance

Replacing your home is a high cost. Having proper homeowner insurance will make the process easier. When buying an insurance policy, look for one that covers replacement of the structure and contents, as well as the cost of living elsewhere while your home is being repaired.

Keep in mind that the cost of rebuilding a house does not include the cost of the land, because you already own it. The cost of building a house depends on the age of the house and the facilities in it, the replacement cost can be more or less than what you paid.

To get an accurate estimate, find out how much local builders are charging per square foot and multiply that figure by the amount of space you will need to replace. You also take into account, the cost of upgrades and special features. In addition, make sure the policy covers any liability for any injuries that may occur to your property.

4. Car Insurance

Some level of car insurance is required by law in most places. Even if you are not required to own one, and you drive an old car that has been paid off for years, car insurance is something you should not pass up. If you are involved in an accident, others are injured, or their property is damaged, you may be subject to lawsuits where you may lose everything you own. Accidents occur fast, and the results are disastrous. Not having auto insurance or buying only the required minimum coverage, saves you a little money, and puts everything you own at risk.

5. Renters Insurance

Tenants need the peace of mind that they will quickly recover in the event of a loss. Luckily, renters insurance is a type of property insurance available to people who rent or lease properties. This insurance provides coverage for personal effects, liability, and additional living expenses for insured losses.

For a single property, there may be two types of property coverage: homeowners insurance and renters insurance. However, homeowners insurance does not cover renters' personal property. Therefore, it is important for renters to obtain renters insurance to protect their assets.

Although renters insurance is different from homeowners insurance, they have the same components::

- cover for residence

- coverage for other buildings,

- for private property

- for additional living costs (lost of use)

- for obligations, and

- for payment.

Here's Why Your Business Needs Insurance

Guide to Selecting Small Business Insurance

      Businesses need insurance. Why? Because an accident can happen anytime. And when it does, business insurance helps pay for the damage, which you should be out of pocket for.

It's different if you have insurance that protects you. The context of protection in insurance is protection and assurance.

Insurance becomes a risk transfer or minimizes losses that can occur in the future, according to a written policy agreement.

What is Business Insurance?

Business insurance protects the business from losses due to events that may occur during the course of business activities.

There are several types of business insurance including coverage for property damage, employee related risks and legal liability,

Companies evaluate their insurance needs on the basis of potential risk, which can vary depending on the factors in which the company operates. (investopedia.com)

So, insurance can be interpreted as an agreement between the insurance company and the policyholder, which forms the basis for receiving premiums by the insurance company, in return for; providing reimbursement to the insured due to damage, costs incurred, loss of profits or legal liability to third parties who may suffered by the insured, due to the occurrence of an uncertain event.

In addition, insurance also provides payments based on the death or life of the insured, with benefits whose amount has been determined based on the results of managing the funds.

What Insurance does Your Business Need?

To ensure your business is protected, consider the following business insurance coverage:

What insurance does your business need? To ensure you're protected, consider these business insurance coverages:

1. Commercial property insurance

2. Business income insurance

3. General liability insurance

4. Workers' compensation insurance

5. Data breach insurance

Here are the Reasons why You need Insurance for Your Business

1. Business insurance protects your customers.

In addition to insurance your business also helps protect your customers if you have a Business Owner's Policy. This policy combines the scope of business property and business liability into one, to help protect your business from:

- Personal injury and advertising

- Property damage

- product liability

2. Business Insurance Protects Your Employees

One of the business insurance coverage that most states require is workers' compensation insurance.

If your employee suffers from a work-related injury or illness, the insurance provides benefits such as:

- Missed wages

- Medical treatment

- Funeral benefits

It is important to recognize that workers' compensation offers different protection from unemployment insurance programs

3. Business Insurance can Assist in Lawsuits

Any company may be sued and will face legal fees.

One reason you might need business insurance is to help cover those costs. For example, if you had an injured employee sue you, your workers' compensation insurance can help pay for legal fees. And, if the injured worker ends up disabled, workers' compensation can act as disability insurance and provide them with benefits.

4. Business Insurance Protects Against Natural Disasters

Most countries suffer from various natural disasters, such as: fires, floods, storms and tornadoes.

This insurance is important to protect your business assets and the property in them in case of disaster.

You can also learn about flood insurance from several insurers to help protect your business against flood damage.

5. Business Insurance Is Required By State Law

Most states mandate small business insurance. However, even if yours isn't, you still have to consider it. Business insurance benefits can protect you from financial losses. Without them, your business may be at risk if:

- Fire destroys buildings or your inventory.

- Customers sue you after being injured at your business.

- Computers with personal information of your clients are stolen.

6. The Contract May Require Business Insurance

Business is always making contracts. So, it's important to realize that contracts sometimes require insurance coverage. Some examples include:

- Rented a building from the owner

- Borrowing money to pay for goods

- Loan agreement

- Client Agreement

7. Business Insurance Builds Company Credibility

Business insurance goes beyond just protecting your business. Having the right policy shows your customers and contractors that you take risks seriously. It also helps send the message to everyone that you're providing proper protection no matter what the accident may be.

Consider these 5 Things Before Buying Car Insurance

 What You Should Know about Buying Car Insurance?

     How do you choose the proper car insurance company? What insurance products are truly beneficial and as needed to protect your vehicle?

For residents of big cities who are familiar with traffic jams, the car is a faithful companion, with whom you spend most of the time.

The car is also a symbol of prestige for some people. Many people pay great attention to car maintenance so that it is always clean, smooth and the engine runs smoothly.

Most people are willing to spend money for body and engine modifications. If you really like cars, then you should also have the vehicle covered by insurance. Confused how to choose the proper car insurance company? The following is how to choose vehicle insurance that you can apply.

Know the Reputation of the Company

Ensure that the insurance company has a good reputation. You can see this from various aspects, such as:

- Is this company highly recommended by those closest to you?

- Does the insurance company have a great track record?

- Does the insurance company get a lot of complaints from its customers in the newspapers?

Things like this can more or less help you assess insurance companies. Only then can those of you who understand the financial aspects check the company's financial statements to see the strength of its capital and its ability to pay claims.

Find out about the products and services offered. Is it suitable for your needs? If you are confident about these things, buying vehicle insurance will feel more comfortable.

Do not Stick to the Premium Price

It can not be denied, to get good quality, people have to spend more money. However, you are also often tempted by insurance offers which state that with low premiums, the benefits are still many.

However, it's a good idea to check carefully all the provisions listed in the policy. Usually from there it will be seen that there are actually many risks that are excluded.

Has a Wide Network of Workshop Partners

Also make sure the insurance company you choose has a wide network of partner repair shops and is of good quality and licensed.

By having an extensive network of repair shops, you have more choices in choosing a car repair shop. For example, easy-to-reach locations, licensed workshops, and high standards of maintenance and spare parts according to our vehicle type.

Provide Complete Service Access

Access to services is one of the important factors that we must consider. For example, do insurance companies have easy access to contact, especially during emergencies. So when you need information, you can easily contact insurance companies. Choose an insurance company with a 24 hour call center.

Nowadays, many insurance companies also provide emergency safety services on the highway, free towing services, and so on. However, the most important thing is to choose an insurance company that provides easy service when you are going to submit a claim. Many insurance companies are now able to process claims in one day before your vehicle is referred to the partner repair shop you have chosen.

Choose an Insurance Product According to Your Abilities

You must adjust your abilities when buying a car insurance product.

This is important to do, considering when you have insurance, it means you have an obligation to pay premiums according to the provisions.

If you choose an insurance product with a premium fee that exceeds your ability to pay, it will be burdensome for you. Therefore, make sure to choose a vehicle insurance product with affordable premium costs.

Best Tips For Home Insurance Buyers

Best Tips to Help You Purchase Home Insurance

      Home buyers often don't think about budgeting for home insurance when searching for their dream home, but they should.

Have you ever thought, one day your house will be damaged due to natural disaster or theft? Believe it or not, this risk always exists regardless of the time and social status of the occupants.

Because of this, it is important that you have home insurance. Now, home insurance is easy to find.

Many companies offer low cost insurance products. 

The sophistication of digital technology makes everything easier, including the operations of insurance companies. You can quickly find home insurance companies that are promoting through the web or internet advertising.

So that you don't fall for fake companies, check the track record of the insurance company again.

There are many ways to find information about the insurance company. For example, through a friend who has used insurance services, or through the testimonials of customers.

The simplest way, check the date of establishment and company legality. If it has been around for a long time, the insurance company can usually be trusted. Then from a legal perspective, make sure the insurance company has a permit from the Financial Services Authority

However, be careful; not everything is of high quality. So choose home insurance with these tips:

Have a Clear Claim Procedure

Even if you don't expect a house risk, you should still be familiar with the claims procedure. A good insurance company must have clear and structured claim steps.

Generally, a claim is made by filling out an application form. If you are considered eligible, you will receive approval. On the other hand, if you do not meet the criteria, you must repeat the application.

Compare the Sum Insured and Premiums Paid

Check Insurance Company Ratings.

A rating is an independent assessment, usually by AM Best or Demotech, of an insurance company's financial position. A good rating means that the company can meet its claim obligations, even after a widespread disaster. (washingtonpost.com)

Check Additional Protection

Depending on their location, homeowners will need to make sure they have adequate coverage for inclement weather disasters such as tornadoes, wildfires and floods, which sometimes requires an additional policy, according to the.

People in natural disaster zones should also do all they can to protect their homes before a disaster occurs, such as clearing bushes from around their property, installing impact-resistant doors and windows. In addition, insurance companies can give you a discount to make your home more secure.

Understand the Contents of the Policy Document

Reading policy documents is something that insurance recipients rarely do. In fact, the policy contains important points related to your rights and obligations as an insured.

So, check each policy article in detail. The most crucial part lies in the summary. The form is a statement letter totaling 3-5 sheets.

Meanwhile, the contents of the summary consist of the insured's personal data, complete policyholder data, sum insured, scope of guarantee, and insurance period. There is also clearly written about additional fees, and premiums.

Insurance Coverage.

Pay attention to what is included in the coverage of the insurance company's guarantee. Is it the protection you need most? For example, if you live in a densely populated area, you really need protection against fire risks. Because the source of fire in an area like this will easily spread to other houses around it. But if your house is in a flood area, choose home insurance that has protection against the risk of flood disasters

Don't Forget to Buy Enough Loss of use Coverage.

Coverage for your living costs, if you have to relocate while your home is being repaired, is part of most standard home owner insurance policies. It's typically recommended that homeowners have about 20% of their dwelling coverage in loss of use (additional living costs) coverage. So, if your home is insured for $300,000, you'd have $60,000 in loss from use coverage.