When it comes to having a family and career, we often think about our long-term goals alongside our short-term ones. However, often some of the most essential of needs are overlooked. One of these is insurance.
So, why is insurance an important investment for you, your family, your business or all of the above? Insurance is a protection that serves as a source of income in the event that you are hurt or suffer an accidental death and can cover your home, car or business in the case of different types of damage that may occur. Depending on what type of insurance you are purchasing, each serves a different purpose.
Most Common Types of Insurance and Their Purposes
Life insurance covers your family in the event of your death. It can pay for funeral expenses at the time of your death and should serve as income to cover the loss that your death would create. Often, the payout from life insurance policies is initially used to pay off outstanding debts and expenses. Thus, life insurance policies should cover at least ten times your income. I.e.. if your income is $50,000 annually, your policy should be $500,000.
A commercial insurance policy is a protection for your business and your company. Dependent on the size and type of business that you run, a commercial insurance policy may be required by law. Your policy will cover damage to your business in case of a natural disaster like fire, flooding or even burglary. Further, it may cover disability insurance for your employees. The most type of common commercial insurance is a general liability policy.
The most common general homeowner’s insurance policy will cover natural disasters. Some of these include fire, rain, vandalism, burglary, lightning and hail. Often, flooding and earthquakes is excluded from a general policy. Thus, additional protection will need to be purchased alongside the general policy to assure that you are covered for those events.
No matter what type of insurance policy you are seeking, Martin Insurance Team can help get you covered. Contact us for a free quote and evaluation of your insurance needs today!