The purpose of insurance is to protect an insured against potential loss. This is done by offering in return for premium, a coverage by which a financial reimbursement will be made provided the policy provisions are adhered to and the loss is caused by a covered peril.
Personal insurance is you: anything that affects you as an individual. It comes in many forms including Homeowners Insurance and Automobile Insurance.
Homeowners insurance provides protection for someone who owns a home. Should a fire, lightning, or other covered loss occur, the insurance will reimburse you to rebuild your home and put you back to where you were prior to the loss. Homeowners insurance also includes three additional primary coverages:
contents, medical, and liability.
Automobile insurance provides coverage against the possible loss or damage to your auto. Coverages included with an auto insurance policy generally include
liability, medical payments, uninsured motorist, comprehensive, collision, rental and towing. Although other coverages may be added or taken away from the policy, this is a basic list.
Other personal insurance includes Personal Umbrella Policy, Personal Health Insurance, Individual Life Insurance, Individual Short Term Disability, Individual Long Term Disability, and many others.
Commercial Insurance takes on many forms. No matter what the form, it involves a business or group of people. Commercial insurance, more commonly referred to as business insurance, may be in the form of a
Businessowners Policy, Workers Compensation, Commercial Umbrella Policy, Commercial General Liability, Commercial Inland Marine, Floaters, Group Health Insurance, Group Life Insurance, Group Long Term Disability, Group Short Term Disability and more. There are literally hundreds of different forms of Commercial or Business Insurance.
If you own a business or want to know more about what possible exposures you may have, or what coverages exist, please contact your agent or someone in our office. We freely provide information and try to inform he public about insurance. Knowledge is power and learning is the key to knowledge. We welcome your call.