Types of Insurance You Need to Have

When it comes to throwing all manner of things at us, nothing does it better than life. No wonder many of us tend to say that life is unfair, especially when a misfortune dogs us. While we have no power to stop these things from happening, we have the ability to give ourselves some measure of protection, and this is where insurance becomes handy. Numerous insurance types exist, and various financial experts have told us (and are still telling us), that we need to have some of these in place. Aside from life, property, and health insurance, other crucial insurance we need includes the following:

1. Auto Insurance

Have you ever thought of what would happen if you caused an accident while driving a car that does not have auto insurance? Probably, fines will be the least of your financial commitments. Your car, just like your home, is a highly valuable asset. If it gets damaged in an accident, and it has auto insurance, you will be able to replace it without digging into your pocket. If anyone gets injured in the accident, the insurance will cater for any expenses to protect you from any legal action.

2. Social Insurance

Not everyone in society can afford to purchase adequate insurance. Social insurance comes to the rescue of those with low incomes. Typically, it exists in the form of unemployment benefits, pension plans, sickness insurance, industrial insurance, disability benefits, among others.

3. Business Insurance

Running a business comes with a myriad of challenges, and it involves risking your own money. Imagine how you would feel if your stock gets damaged. Business insurance helps you to manage risks and uncertainties associated with your business. It protects your business machinery, and any other equipment necessary for the operation of the business. It can also ensure that your employees, clients, and the general public are safe from risk.