Different Types Of Insurance Policies

Insurance policies are designed to protect the financial status of you and your family in the event of an unexpected loss. An insurance policy is a contract with terms agreed to by an insurer and an insured. In exchange for a monthly payment, the insurer (insurance company) agrees to pay a sum of money to the insured party in the event of a specific event occurring. Events covered may be as minor as a visit to the doctor’s office, or payment to beneficiaries on the death of the insured, including natural and accidental death.

There are many different types of insurance, some required by law, while others may be personal and optional. In actual fact there are insurance products available to cover any event where risk is involved.

The most common types of insurance are:

Life insurance
Disability insurance
Health insurance
Auto insurance
Property insurance
Travel insurance

However, these are not the only insurance products available on the market and in today’s world where there are ever increasing risks, different insurance solutions are offered by insurance companies to suit almost every type of risk.

Some other unusual types of insurance available are:

Divorce Insurance that is a type of liability insurance that protects the insured against financial claims in the event of dissolution of a marriage.

Interest Rate Insurance protects individuals, corporations, organizations and other businesses from the operational risk posed by a change in interest rates.

Business Interruption Insurance covers a business from financial loss in the event of any type of interruption to normal business practices such as catastrophes, disasters, worker strikes, etc.

Pet Insurance covers pet owners against loss or expenses due to unforeseen accidents, illness, burial, or wellness care of their pets.

Liability Insurance

Liability Insurance is designed to cover an insured person from third-party legal claims.

Public Liability Insurance protects a business owner or organization against claims in the event of property damage or injury.

Errors & Omissions Insurance protects the insured against errors and omissions and mostly concerns claimants such as artists, tourism companies, etc.

Professional Liability Insurance or PI (Professional Indemnity) is designed for professionals such as engineers, architects, medical practitioners, etc. against claims brought by patients or clients.

Property Insurance

This type of insurance covers the insured against financial loss due to fire, theft, bad weather conditions, etc. Special insurance products are available that includes loss due to natural disasters such as flood insurance, earthquake insurance, inland marine insurance, home insurance, boiler insurance, etc.

Burial Insurance

Burial insurance is one of the oldest types of insurance that protects families against financial expenses due to the death of the breadwinner or another family member.

Specified Disease Insurance

Specified disease insurance goes beyond health insurance to safeguard individuals from financial loss due to the huge cost of long-term chronic diseases or other health conditions. Specified disease insurance includes policies for conditions like Alzheimer’s, cancer, heart conditions, etc. with cash payment benefits for treatments, drugs, and hospitalization. To know more about visit the website at https://procominsurancecompany.com/business-insurance-florida/.