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Insurance is generally classified into one of four areas:
- Property & Casualty
- Professional malpractice & liability
- Medical and life
- Disability
Specialty insurances can also be obtained to protect against other items that do not fall into these categories, such as travel insurance or insurance for specialty occupations like modeling. Regardless of what's insured, the common thread is that all insurance products provide a way of managing risk that may result in lost time or money. Umbrella policies can cover shortages in more than one area and should be investigated on top of the normal coverages purchased.
Areas of vulnerability where coverages are categorized include:
Property & Casualty Insurance
Property and casualty insurance can include home insurance, auto insurance, boat, business property and renter's insurance. It is used to protect real property and assets from theft, accidents or destruction, as well as from the liability of damages occurring from the use of these assets. These insurance policies also offer different options:
- Collision - protects against physical damage to the vehicle by another car or object
- Bodily Injury - protection against injuring or killing someone while operating the vehicle
- Comprehensive - protects against physical damage that is caused by non collision means (theft, fire & vandalism)
- Medical Payments / No Fault - pays medical expenses for driver, passengers and pedestrians
- Uninsured Motorist - protects you and your passengers against damage caused by motorist that is legally required to have insurance but does not
- HO-1 - Basic homeowners covers homes and possessions against 11 perils
- HO-2 - Broad coverage covers homes and possessions against 17 perils
- HO-3 - Specific Coverage covers homes and possessions against all except listed
- HO-4 - Renter's Policy includes protection against 17 perils and liability
- HO-5 - Extensive homeowners which covers everything except earthquakes, floods and wars
- HO-6 - Personal property coverage, liability and specific coverage for improvements
Professional Malpractice & Liability
Malpractice and liability insurance includes coverage for Errors and Omissions (E&O), which provides compensation to others for damage to their property or their person should you be found legally responsible. Doctors, lawyers, consultants and other professionals who perform professional services are the main purchasers of this insurance. However, even if you do not work in one of these industries, you should have sufficient coverage to protect against accusations of injury, libel, slander and other personal liabilities.
Medical
Medical insurance can include health, dental and Long Term Care (LTC). Options can include ways to protect for major medical risks to everyday expenses. Unlike life insurance, which involves the risk of unexpected death, Long Term Care insurance is used to provide for unusually extended life.
Health insurance plans generally fall into one of two categories: indemnity plans (also known as reimbursement plans) and managed care plans, which include health maintenance organizations (HMOs), preferred provider organizations (PPOs), and point of service (POS) plans.
Life & Disability
Life insurance and disability protect against the possibility of dying or being disabled before one's time. This protects the loss of income that one would potentially earn. To find out more about your life insurance options, including whole, term and variable policies, contact us today.
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