Benefits of Purchasing Life Assurance Policies

With the level of uncertainties that have been evident in life within the past decades, it has become paramount for individuals to take up insurance policies to cover their properties against damage or losses, and also to cover themselves from the injuries that may occur to them. These may be caused by various factors which include health hazards, physical perils and other risks that surround humanity. As a result, a lot of insurance companies have sprouted in the recent past, all of them coming up with products that are designed for the various perils that face human beings. To access the market conveniently, the insurance companies have hired employees in various parts of the country, who interact with the customers and the potential buyers of insurance, so that they can maneuver through the stiff competition in the insurance market. 

Some of the companies form structures called units in various locations all over the country and internationally. These units have their managers who monitor the performance of the sales agents and the other staff so that they can ensure a smooth running of activities in the area and the entire company. Accessing a resident unit manager insurance is more comfortable than the company manager, and hence it becomes more convenient for the customers to launch their issues whenever they have them regarding their insurance policies. Consequently, the customers happy and their satisfaction builds up. It, therefore, becomes quite easier for such companies to sell their products to the customers since the clients are confident in them that they would receive a listening ear in case of a claim. 

One of the insurance products that a lot of companies offer in the market today is the life assurance policy. This policy is considered the most versatile product since it covers a lot of risks to which individuals are exposed. One of the risks covered by the life assurance policies is death. As we all understand, everyone has to pass out at one time or the other. For this reason, it is essential for the individuals who are breadwinners of their families to ensure that they have a life assurance policy in place so that their dependents can be safe in case they died prematurely. In case of such a happening, the insurance company pays the estate of the deceased a predetermined amount of money, which is agreed upon at the time of incepting the policy contract. 

The life policy also covers the life assured against any bodily injury that may occur to them while the policy is still in force. This is put categorically as a result of an accidental event to protect the insurance companies from paying claims to claimants of self-inflicted injuries. In case the life assured experiences a risky event that results in bodily injuries or loss of a body part, the company compensates the victim all the amount that they spend on medical charges. The insurance company may also compensate them for the income lost during the period that they had been undergoing treatment. This makes the life assurance policy the essential policy cover for any individual.


How to Know What Insurance Policies You Need for Your Business

A big part of doing business is making sure that your company is properly insured. The type of policy you should be buying is based upon the type of products and/or services you are providing to customers. Small business owners can buy these policies through any general insurance agent such as business insurance Morgantown WV where many agents can quote and write these policies. 

As this Wikipedia article shares the main type of insurance policy for any business is a general liability policy. This is a policy that covers the most common types of risks that businesses face. It covers if the business, its owner, or one of the employees causes bodily injury or property damage to ones of its customers. This includes damages both on and off the premises of the company’s location. 

A commercial general liability policy also covers advertising injury if the business is accused by a competitor of stealing its marketing strategy. Medical payments are covered if someone on the premises of the business was to hurt themselves, most often by slipping and falling. 

This type of policy does not cover professional liability, though, which is if the company does not provide the service to clients that it should have. Other exclusions include vehicles used in the business, workers compensation, liquor liability, pollution, and directors and officer’s liability. These would all instead by covered under specialized insurance policies. 

Many types of businesses can opt for what is known as a BOP policy, or Business Owner Policy. This article gives an overview of what this type of policy is. A BOP policy can be thought of like a combo policy that combines different types of policies which are general liability insurance, commercial property insurance, and business interruption. This gives the business owner broad coverage and just one insurance policy to keep track of rather than three separate ones. Any vehicles used in the business do need a separate commercial auto insurance policy, however. 

The coverages in a BOP policy are for the most common liabilities that businesses face. It covers their general liability exposure while also adding in any property that the company owns. It also covers business interruption which is if the business has to temporarily close due to a covered claim. This could be a fire on the business premises where the policy pays for all ongoing expenses of running a business while repairs are being made to the property. 

Someone that works as a general contractor is usually best served by purchasing just a general liability policy and a commercial auto insurance policy for the vehicle, they use to drive to job locations. Small to medium-sized companies that operate a physical location should instead be looking at a BOP policy to cover both their liability and property such as computers, copiers, and office furniture. 

In order to keep the administration of insurance policies to a minimum, and to help streamline any claim, all of a business’ insurance policies should be through the same insurance company, or at least the same agent when possible. This means that the adjusters can coordinate coverage and quickly settle any claim so that the company can return to regular business.