10 Types of Insurance You Might Not Have

Unexpected situations can occur at any point in life. During such circumstances, not everyone is prepared. Insurance is unarguably the best way to get you financially covered during such times. 

When we hear the word ‘insurance’, the first thing that strikes most of our minds is always health security. However, there is much more to it. 

There are numerous types of insurance that you might not have or even not know of, yet are quite important.

Here are 10 such types insurances that you need:

1.Travel Insurance

When moving from one place to the other, you may sometimes have to face difficult scenarios like loss of baggage, flight delay or cancellation, theft of important documents, or some medical emergencies.

Your travel insurance will cover you during such moments and compensate you for your loss. However, when traveling abroad, make sure to get an international travel insurance plan. This scheme is a short-term protection policy compared to others.

2.Mobile Insurance

Nowadays, almost everyone has a smartphone, but no security provision. In case of any accidental damage, it’s hard to replace smartphones right away due to their high prices. In such cases, getting your mobile insured will help you replace or repair it during a theft, loss, or any form of damage to the screen or the phone. 

3.Business Income Insurance 

This scheme backs you up financially when your business properties suffer some kind of damage. The insurance provides compensation during repair work that may slow down the business. It also ensures that the employees get paid during such events.

4.Commercial Auto Insurance

When you get into an accident while driving a business-owned car, commercial auto insurance will help you out. Since personal car coverage won’t cover such damages, commercial auto security is the best option.

5.Professional Liability Insurance

This policy comes in handy when you’re accused of committing a mistake in your profession. It further aids you in dealing with lawsuits.

6.Disability Insurance

This program provides people with financial backup when they can not function due to disability. Depending upon the insurance plan and policy, the disabled victim of an accident can be financially backed up for 6 months and up to 10 years. 

7.Long-Term Care Insurance

A lot of people need medical assistance once they reach the age of 70. Hiring a personal medical assistant or staying in a nursing home for months can be highly expensive. The long-term care approach will cover the expenses in scenarios where in-home care, adult care, or daycare may be needed. 

8.Renters Insurance

Just because you don’t own the place, doesn’t mean you aren’t liable. In case of theft or damage to your furniture or electronics, renters insurance helps you replace them. It also covers the expenses during hazards such as fire, tornadoes, and earthquakes. 

9.Critical Illness Insurance

Treating acute diseases will cost you a hefty sum of money. Not everyone can afford such a huge sum. Therefore, getting critical illness insurance will compensate you during such moments. You either get compensation once the disease is diagnosed, or when you reach a certain stage of the illness. 

10.Pet Insurance

Getting pet insurance is a lot more cost efficient than having to pay a bulky sum to your vet. This plan covers all of the treatment costs when your pet suffers an impairment or illness. 

Conclusion

It's important to consider all types of insurance coverage that may be relevant to your individual circumstances and needs. Some types of insurance that you may not have considered previously could include pet insurance, flood insurance, travel insurance, and insurance for high-value items such as jewelry or artwork.

It's always a good idea to review your insurance coverage regularly to ensure that you have the protection you need